Ken Griffin’s Citadel claps back at Mamdani’s viral ‘penthouse’ video –threatens to scrap $6B NYC development

Billionaire Ken Griffin Reacts to Mayor’s Pied-à-Terre Tax Proposal

Ken Griffin, the billionaire hedge fund titan, expressed outrage after Mayor Zohran Mamdani highlighted his Manhattan penthouse in a viral video announcing a new pied-à-terre tax. Griffin even hinted at the possibility of withdrawing a $6 billion development project in the city in response to the proposed tax.

In the video, Mamdani proudly stood in front of Griffin’s 24,000-square-foot property at 220 Central Park South, which Griffin purchased for $238 million in 2019, making it the most expensive home sale in the country at the time.

Mayor Mamdani announced in the video, “We’ve secured a pied-à-terre tax,” and specifically mentioned Griffin’s penthouse as an example of a luxury property worth more than $5 million, whose owners do not reside full-time in the city.

Griffin, whose net worth is estimated at $50 billion, was not pleased with the mayor’s comments. The Chief Operating Officer of his hedge fund, Citadel, sent an email to employees criticizing the mayor’s statements and suggesting a potential reconsideration of a major construction project in Midtown.

“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,” the email stated.

Mamdani’s office did not respond immediately to requests for comment from The Post.

Griffin has a history of expressing dissatisfaction with high taxes and crime rates in cities. In 2022, he announced the relocation of Citadel headquarters from Chicago to Miami, near his primary residence, citing concerns about taxes and crime.

Other prominent figures, such as billionaire hedge fund manager Bill Ackman and CNBC anchor Sara Eisen, have also defended Griffin and warned of the potential consequences of alienating him with proposed taxes.

It remains to be seen how Mayor Mamdani’s pied-à-terre tax proposal will impact the relationship between wealthy property owners and the city of New York.