Additional Coverage:
- Ken Griffin’s $238 million New York City penthouse isn’t the only pied-à-terre he owns. See what else is in his portfolio. (businessinsider.com)
Citadel CEO Ken Griffin, known for his expansive real estate holdings, has openly criticized New York City Mayor Zohran Mamdani’s newly enacted pied-à-terre tax targeting luxury second homes. Despite his objections, the tax, part of a joint proposal with Governor Kathy Hochul, was approved and included in the state budget.
The tax imposes an additional surcharge on single-family homes valued between $5 million and $25 million, ranging from 0.8% to 1.05%, with properties worth $25 million or more facing a 1.3% extra tax. Initially, the Department of Finance will use existing assessed values to determine eligibility, transitioning to a revised valuation system after two years.
While some billionaires, including Jeff Bezos, have expressed support for the tax, others such as Bill Ackman, Jason Calacanis, and former President Donald Trump oppose it. Griffin himself described Mamdani’s announcement video-filmed outside his $238 million Central Park penthouse-as “creepy and weird.” At a recent conference, Griffin hinted that Citadel might reconsider its New York office plans, criticizing Mamdani’s stance by saying, “New York does not welcome success.”
Griffin’s Central Park penthouse, purchased in 2019, holds the record for the most expensive residential sale in the United States. Although he acquired the 24,000-square-foot, 16-bedroom condo to establish a New York presence as Citadel expanded, Griffin has since focused much of his attention on South Florida. He relocated Citadel’s headquarters from Chicago to Miami in 2022 and has invested heavily in properties across the region.
Beyond New York, Griffin owns an extensive global real estate portfolio valued at over $1 billion. In Manhattan, he also purchased two adjacent units on Park Avenue for tens of millions.
In Florida, he has amassed roughly 27 acres in Palm Beach, including oceanfront properties, with plans for a sprawling estate potentially worth $1 billion. His Miami holdings include multiple homes on Star Island and bay-front properties in Coconut Grove.
Griffin’s real estate investments extend internationally as well. In London, he acquired a Georgian mansion near Buckingham Palace for approximately £95 million, praised for its historic significance and prime location.
In 2024, he expanded his European portfolio with a $90 million waterfront estate in St. Tropez, France, once owned by photographer Gunter Sachs.
Additionally, Griffin owns two oceanfront properties in Hawaii, purchased several years apart for a combined total of about $28 million.
As the pied-à-terre tax takes effect, Griffin’s extensive and high-value real estate holdings underscore the significant impact such measures could have on ultra-wealthy property owners in New York City.