Citadel CEO Ken Griffin may cancel $6 BILLION NYC project after Mamdani complains about his penthouse in 'tax the rich' video

Following a video released by New York City Mayor Zohran Mamdani on Tax day declaring that "taxing the rich," which was filmed in front of a penthouse owned by Citadel founder Ken Griffin, the hedge fund billionaire has suggested he might end a $6 billion development project in the city. 

Mamdani filmed the video in the street in front of the building of the penthouse, announcing a pied-à-terre tax. He explained, "This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million."

Griffin was less than pleased about the move. In an email sent to employees on Thursday, obtained by the Wall Street Journal, Gerald Beeson, Griffin’s chief operating officer, wrote, "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 project—if we move forward—will entail more than $6 billion dollars of spending."

The email continued, "It is shameful that he used Ken’s name as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending. In doing so, the mayor has once again manifested the ignorance and disdain of the elite political class towards those who have been consistently committed to building one of the greatest cities in the world."

He wrote that over the past five years, Citadel’s "principals and team members (including nonresidents) have paid nearly $2.3 billion dollars in city and state taxes," and that Griffin has personally directed $650 million in charitable gifts to support the city. 

"We have nearly 2,500 colleagues who have chosen to build their careers here. We understand that our hard work and success will, on occasion, make us targets for political rhetoric. But it should not diminish the pride we take in building firms that will continue to help New York City thrive for decades ahead."