Ken Griffin Threatened to Walk Away From NYC Amid a Feud With Mamdani. Citadel Just Committed $4.5 Billion Instead
Ken Griffin went to Oslo, called the New York mayor's video creepy, and threatened to take Citadel's jobs to Miami. Then the demolition crews showed up anyway.
After months of public threats to relocate, Ken Griffin’s Citadel is staying in New York. The firm is pressing ahead with its stake in the $4.5 billion redevelopment of 350 Park Avenue, the Foster + Partners supertall that will anchor Citadel’s Manhattan footprint. The commitment closes an arc that ran from a viral Tax Day video to a threatened Miami exodus to, within weeks, quiet signals from Griffin himself that the tower was proceeding. The feud remains unresolved. The project never actually stopped.
The Spark
On April 15, 2026, Mayor Zohran Mamdani filmed a video outside Griffin’s $238 million Central Park South penthouse announcing a proposed pied-a-terre tax on secondary homes valued over $5 million whose owners do not primarily reside in the city. Governor Kathy Hochul estimated the levy could raise roughly $500 million annually. New York’s cost-of-living index sits at 107.921, second only to California, and disposable income of $71,545 lags several lower-cost states. Municipal services lean hard on a narrow, wealthy tax base.
Griffin’s Response
Griffin called the video “creepy,” a “weird stunt,” and a “personal attack.” At the Norges Bank Investment Management 2026 Investment Conference in Oslo, he said: “I think the willingness of the mayor of New York to make this policy debate a personal attack just demonstrated a profound lack of judgment.” He added: “Why do the Americans think we can do socialism? We have none of that in our DNA and we are just going to screw it up.” Griffin noted he and Citadel employees had paid $2.3 billion in city and state taxes and that he had directed $650 million in charitable giving to New York City institutions. On April 23, 2026, Business Insider reported that Griffin’s deputy called Mamdani’s targeting “shameful” in a companywide memo.
The Threat
Citadel COO Gerald Beeson signaled the firm might walk from 350 Park. Griffin told CNBC: “we will create jobs in Miami as a consequence of NYC Mayor Mamdani’s wealth tax video.” The project’s projected impact includes roughly 6,000 construction jobs and more than 15,000 permanent jobs, many high-paying financial roles with reported analyst starting salaries of $200K or more.
The Project
350 Park Avenue is a planned 1,414-foot supertall office tower designed by Foster + Partners. Trade outlets peg the cost at $4.5 billion, though at least one report cited roughly $6 billion. Citadel is a 60% partner, with Vornado Realty Trust (NYSE:VNO | VNO Price Prediction) leading, and is set to anchor roughly 1 million square feet as lead tenant.
How Fast the Threat Softened
The public feud lasted longer than the actual retreat. On May 5, 2026, Bisnow reported Griffin saying the Citadel tower was “probably” going ahead. The next day, The Real Deal quoted a Vornado executive saying they were “ready to roll”, and the New York Post reported Vornado’s CEO calling the video “ugly, unnecessary.” By July 2026, demolition on the site was already underway, the narrative had shifted.
The Hard Evidence
Loans and steel tell the story. On August 4, 2026, Bisnow reported Griffin and Vornado were nearing a record $3.3 billion loan for the tower. On August 5, 2026, Vornado’s CEO confirmed Citadel remains committed. On August 16, 2026, the New York Post reported a steel company had taken on a massive haul for the project. Crain’s New York reported that 350 Park Avenue developers were opening the door to new backers as Griffin weighed his commitment.
De-escalation, Unresolved
Mamdani’s team reached out through an intermediary. Griffin did not directly respond at first. A Griffin spokesman later said he “cares deeply about New York City and welcomes thoughtful, serious conversations about the policies that can grow the City’s economy.” At a press conference, Mamdani said: “I want New Yorkers to succeed… Ken Griffin has been a part of that.” Steven Fulop of the Partnership for New York City said Griffin felt “singled out and vilified” and suggested Mamdani “should acknowledge… it was a mistake” to make the video.
A threat rooted in a personal grievance over tax policy ended in a multibillion-dollar recommitment, while the physical project never stopped moving. Demolition crews, lenders and steel suppliers kept working.
Contact [email protected] for any questions or corrections.
AJ has spent the past 10 years writing about financial markets at The Motley Fool. His coverage centers on technology stocks and the broader macroeconomic trends, from interest rates to geopolitics, that shape where markets are headed next. AJ is drawn to the stories where big-picture economics and individual companies collide.
