{"id":1707,"date":"2026-08-06T04:04:32","date_gmt":"2026-08-06T04:04:32","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=1707"},"modified":"2026-08-06T04:04:32","modified_gmt":"2026-08-06T04:04:32","slug":"after-back-and-forth-over-mamdanis-pied-a-terre-tax-ken-griffin-isnt-ready-to-give-up-on-new-york","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=1707","title":{"rendered":"After back and forth over Mamdani\u2019s pied-\u00e0-terre tax, Ken Griffin isn\u2019t ready to give up on New York"},"content":{"rendered":"

<\/p>\n

One filmed a widely regarded publicity \u201cstunt\u201d outside the other\u2019s $238 million penthouse. The latter responded by telling the former he was doxxing him, told him to read a history book, and waved a major $4.5 billion project over the former\u2019s head. Months passed, a new tax was introduced, and fans of both sides charged the other. And after all this back and forth, nothing changed.<\/p>\n

\n

Ken Griffin\u2019s public feud with New York City Mayor Zohran Mamdani has not stopped Citadel from doubling down in Manhattan. The past few months have been a point of contention for the Citadel CEO and the young self-described democratic socialist mayor of the nation\u2019s biggest city, complete with video callouts and threats to remove Citadel\u2019s funding of a major Midtown skyscraper. But according to a Tuesday morning earnings call from Vornado CEO Steven Roth, Citadel will carry forward with the 350 Park Avenue redevelopment after all.<\/p>\n

Citadel is expected to remain involved in the project as a \u201c60% partner,\u201d Roth said on the call. \u201cCitadel as our 1-million-square-foot anchor tenant.\u201d\u00a0<\/p>\n

Roth\u2019s comments solidify Citadel\u2019s presence in New York\u2014with the company verifying the comments made on the call to Fortune<\/em>\u2014despite the ongoing public spat between its CEO and the city\u2019s mayor.\u00a0<\/p>\n

The battle of the heavyweights<\/h2>\n

The decision to remain in New York represents a notable reversal from the rhetoric that ensued following Mamdani\u2019s April announcement of the pied-\u00e0-terre tax. In what Griffin later dubbed a \u201cweird\u201d stunt by the mayor, Mamdani released a Tax Day video announcing a pied-\u00e0-terre tax on any secondary homes valued at over $5 million. Referencing the CEO by name, the young mayor stood outside Griffin\u2019s $238 million home, listing ways the new policy would generate tax revenue for the city.<\/p>\n

What followed was a volley of backlash against the mayor for the video, which Griffin described as \u201ccreepy\u201d and \u201cfrightening.\u201d Griffin\u2019s COO at Citadel, Gerald Beeson, was the first to threaten Citadel\u2019s possible withdrawal from the skyscraper.\u00a0<\/p>\n

A week after the video was released, Beeson wrote in a letter: \u201cWe 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 Midtown New York.<\/p>\n

\u201cThe project\u2014if we move forward\u2014will entail more than $6 billion dollars of spending.\u201d<\/p>\n

Roth himself also commented on the video, saying it was an \u201cugly and unnecessary \u2026 stunt\u201d and that he was \u201cshocked that our young mayor would pull this stunt in front of Ken\u2019s home and single him out for ridicule.\u201d<\/p>\n

It\u2019s hard to leave the financial capital of the world<\/h2>\n

The then-dangling threat seems all the more hollow when you factor in how New York City is still in all respects the center of the financial world.<\/p>\n

\u201cIt\u2019s not always that easy just to give up New York City, especially if your family\u2019s there, if your business is there,\u201d Nick Montorio, partner at EisnerAmper, told Fortune<\/em>. \u201cThe benefits of being around New York City for most of our clients and those businesses usually outweigh the negatives.\u201d<\/p>\n

Griffin said previously that he believes New York City will be the hedge fund\u2019s long-term home.<\/p>\n

\u201cCitadel will be a principal player in financial services for far longer than [the mayor] will be mayor,\u201d he said. \u201cWe intend to be here for decades. And he will be here for a few years.\u201d<\/p>\n

Despite the mayor\u2019s tenure, his policies may still remain in place after he leaves office\u2014and that has plenty of implications for the city. For Montorio, the pied-\u00e0-terre tax is only one factor in a broader trend of wealthy individuals and businesses reconsidering their New York footprint. Following the pandemic, many firms expanded operations in states such as Florida after realizing portions of their workforce could operate remotely.<\/p>\n

\u201cWe\u2019ve seen that trend developing really forever, but COVID accelerated that,\u201d he said. \u201cThis pied-\u00e0-terre tax just further pushes wealthy people in particular out of New York City.\u201d<\/p>\n

Still, he cautioned against assuming the loud criticism from New York\u2019s elite automatically translates to departures.\u00a0<\/p>\n

\u201cI would say our businesses regularly talk about \u2026 leaving New York City, but very few actually do,\u201d Montorio said. \u201cThis is where the resources are. This is where the money is. This is where a lot of educated people reside.\u201d<\/p>\n

That dynamic helps explain Citadel\u2019s latest move. According to a report by the New York City Economic Development Corp., the city\u2019s private sector grew employment by nearly 55,000 year over year\u2014and secured nearly $6.3 billion in VC funding. That growth and economic output makes it difficult for even the wealthiest CEOs to kiss the Big Apple goodbye.<\/p>\n

The mayor himself sees the economic benefit, too. At a press conference in April, Mamdani said he wants Griffin to see success in the city, to make New York City benefit economically.\u00a0<\/p>\n

\u201cI want New Yorkers to succeed,\u201d Mamdani said. \u201cI want them to build businesses, to grow our economy, and to create good-paying jobs, and Ken Griffin has been a part of that.\u201d<\/p>\n<\/div>\n

#Mamdanis #pied\u00e0terre #tax #Ken #Griffin #isnt #ready #give #York<\/p>\n","protected":false},"excerpt":{"rendered":"

One filmed a widely regarded p… <\/p>\n","protected":false},"author":1,"featured_media":1708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[632,87,3326,2597,546,3325,638,1855,736,2961,2853,227,649,1401,738],"class_list":["post-1707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-citadel","tag-give","tag-griffin","tag-hedge-funds","tag-isnt","tag-ken","tag-ken-griffin","tag-mamdanis","tag-new-york-city","tag-piedaterre","tag-ready","tag-tax","tag-taxes","tag-york","tag-zohran-mamdani"],"yoast_head":"\nAfter back and forth over Mamdani\u2019s pied-\u00e0-terre tax, Ken Griffin isn\u2019t ready to give up on New York - Finance News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vaultinsider.top\/?p=1707\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After back and forth over Mamdani\u2019s pied-\u00e0-terre tax, Ken Griffin isn\u2019t ready to give up on New York - 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