Key Takeaways
- • Ken Griffin's $238 million Central Park Tower penthouse—the most expensive condo ever sold in the U.S.—will now be subject to New York's new pied-à-terre tax after the proposal from Mayor Zohran Mamdani and Gov. Kathy Hochul passed and was incorporated into the state budget on Wednesday.
- • The tiered tax structure imposes a 1.3% surcharge on homes valued at $25 million or more, 1.05% on properties between $15–$25 million, and 0.8% on homes valued at $5–$15 million, with the Department of Finance using assessed values to determine eligibility.
- • Griffin's New York real estate portfolio totals approximately $325 million, including the Central Park penthouse and additional Park Avenue properties, yet he uses these properties as pied-à-terres while maintaining his primary investment operations base in South Florida following Citadel's 2022 relocation from Chicago.
- • Griffin has publicly opposed the tax, calling Mamdani's announcement video "creepy and weird" and threatening to abandon Citadel's planned New York office expansion if the measure was enacted, positioning the tax as evidence that "New York does not welcome success."
- • Griffin's broader real estate footprint extends beyond New York to include an $84.45 million Hamptons compound and approximately $450 million in South Florida development investments, reflecting a strategic shift away from Chicago-based operations.
Summary
Ken Griffin's $238 million Central Park Tower penthouse—the nation's most expensive condo purchase on record—will become subject to New York State's newly enacted pied-à-terre tax following the Wednesday passage of a joint proposal from Mayor Zohran Mamdani and Governor Kathy Hochul. The tax measure was incorporated directly into the state budget, making it law despite Griffin's vocal opposition to the initiative.
The tax structure operates on a tiered basis tied to property valuation. Single-family homes valued between $5 million and $15 million face an additional 0.8% surcharge; properties valued between $15 million and $25 million incur a 1.05% surcharge; and homes valued at $25 million or above are taxed at an additional 1.3%. The Department of Finance will rely on assessed property values to determine eligibility for the first two years before transitioning to a new valuation system. Griffin's Central Park penthouse, purchased in 2019, clearly falls into the highest bracket at $25 million-plus.
Mamdani specifically highlighted Griffin's property in announcing the tax, using his Central Park Tower acquisition as a focal point for addressing what the mayor characterized as a "fundamentally unfair system." Griffin responded sharply, describing Mamdani's video announcement—filmed in front of Central Park Tower—as "creepy and weird." At the Milken Institute conference in Los Angeles earlier this month, Griffin escalated his stance, suggesting that Citadel would reconsider its planned New York office expansion if the tax proceeded, declaring that "Mamdani has made it very clear, New York does not welcome success."
Griffin's real estate positioning underscores the tax's relevance to his financial profile. His New York City portfolio totals approximately $325 million, encompassing the flagship Central Park penthouse and additional Park Avenue properties that function primarily as secondary residences. This structure aligns precisely with the pied-à-terre tax's intent: Griffin maintains these properties while operating his primary business headquarters in South Florida, where Citadel relocated in 2022 from Chicago. Beyond New York, Griffin's real estate empire includes an $84.45 million Hamptons compound and approximately $450 million in South Florida development projects, reflecting a deliberate geographic diversification away from traditional financial centers.
The tax proposal has generated mixed responses among the ultra-wealthy. Billionaire Jeff Bezos publicly endorsed the measure as "a fine thing for New York to do," while investors Bill Ackman and Jason Calacanis, along with President Trump, have registered opposition. Griffin's position represents one of the most visible objections from the hedge fund industry, with potential implications for New York's competitive positioning as a financial hub.
The tax structure operates on a tiered basis tied to property valuation. Single-family homes valued between $5 million and $15 million face an additional 0.8% surcharge; properties valued between $15 million and $25 million incur a 1.05% surcharge; and homes valued at $25 million or above are taxed at an additional 1.3%. The Department of Finance will rely on assessed property values to determine eligibility for the first two years before transitioning to a new valuation system. Griffin's Central Park penthouse, purchased in 2019, clearly falls into the highest bracket at $25 million-plus.
Mamdani specifically highlighted Griffin's property in announcing the tax, using his Central Park Tower acquisition as a focal point for addressing what the mayor characterized as a "fundamentally unfair system." Griffin responded sharply, describing Mamdani's video announcement—filmed in front of Central Park Tower—as "creepy and weird." At the Milken Institute conference in Los Angeles earlier this month, Griffin escalated his stance, suggesting that Citadel would reconsider its planned New York office expansion if the tax proceeded, declaring that "Mamdani has made it very clear, New York does not welcome success."
Griffin's real estate positioning underscores the tax's relevance to his financial profile. His New York City portfolio totals approximately $325 million, encompassing the flagship Central Park penthouse and additional Park Avenue properties that function primarily as secondary residences. This structure aligns precisely with the pied-à-terre tax's intent: Griffin maintains these properties while operating his primary business headquarters in South Florida, where Citadel relocated in 2022 from Chicago. Beyond New York, Griffin's real estate empire includes an $84.45 million Hamptons compound and approximately $450 million in South Florida development projects, reflecting a deliberate geographic diversification away from traditional financial centers.
The tax proposal has generated mixed responses among the ultra-wealthy. Billionaire Jeff Bezos publicly endorsed the measure as "a fine thing for New York to do," while investors Bill Ackman and Jason Calacanis, along with President Trump, have registered opposition. Griffin's position represents one of the most visible objections from the hedge fund industry, with potential implications for New York's competitive positioning as a financial hub.
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