Ken Griffin is reportedly pushing back hard after New York City Mayor Zohran Mamdani used the Citadel CEO’s $238 million Manhattan penthouse as a prop in a ‘tax-the-rich’ campaign video.
In a Thursday email reviewed by The Wall Street Journal, Citadel COO Gerald Beeson warned the firm may not proceed with the $6 billion redevelopment of 350 Park Avenue, a project projected to generate 6,000 construction jobs and support more than 15,000 permanent positions.
Mamdani, a Democratic socialist, was filmed Apr. 15 outside Griffin’s 220 Central Park South penthouse, a 2019 purchase that set a U.S. record, to promote a proposed pied-à-terre tax on luxury second homes worth over $5 million.
A pied-à-terre tax is an annual surcharge on high-value residential properties not used as a primary residence, designed to discourage vacant luxury homes and generate municipal revenue.
Political Risk Meets Economic Clout
According to The Wall Street Journal, Beeson wrote that over the past five years, Citadel principals and team members, including nonresidents, have paid nearly $2.3 billion in city and state taxes. He …
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