On May 13, Vornado Realty Trust and Stellar Management filed an Environmental Assessment Statement with the Department of City Planning for a 1,090-foot residential supertall at 310 Greenwich Street in Tribeca. The 72-story tower, designed by Morris Adjmi Architects, would span 705,309 square feet and yield 976 units, including an affordable housing component. The project is dubbed Parcel 3C and sits near the southwest corner of Greenwich and Harrison Streets.
Vornado purchased a 58-percent stake in the adjacent Independence Plaza complex in 2012. Independence Plaza, built in the early 1970s, consists of three 39-story residential towers and townhouses totaling 2.1 million square feet and 1,328 units. The new tower would require demolition of 45 units within Independence Plaza; displaced residents would be relocated elsewhere in the complex.
The proposal bypasses the full Uniform Land Use Review Procedure because the site is zoned C6-4, which does not require a zoning waiver. However, the developers must complete the City Environmental Quality Review process. They also need a Floor Area Ratio increase from 10.0 to 12.0.
Two design schemes are under consideration under the Universal Affordability Preference zoning resolution. The first yields a more square tower with approximately 251 affordable units on site. The second, the UAP Offsite Option, produces a broader rectangular tower with more market-rate units; the affordable component would be built at a separate location within Manhattan Community District 1.
Both designs place the tower footprint at the center of a three-winged podium standing between 85 and 125 feet tall within the Independence Plaza complex. No finalized renderings were released with the latest filing. Two renderings from 2023 show a tower clad in gray paneling with large square windows and low-rise wings in red brick to match the neighborhood's historic character.
The developers target full approval by mid-2027, followed by six months of demolition and four years of construction beginning in early 2028. Completion is expected in 2032.
For capital markets readers, the key metric is the timeline. A 2032 delivery means this project will not generate cash flow for at least six years. In a rate environment where the 10-year Treasury has averaged 4.5% over the past 12 months, the cost of carry on land and pre-development capital is material. Vornado and Stellar Management are betting that Tribeca's residential demand will absorb 976 units at premium pricing a decade from now.
The bypass of ULURP is a structural advantage. Full ULURP can take 18 to 24 months and introduces political risk. The C6-4 zoning allows the developers to skip that process entirely, compressing the approval timeline to roughly 12 months. That is a meaningful reduction in execution risk for a project of this scale.
The affordable housing component—whether 251 units on site or a separate offsite location—will be a focus for community board and city council review. The UAP framework allows flexibility, but the offsite option introduces execution risk: the developer must secure a second site and deliver both projects on schedule.
Vornado's balance sheet can absorb this. As of Q1 2026, the REIT reported $4.2 billion in liquidity, including $1.8 billion in cash and $2.4 billion undrawn on its credit facility. Stellar Management, a private developer, does not disclose public financials, but its track record includes large-scale Manhattan residential projects. The partnership combines public market discipline with private development agility.
The 2032 completion date is ambitious. Construction timelines for supertalls in New York have averaged 5 to 7 years in recent cycles. A 4-year construction window assumes no material delays in permitting, foundation work, or supply chain. The developers are betting on a stable regulatory environment and a construction labor market that has shown signs of tightening.
For institutional investors, this filing signals that Vornado is willing to commit capital to long-duration residential development despite an uncertain rate outlook. The bet is that Tribeca's supply constraints and demand fundamentals will support pricing that justifies the 10-year hold. The question is whether the market will reward that patience or penalize the capital drag.