Ken Griffin Upset Over Mayor’s Tax Announcement
Billionaire Ken Griffin is reportedly upset after New York City Mayor Zoran Mamdani highlighted his penthouse in a video introducing a new tax on pieds-à-terre. There’s even talk that Griffin might reconsider a $6 billion development project in the city because of it.
In the video released last week, Mamdani cheerily spoke while positioned in front of Griffin’s extravagant 24,000-square-foot estate at 220 S. Central Park, which he purchased for a whopping $238 million in 2019—the highest price ever for a home sale in the U.S.
“We secured the pied-à-terre tax,” the 34-year-old Democratic Socialist announced in a video from April 15.
The tax applies to luxury properties valued at $5 million or more that are not occupied full-time by their owners. Griffin’s penthouse falls into this category.
Griffin, whose net worth Forbes estimates at $50 billion, was clearly not amused. His firm reportedly sent out a company-wide email criticizing the mayor’s remarks and implying that they might halt their significant Midtown project.
“We are about to commence redevelopment at 350 Park Avenue, which will generate 6,000 well-paying construction jobs and support over 15,000 permanent jobs in Midtown New York,” Chief Operating Officer Gerald Beeson wrote in the email obtained by the Post.
“If we proceed with this project, we are looking at an investment of more than $6 billion.”
The mayor’s office hasn’t responded to requests for comment as of yet. An earlier report from the Wall Street Journal covered the email discussions.
Throughout his campaign, Mamdani made several promises to voters, such as free child care and increased taxes on the wealthy to fund these initiatives, but these changes require state legislation.
Interestingly, Governor Kathy Hochul, who is up for re-election, last week changed her stance and supported the mayor’s proposed tax on luxury vacation homes, raising concerns about its potential impact on wealthy residents.
Earlier this year, Hochul had emphasized the need to be strategic about taxes rather than imposing them for their own sake.
Beeson referenced Hochul’s prior advice in his email, criticizing Mamdani for disregarding it.
“It’s shameful that he used Ken’s name as an example of those not contributing their fair share to New York City’s often expensive and wasteful spending,” the message noted.
Also included was the assertion that Citadel’s team, including members residing outside the city, had paid nearly $2.3 billion in city and state taxes over the past five years, along with Griffin’s $650 million in charitable donations to support city residents.
In 2022, after facing a range of issues including high taxes and crime, Griffin announced his decision to relocate Citadel’s headquarters from Chicago to Miami, citing safety concerns.
“I’ve lived in a failed city-state,” Griffin told Fox News in November 2025. “You can’t live in a city full of people.” His statements highlighted the violent crime issue he experienced.
Billionaire hedge fund manager Bill Ackman came to Griffin’s defense on social media, cautioning that Mamdani’s remarks may push more business to Florida.
“We should applaud Ken for spending $238 million in New York instead of attacking him for it,” Ackman stated. He also expressed that nonresident ownership of New York properties could contribute to economic growth without depleting local resources.
“Ken’s company is one of the major employers in the city, offering high-paying positions that form a significant part of our tax base. We don’t want him to shift more employees to Miami,” he added.
Following the video’s release, CNBC anchor Sarah Eisen also criticized Mamdani, hinting at potential fallout from his comments.
She pointed out that Griffin “employs thousands in New York City” and invests substantial amounts, thereby creating even more jobs. Eisen remarked, “It seems dangerous to make him feel unwelcome or demonize him.”
Moreover, she noted that Miami has embraced him and his company, welcoming the jobs and investment he brings.
