Ken Griffin’s Citadel Plans Move to Miami Amid New York Tensions

Citadel CEO Ken Griffin has confirmed the company’s intention to relocate from New York City to Miami. This decision seems linked to the changing business climate in New York, influenced by new tax initiatives pushed by local officials.

Despite a notable disagreement with New York’s Mayor regarding a luxury tax, the construction of a skyscraper at 350 Park Avenue is progressing. This project is a collaborative effort between Griffin’s Citadel and Vornado Realty Trust, with plans to make Citadel the main tenant.

During a recent earnings call, Vornado’s CEO Stephen Ross mentioned that the site is currently undergoing demolition. “If you walk down Park Avenue at 52nd Street, you’ll notice that construction is actively taking place,” Ross stated. He added that they aim to enhance their investment stake in the venture. Citadel is expected to hold a 60% share in the partnership.

Miami Development Plans Intensify Following Mayor’s Criticism

Citadel’s move is gaining traction following Mayor Zoran Mamdani’s unfavorable comments directed at Griffin. These remarks were linked to a new luxury property tax aimed at high-value residences like Griffin’s Central Park penthouse, which he purchased for $238 million.

In a video released by the mayor, he critiqued Griffin for being among the wealthy targeted by this tax. “When I ran for office, I committed to taxing the wealthy, and today we are taking steps to do that,” Mamdani said, mentioning that owners of luxury properties, who aren’t full-time residents, would be especially affected.

Wealthy Residents Seek Alternatives to New York

Griffin did not take kindly to the personal attacks, remarking that they came off as “creepy and bizarre,” and expressed concern over the potential risks they posed. He raised issues about the judgment displayed by the mayor through these confrontations.

Citadel executives warned that the mayor’s stance might deter businesses from investing in the city. In a memo from COO Gerald Beeson, it was emphasized that the construction of the 350 Park Avenue project is set to begin soon, promising the creation of numerous jobs, including 6,000 construction positions and over 15,000 permanent roles in the area.

Beeson mentioned that the total investment for the project would exceed $6 billion, stressing its potential economic impact.

In a surprising turn, Mayor Mamdani did later acknowledge Griffin’s philanthropic efforts in the city, which includes funding a memorial for first responders harmed during and after the September 11 attacks.