Key Takeaways
- • Citadel CEO Ken Griffin characterized NYC Mayor Zohran Mamdani's viral video promoting a pied-à-terre tax as "creepy weird" and a "personal attack" lacking judgment, signaling escalating tension over tax policy targeting wealthy residents.
- • Mayor Mamdani filmed his April 15 announcement outside Griffin's $238 million penthouse at 220 Central Park South—purchased in 2019 as the nation's most expensive residential property—to promote an annual tax on luxury properties worth more than $5 million whose owners do not reside full-time in New York City.
- • Citadel COO Gerald Beeson sent a companywide email hinting the hedge fund may reconsider its $6 billion redevelopment project at 350 Park Avenue, which would create 6,000 construction jobs and 15,000 permanent positions in Midtown Manhattan, in response to Mamdani's public comments.
- • The escalating dispute reflects deeper tensions between New York's Democratic socialist mayor—who campaigned on aggressive taxation of wealthy residents to fund childcare, public transit, and city-owned services—and major corporate leaders and real estate investors operating in the city.
Summary
Billionaire Ken Griffin and his hedge fund Citadel have mounted a public rebuke of NYC Mayor Zohran Mamdani following the mayor's viral video announcement of a new pied-à-terre tax on luxury second homes. Mamdani, a 34-year-old Democratic socialist, filmed his April 15 announcement directly outside Griffin's Manhattan penthouse at 220 Central Park South—a 24,000-square-foot property Griffin purchased for $238 million in 2019, marking the most expensive residential real estate sale in the United States at the time.
In the video, Mamdani explicitly referenced Griffin and his property as an example of the type of asset subject to the new tax structure: "This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million." Griffin, whose net worth is estimated at $50 billion by Forbes, responded sharply to being singled out, characterizing the mayor's approach as "creepy weird" and describing it as a "personal attack" reflecting "a profound lack of judgment."
The confrontation escalated when Citadel's Chief Operating Officer Gerald Beeson sent a companywide email Thursday afternoon signaling potential consequences. Beeson referenced the firm's planned $6 billion redevelopment of 350 Park Avenue in Midtown—a project expected to generate 6,000 construction jobs and support creation of more than 15,000 permanent positions. The email's language suggested the project's continuation depends on the political and tax environment: "The project – if we move forward – will entail more than $6 billion dollars of spending," according to Beeson's message obtained by The Post.
Mamdani's pied-à-terre tax initiative represents a centerpiece of his campaign platform, which also includes promises of free childcare, subsidized public transportation, and city-owned grocery stores—all requiring expanded taxation of high-net-worth individuals. However, implementation of such state-level tax changes ultimately requires approval from New York State lawmakers rather than the city alone. Mamdani's office did not immediately respond to requests for comment on Citadel's objections or the implied project threat.
In the video, Mamdani explicitly referenced Griffin and his property as an example of the type of asset subject to the new tax structure: "This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million." Griffin, whose net worth is estimated at $50 billion by Forbes, responded sharply to being singled out, characterizing the mayor's approach as "creepy weird" and describing it as a "personal attack" reflecting "a profound lack of judgment."
The confrontation escalated when Citadel's Chief Operating Officer Gerald Beeson sent a companywide email Thursday afternoon signaling potential consequences. Beeson referenced the firm's planned $6 billion redevelopment of 350 Park Avenue in Midtown—a project expected to generate 6,000 construction jobs and support creation of more than 15,000 permanent positions. The email's language suggested the project's continuation depends on the political and tax environment: "The project – if we move forward – will entail more than $6 billion dollars of spending," according to Beeson's message obtained by The Post.
Mamdani's pied-à-terre tax initiative represents a centerpiece of his campaign platform, which also includes promises of free childcare, subsidized public transportation, and city-owned grocery stores—all requiring expanded taxation of high-net-worth individuals. However, implementation of such state-level tax changes ultimately requires approval from New York State lawmakers rather than the city alone. Mamdani's office did not immediately respond to requests for comment on Citadel's objections or the implied project threat.
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