Edited by: TJVNews.com

It seems life the future of New York City in this post-Covid era is in the hands of those with big bucks. According to a recent report in the New York Post, three billionaire moguls — Citadel’s Ken Griffin, Vornado’s Steven Roth and Rudin Management’s William Rudin — are putting their money into the Big Apple at a time when many have fled a city that is riddled with violent crime and high taxes.

The Jewish Voice recently reported that vacancies in Manhattan office space continue to be a pressing concern, following the pandemic and the continued shift towards remote and hybrid work options.

As reported by Crain’s NY, the month of April, known for springtime and renewal, saw only 1.5 million square feet of space leased inked—falling well below the monthly average even during the pandemic years of 2020, 2021 and 2022. The latest report from Colliers, shows that the available supply of commercial space in Manhattan has hit a record high of close to 94 million square feet for the month of April.   The availability rate hit roughly 17.4 percent, matching its record from February 2022.  The report highlights that the amount of available office space has jumped by over 74 percent, since the pandemic first plagued the city in March 2020.

Despite the dismal forecast, Griffin, Roth and Rudin have formed a joint-venture partnership that will give Citadel room to grow in the city and bring an iconic new office skyscraper to Midtown Park Avenue, the Post reported.

During Vornado’s first quarter earnings report on Tuesday, Roth said, “We think we have seen the peak in work from home,” as was reported by the Post.

“With each passing week, the office buildings feel more like 2019. And we believe it’s just a matter of time before everyone is back for good,” he added.

As spelled out in Vornado’s earnings report, Citadel took a 10-year “master” lease on the real estate company’s 350 Park Ave., which has 585,000 square feet, the Post reported.

The rent starts at $35 million a year, or $61.50 per square foot and will rise at an undisclosed rate over time. The Post reported that the master lease means that tenants currently in the building will pay rent to Citadel.

The deal includes no free-rent period, unlike many in today’s weak market. The Post reported that while Griffin moved Citadel’s headquarters from Chicago to Miami because of the Windy City’s crime and quality-of-life crisis, the deal shows he isn’t done with Manhattan by a long shot.

Citadel also master-leased Rudin’s adjacent 390,000 square-foot 40 E. 52nd St. The Post reported that the terms were not disclosed.   A new,  1.7 million square foot skyscraper will be built in the next decade when both of these buildings are expected to be demolished after their tenants leave. The only building that most probably won’t be empty is Citadel, the report indicated.

Vornado and Rudin are also buying the small building next door,  39 E. 51st St., for $40 million to enlarge the footprint for the cloud-buster, where Griffin would lease at least half of the space, the Post reported.

The arrangement gives Griffin the option to buy out both Vornado and Rudin for a total of $1.4 billion by June 2030 and develop the tower himself. The Post reported that the real estate companies could also require Griffin to buy their stakes for $1.2 billion.