Key Takeaways
- • Ken Griffin, Citadel CEO, threatened to cancel his $6 billion Midtown Manhattan project (350 Park Avenue) in response to NYC Mayor Zohran Mamdani's pied-à-terre tax campaign, which Griffin says singles him out unfairly.
- • Mayor Mamdani released a video filmed outside Griffin's $238 million Central Park South penthouse advocating for a tax on ultra-luxury second homes; Griffin characterized the video as "creepy and weird" and raised security concerns following the UnitedHealthcare CEO's murder blocks away.
- • Griffin stated he and his company have paid $2.3 billion in city and state taxes and directed $650 million in charitable gifts to NYC institutions, positioning the tax as punitive despite his substantial contributions to the local economy.
- • The 350 Park Avenue project is projected to create 15,000 permanent jobs; Governor Hochul signaled openness to the development despite supporting the pied-à-terre tax, attempting to balance tax policy with business attraction.
- • Griffin announced he would "double down" on Miami investments, specifically citing his planned 54-story supertall tower on Biscayne Bay as a "direct consequence" of the mayor's decision, signaling a potential reallocation of capital from New York to Florida.
Summary
The escalating dispute between Citadel CEO Ken Griffin and NYC Mayor Zohran Mamdani centers on a newly proposed pied-à-terre tax targeting ultra-wealthy individuals who own luxury second homes in New York City but do not reside there year-round. Mayor Mamdani launched a public campaign promoting the tax by releasing a video filmed outside Griffin's $238 million Central Park South penthouse, one of the most expensive residential properties ever purchased in the United States. In the video, Mamdani explained that the pied-à-terre tax is "specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don't actually live here."
Griffin responded with sharp criticism, calling Mamdani's video "creepy and weird" and raising security concerns about being publicly targeted at his residence. He referenced the recent fatal shooting of the UnitedHealthcare CEO blocks away, suggesting the mayor's approach demonstrated a "profound lack of judgment" and placed him in potential danger. The hedge fund founder directly threatened to abandon his flagship Midtown development project—the $6 billion 350 Park Avenue development, which would reportedly generate 15,000 permanent jobs—if the tax policy proceeded.
In defending his economic contributions, Griffin emphasized that he and Citadel have paid $2.3 billion in city and state taxes and directed $650 million in charitable gifts to New York institutions. He characterized the pied-à-terre tax as a personal attack on business success, stating publicly that New York City "doesn't welcome success" under the current administration. At the Milken Institute Global Conference in California, Griffin signaled he would likely proceed with the 350 Park Avenue project but expressed strong intent to "double down" on Florida investments, identifying his planned 54-story supertall tower on Miami's Biscayne Bay as a direct consequence of Mamdani's decision.
Governor Kathy Hochul, who supports the pied-à-terre tax concept, has attempted to navigate the political tension by welcoming continued business investment in New York while expressing willingness to engage with large-scale developers. She noted that a $6 billion project with 15,000 workers merits senior state engagement, positioning herself between tax policy objectives and economic development priorities. Mayor Mamdani's office responded to the escalating feud with a statement reaffirming the mayor's commitment to allowing "all New Yorkers to succeed," though details of any compromise or policy adjustments remain unclear.
Griffin responded with sharp criticism, calling Mamdani's video "creepy and weird" and raising security concerns about being publicly targeted at his residence. He referenced the recent fatal shooting of the UnitedHealthcare CEO blocks away, suggesting the mayor's approach demonstrated a "profound lack of judgment" and placed him in potential danger. The hedge fund founder directly threatened to abandon his flagship Midtown development project—the $6 billion 350 Park Avenue development, which would reportedly generate 15,000 permanent jobs—if the tax policy proceeded.
In defending his economic contributions, Griffin emphasized that he and Citadel have paid $2.3 billion in city and state taxes and directed $650 million in charitable gifts to New York institutions. He characterized the pied-à-terre tax as a personal attack on business success, stating publicly that New York City "doesn't welcome success" under the current administration. At the Milken Institute Global Conference in California, Griffin signaled he would likely proceed with the 350 Park Avenue project but expressed strong intent to "double down" on Florida investments, identifying his planned 54-story supertall tower on Miami's Biscayne Bay as a direct consequence of Mamdani's decision.
Governor Kathy Hochul, who supports the pied-à-terre tax concept, has attempted to navigate the political tension by welcoming continued business investment in New York while expressing willingness to engage with large-scale developers. She noted that a $6 billion project with 15,000 workers merits senior state engagement, positioning herself between tax policy objectives and economic development priorities. Mayor Mamdani's office responded to the escalating feud with a statement reaffirming the mayor's commitment to allowing "all New Yorkers to succeed," though details of any compromise or policy adjustments remain unclear.
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