Additional Coverage:
- Billionaire says Mamdani’s ‘tax the rich’ video outside his NYC apartment was ‘creepy’ and ‘frightening’ (foxbusiness.com)
At the Milken Conference in Los Angeles on Tuesday, Citadel CEO Ken Griffin expressed that a recent video posted by New York City Mayor Zohran Mamdani was “frightening” and reinforced his decision to expand his business operations in Miami. Griffin stated, “Mamdani has made it very clear-New York does not welcome success.”
The controversy stems from a video Mamdani shared on April 15, Tax Day, standing outside Griffin’s Manhattan penthouse to promote a new pied-à-terre tax targeting luxury properties valued over $5 million that are not occupied full-time. Griffin’s 24,000-square-foot penthouse, purchased in 2019 for $238 million-the most expensive residential sale in U.S. history-was featured prominently in the video. Mamdani, who has pledged to raise taxes on wealthy New Yorkers, used the clip to highlight his tax proposal.
In response, Citadel’s Chief Operating Officer Gerald Beeson indicated that the future of the firm’s planned $6 billion redevelopment project at 350 Park Avenue-which would create approximately 6,000 construction jobs and support over 15,000 permanent jobs-might be reconsidered. Griffin acknowledged on Tuesday that the project remains “a point of discussion” within the company.
Citadel is concurrently developing a new headquarters in Miami, where Griffin has already relocated his firms from Chicago. He noted at the conference that the Miami tower’s design is being revised to “make it bigger,” reflecting Florida’s stronger pro-business climate. Griffin has been openly critical of leadership in Chicago and Illinois, citing prior challenges.
With a net worth estimated at $51 billion, Griffin condemned Mamdani’s video as a “personal attack” and a display of “profound lack of judgment.” Speaking at an investment conference in Oslo, Griffin criticized the growing trend of “demonizing” business leaders, expressing concern over rising tensions. He remarked, “What upset me was the personal attack,” referencing recent violent incidents targeting prominent figures in New York.
Mayor Mamdani’s office has not yet responded to requests for comment. Meanwhile, the political and business communities continue to watch closely as this high-profile clash over taxation and economic policy unfolds.