Ken Griffin’s Citadel claps back at Mamdani’s – Business News
Billionaire Ken Griffin is appalled after Mayor Zohran Mamdani spotlighted his Manhattan penthouse in a viral video saying a new pied-à-terre tax – and the hedge fund titan signaled he would possibly even yank a $6 billion development project within the metropolis.
In a video final week, Mamdani beamed as he stood in entrance of the Citadel founder’s 24,000-square-foot property at 220 Central Park South – which he scooped up for $238 million in 2019, the costliest home sale within the nation.
“We’ve secured a pied-à-terre tax,” the 34-year-old Democratic socialist rejoiced within the April 15 video.
“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.”
Mayor Mamdani lambasted Ken Griffin’s penthouse in a viral video saying a new tax on luxurious second houses. @NYCMayor /X
Griffin — whose internet price is estimated by Forbes at $50 billion — wasn’t amused. A prime exec at his hedge fund despatched a companywide electronic mail Thursday afternoon blasting the mayor’s feedback – and hinting at a potential reversal on a huge Midtown project.
“We are about to commence the redevelopment of 350 Park Avenue, creating 6,000 highly paid construction jobs and supporting the creation of more than 15,000 permanent jobs in mid-town New York,” wrote Chief Operating Officer Gerald Beeson in an electronic mail obtained by The Post.
“The project – if we move forward – will entail more than $6 billion dollars of spending.”
Mamdani’s workplace didn’t instantly reply to The Post’s request for remark.
The Wall Street Journal earlier reported the e-mail.
During his marketing campaign, Mamdani promised voters free childcare, free buses and city-owned grocery shops, pledging to ramp up taxes on the wealthy to assist the dear proposals – although such a transfer is up to state lawmakers.
Ken Griffin’s Citadel clapped back at the mayor’s video, and hinted at a potential reversal on a main construction project. Getty Images
Governor Kathy Hochul – who’s up for re-election this yr – flipped on her initial resistance final week to assist the mayor’s tax on luxurious second houses in New York City, raising considerations round a doable wealth exodus.
Earlier this yr, Hochul tried to win back rich New Yorkers fleeing the state, saying it’s important to be “smart” about taxes, “not just taxing for the sake of taxing.”
“It is clear that Mayor Mamdani is not interested in that advice,” Beeson wrote within the electronic mail, after quoting the governor.
“It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending,” the e-mail continued.
“In doing so, the Mayor has once again manifested the ignorance and disdain of the elite political class towards those who have been consistently committed to building one of the greatest cities in the world.”
The electronic mail added that over the previous 5 years, Citadel principals and group members – together with non-NYC residents – have paid almost $2.3 billion {dollars} in metropolis and state taxes, and Griffin has contributed $650 million in charitable donations supporting New York City residents.
Mamdani stood in entrance of the Citadel founder’s 24,000-square-foot property at 220 Central Park South. @NYCMayor /X
In 2022, Griffin introduced he was shifting Citadel headquarters from Chicago to Miami, Fla. – close to his main residence – after years of complaining about high taxes and rampant crime.
“I’ve lived in a failed city-state. I lived in Chicago for 30-some years. I had two colleagues who had bullets fly through their cars,” Griffin informed Fox News’ Bret Baier in November 2025.
“I had 25 bullet holes in the front of my building where I lived. You can’t live in a city awash [with] violent crime,” he stated.
Billionaire hedge fund supervisor Bill Ackman got here to Griffin’s protection on social media, warning that such assaults from Mamdani may push more business to Florida.
“We should be applauding Ken for spending $238 million in NYC, not attacking him for doing so,” Ackman wrote in a post on X final week, arguing that non-resident house owners of NYC properties drive financial growth with out appearing as a drain on native assets.
“Ken’s company is a major employer in NYC of very high paying jobs which drive a considerable amount of our tax base. We wouldn’t want him to move even more employees to Miami,” he continued.
Ken Griffin’s 220 Central Park South property. AFP through Getty Images
CNBC anchor Sara Eisen hit out at Mamdani’s video shortly after it was launched – seemingly forewarning that it may have penalties from Griffin.
She famous in a social media post that Griffin “employs thousands of people in NYC” and is “investing billions more and creating thousands more jobs” – including that “making him feel unwelcome and demonizing him seems risky.”
“Meantime Miami is welcoming him and his firm, with the massive jobs, investment and tax revenue he’s bringing,” Eisen wrote.
