{"id":1667,"date":"2026-08-05T18:58:43","date_gmt":"2026-08-05T18:58:43","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=1667"},"modified":"2026-08-05T18:58:43","modified_gmt":"2026-08-05T18:58:43","slug":"ken-griffin-proceeds-with-citadel-skyscraper-despite-mamdani-feud","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=1667","title":{"rendered":"Ken Griffin proceeds with Citadel skyscraper despite Mamdani feud"},"content":{"rendered":"
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FOX Business Madison Alworth reports on Citadel CEO Ken Griffin reaffirming plans to move his firm to Miami from New York City, driven by a desire for a state that embraces business on Varney & Co.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
The development of a skyscraper in New York City that will house Ken Griffin’s Citadel is moving forward despite his feud with New York City Mayor Zohran Mamdani.<\/p>\n
The skyscraper project at 350 Park Avenue is being developed by Griffin’s Citadel in partnership with Vornado Realty Trust and Rudin, and will see two of Griffin’s firms being anchor tenants.<\/p>\n
Steven Roth, CEO of Vornado Realty Trust, said on the company’s earnings call on Tuesday that the project is underway and that the REIT will maximize its stake in the venture.<\/p>\n
“If you drive or walk past Park Avenue at 52nd Street, you will see that our 350 Park Avenue site is now under construction, actually under demolition. We intend to shortly exercise our investment option to participate in this deal at our maximum ownership alongside Ken Griffin as our 60% partner and with Citadel as our 1-million-square-foot anchor tenant.”<\/p>\n
HEDGE FUND BILLIONAIRE EXPANDS MIAMI DEVELOPMENT PLANS AFTER MAMDANI FEUD<\/strong><\/p>\n
The new skyscraper being built by Citadel, Vornado and Rudin will be at 350 Park Ave. in New York City.<\/span> (Fox Business)<\/span><\/p>\n<\/div>\n<\/div>\n
Roth said on the call that Citadel holds a 60% stake in the partnership, while Vornado’s will top out at 36%.<\/p>\n
The project is moving forward after Mamdani specifically criticized Griffin for owning a penthouse on Central Park South in a video detailing his new pied-a-terre tax, which is levied on high-value residential properties whose owners don’t live in the city full-time.<\/p>\n
Mamdani spurred the controversy with an April 15 video the mayor recorded in front of Griffin’s penthouse, calling him out as a wealthy hedge fund owner who would be subject to the new luxury property tax.<\/p>\n
NEW YORK’S WEALTHY RUSH TO AVOID MAMDANI’S SECOND-HOME TAX<\/strong><\/p>\n
New York City Mayor Zohran Mamdani stands outside of Citadel CEO Ken Griffin’s Park Avenue penthouse in an April 15, 2026 video.\u00a0<\/span> (NYC Mayor’s Office)<\/span><\/p>\n<\/div>\n<\/div>\n
“When I ran for mayor, I said I was going to tax the rich. Well, today we’re taxing the rich\u2026 This is an annual fee on luxury properties worth more than $5 million whose owners do not live full-time in the city \u2013 like this penthouse, which hedge fund CEO Ken Griffin bought for $238 million,” Mamdani said in his video.<\/p>\n
Griffin responded, calling the personal attack “creepy and weird,” worrying that it put him in harm’s way and demonstrated a “profound lack of judgment,” on Mamdani’s part.<\/p>\n
MAMDANI’S TAX ROLL BLUNDER WILL BACKFIRE ON EVERYDAY NEW YORKERS AS BUYERS HEAD SOUTH, DEVELOPER WARNS<\/strong><\/p>\n
Citadel CEO and founder Ken Griffin said Mamdani’s video was “creepy and weird.”<\/span> (Aaron Schwartz\/Bloomberg via Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n
Citadel executives went on to suggest that the new office space could become a casualty of Mamdani’s not-so-business-friendly policies.<\/p>\n
Gerald Beeson, the firm’s COO, wrote in an April 23 memo to employees that the firm’s development of 350 Park Avenue was about to begin and would create “6,000 highly paid construction jobs” as well as support the “creation of more than 15,000 permanent jobs in Midtown New York.”<\/p>\n
“The project \u2013 if we move forward \u2013 will entail more than $6 billion dollars of spending,” Beeson wrote.<\/p>\n
GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/p>\n
Mamdani eventually softened his rhetoric and thanked Griffin for his contributions to the city, including funding a memorial wall for police officers killed in the September 11 attacks and those who died of illnesses related to the recovery from the attacks that will open later this year in NYC Police Headquarters.<\/p>\n
FOX Business’ Robert McGreevey contributed to this report.<\/i><\/p>\n<\/div>\n
FOX Business Madison Alworth r… <\/p>\n","protected":false},"author":1,"featured_media":1668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[632,1206,3326,3325,3329,3327,3328],"class_list":["post-1667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-citadel","tag-feud","tag-griffin","tag-ken","tag-mamdani","tag-proceeds","tag-skyscraper"],"yoast_head":"\n
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