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Citadel to Expand Miami Office Instead of Manhattan
Ken Griffin on Tuesday criticized a video by New York City Mayor Zohran Mamdani filmed outside his Central Park South penthouse. He said Citadel would double down on growth in Miami instead of Manhattan amid a proposed pied-à-terre tax.
May 5, 3:30 PM·1m read5 sources
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Citadel founder Ken Griffin on Tuesday said his firm would expand its Miami operations rather than proceed with plans in Manhattan after New York City Mayor Zohran Mamdani filmed a video outside his midtown penthouse on Central Park South. " He said it raised safety concerns. "We went to Miami and revised our plan to make it a much bigger office building," Griffin stated.
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He added that Citadel would "double down" on Miami being the place for growth instead of Manhattan. The video followed Mamdani and Governor Kathy Hochul's announcement earlier this month of a proposed pied-à-terre tax. The measure is an annual surcharge on second homes valued above $5 million.
It is estimated to raise up to $500 million in annual revenue, according to the NYC comptroller. Under a previous proposal with a sliding scale rising to 4 percent on value above $25 million, Griffin's Central Park South penthouse would generate a surcharge of about $9 million a year. Citadel chief operating officer Gerald Beeson called the video spectacle shameful.
He signaled that the firm might pull out of its multibillion-dollar new Manhattan headquarters building. Vornado chief executive Steven Roth criticized Mayor Zohran Mamdani for singling out Ken Griffin in his bid to make the wealthy pay more taxes in New York City. Griffin had relocated Citadel from Chicago to Miami after feuding with the mayor and governor over taxes and crime.
Miami-Dade County had the third-largest loss of domestic population of any county in the country last year.
