Citadel CEO Ken Griffin speaks at the Semafor World Economic Summit 2025 at the Conrad Washington on April 23, 2025 in Washington, DC.
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Citadel accused New York City Mayor Zoran Mamdani of naming CEO Ken Griffin for pushing for a new pied-à-terre tax, intensifying a public debate over how aggressively New York City should target non-resident wealthy homeowners.
In a social media video filmed outside Griffin’s mansion at 220 S. Central Park and timed to coincide with Tax Day, Mandani unveiled a proposed tax that would impose an annual premium on one- to three-family homes, condos and co-ops valued at more than $5 million if the owner’s primary residence is outside of New York City.
The Citadel condemned the mayor’s move, with Chief Operating Officer Gerald Beeson saying in an internal memo obtained by CNBC that targeting Griffin shows “ignorance and disrespect” for a contributor to the city’s economy.
“It’s shameful that he used Ken’s name as an example of those who don’t seem to be bearing their fair share of the burden of New York City’s often expensive and wasteful spending,” Beeson wrote. “In doing so, the mayor once again revealed the elite political class’s ignorance and contempt for the people who have consistently worked to build one of the world’s greatest cities.”
Beeson said Citadel’s president and employees, including non-residents, have paid about $2.3 billion in New York city and state taxes over the past five years. He also pointed to the company’s planned redevelopment of 350 Park Avenue. The project is expected to create approximately 6,000 construction jobs and more than 15,000 permanent jobs, and spend more than $6 billion.
Griffin will move Citadel’s headquarters from Chicago to Miami in 2022, making Florida his primary residence.
The memo also highlighted that about 200 Citadel employees serve on the boards of New York charities, while Mr. Griffin himself directs about $650 million in charitable donations to the city.
“We understand that our efforts and successes are sometimes the target of political rhetoric, but this should not diminish our pride in building a company that will continue to help New York City thrive for decades to come,” Beeson wrote.
The Wall Street Journal first reported on the memo early Thursday.
