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A prominent figure on Wall Street has shared his reaction to a recent video by Zohran Mamdani, where the New York mayor targeted his $238 million penthouse with pointed commentary. This move has prompted a strong response from Ken Griffin, the billionaire founder of Citadel.
Griffin, whose financial empire includes the hedge fund Citadel, declared his intention to shift more focus to Miami rather than New York. This decision comes after Mamdani’s video, which advocated for a tax on luxury second homes valued over $5 million, singled him out, leaving Griffin feeling not only targeted but unnerved by the mayor’s approach.
The hedge fund magnate described the video as more than just unsettling; he found it “frightening,” evoking memories of the political climate that led him to leave Chicago in the first place. Griffin had previously cautioned that Citadel might reconsider its plans to redevelop 350 Park Avenue due to Mamdani’s controversial social media actions.
Speaking at the Milken Institute global conference, Griffin elaborated on his strategy, stating, “We’ve decided to expand our presence in Miami, updating our building plans to accommodate a larger office space.” This move underscores his commitment to investing in what he perceives as a more business-friendly environment.
In response, Griffin laid out his position at the Milken Institute global conference on Tuesday, saying during a panel: ‘We went to Miami and revised our building plan to make it a bigger office building.
‘What the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami.
‘Looking at what Mamdani did to me and more broadly is doing to the city of New York is triggering the trauma I went through in Chicago.’
Miami is already the headquarters of Citadel, which was famously moved from Chicago in 2022, citing the city’s dysfunctional government and rising crime.
Citadel has recently suggested it may rethink its expansion plans. At the conference, Griffin said Mamdani’s pointed remarks have forced him to at least scale back the firm’s New York City footprint and expand its build-out of the Miami hub.
A Wall Street titan said he plans to “double down” on investing in Miami over New York after Zohran Mamdani called him out in a video tied to a proposed tax on non-resident second homes
Ken Griffin, who runs Citadel Investment, has said he is reconsidering a planned redevelopment of 350 Park Avenue in response to Mamdani’s controversial social media post
In an internal email to staff obtained by the Daily Mail in late April, Citadel’s chief operating officer, Gerald Beeson, said the firm may not proceed.
‘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,’ he wrote.
‘The project – if we move forward – will entail more than $6 billion dollars of spending.’
The dispute was triggered by a video posted by Mamdani promoting a so-called ‘pied-à-terre tax’ on luxury second homes.
Standing outside Griffin’s $238 million penthouse at 220 Central Park South, the socialist mayor outlined his new tax scheme, which would introduce an annual surcharge on all luxury homes in the Big Apple valued at over $5 million if they are being used as a second home.
It is projected to generate around $500 million annually in a bid to help close the city’s budget deficit.
Mamdani pointed up to Griffin’s lavish apartment as he announced the policy, stating it would specifically hit high-value residences ‘like this penthouse.’
Griffin broke the record for the most expensive home purchase in the US when he snapped up the Manhattan penthouse in 2019, but his primary residence is in Miami, Florida after relocating his hedge fund in 2022.
Standing outside Griffin’s $238 million penthouse at 220 Central Park South, the socialist mayor outlined his new tax scheme
A view of the interiors at 220 Central Park South. Griffin’s primary residence is now in Miami, Florida after relocating his hedge fund Citadel in 2022
Griffin broke the record for the most expensive home purchase in the US when he snapped up the Manhattan penthouse in 2019 (pictured)
Griffin conceded that the video had gotten to him, saying he watched it three times in disbelief.
‘I mean like you literally look at the first time, you’re like, you gotta be kidding me. Okay?’ Griffin said at the conference.
‘And then the second time you’re like, you know what this is? Actually, this has gone from creepy to actually not really creepy; this has gone frightening.’
He’s not the only Citadel powerhouse who took issue with the video. Beeson also called out Mamdani for using the billionaire as an example in his email.
‘It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share,’ he wrote.
‘The Mayor has once again manifested the ignorance and disdain of the elite political class.’
The Citadel COO said its employees and partners have paid nearly $2.3 billion in city and state taxes over the past five years.
And its planned development would span close to 2 million square feet and support thousands of construction and permanent jobs.
Mamdani shaking hands with the wealthy and illustrious King Charles during a visit to the 9/11 memorial during the royal visit on April 29
After Mamdani’s clip circulated on social media, CNBC anchor Sara Eisen slammed the Democrat for calling out a private citizen and ‘demonizing’ Griffin to promote his tax policy
On top of Citadel’s financial contributions to New York, Beeson highlighted the firm’s broader charitable involvement, noting that around 200 team members serve on the boards of local nonprofit and cultural institutions.
Meanwhile, he applauded Griffin’s personal philanthropy, saying he has directed around $650 million to causes in New York City, including the Success Academy charter schools and leading institutions such as Memorial Sloan Kettering, Weill Cornell, and NYU Langone.
Beeson isn’t the only one who has questioned Mamdani’s tactics.
After Mamdani’s clip circulated on social media, CNBC anchor Sara Eisen slammed the Democrat for calling out a private citizen and ‘demonizing’ Griffin to promote his tax policy.
‘Ken Griffin employs thousands of people in NYC and is planning to build the tallest office tower on Park Ave., investing billions more and creating thousands more jobs,’ Eisen said in defense of the billionaire.
The proposed pied-à-terre tax still needs approval from the state legislature and is expected to face strong opposition from the real estate industry.
Similar measures have been introduced in the past and ultimately failed to pass, most recently in 2019.
Any decision by Citadel on the latest plans would affect one of the largest office projects currently proposed in Manhattan.
Beeson concluded in his email: ‘For more than 25 years, our New York offices have been a vital hub of dynamism in the financial life of the city – and our country.
‘We have nearly 2,500 colleagues who have chosen to build their careers here – drawn by the opportunity to do meaningful work at the center of the world’s financial capital.
‘We understand that our hard work and success will, on occasion, make us targets for political rhetoric.
‘But it should not diminish the pride we take in building firms that will continue to help New York City thrive for decades ahead. ‘