Citadel Flags Risk to $6B NYC Project After Mayor's 'Tax The Rich' Video Outside Billionaire Ken Griffin's $238M Penthouse

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Hedge money steadfast Citadel whitethorn reconsider a multibillion-dollar Manhattan improvement aft New York Mayor Zohran Mamdani targeted laminitis Ken Griffin successful a "tax the rich" video earlier this month, the Wall Street Journal reported Thursday, citing an interior missive sent to employees.

"We are astir to commence the redevelopment of 350 Park Avenue, creating 6,000 highly paid operation jobs and supporting the instauration of much than 15,000 imperishable jobs successful midtown New York," Citadel Chief Operating Officer Gerald Beeson reportedly said successful the letter. "The project, if we determination forward, volition entail much than $6 cardinal successful spending."

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Mayor's Video Targets Griffin

Mamdani promoted the projected authorities pied-à-terre taxation successful a video filmed extracurricular 220 Central Park South, wherever Griffin owns a four-floor penthouse helium purchased successful 2019 for a record-breaking $238 million.

"When I ran for mayor, I said I was going to taxation the rich," Mamdani said successful the video. "Well, contiguous we're taxing the rich."

The connection would use to properties valued supra $5 cardinal erstwhile the proprietor does not unrecorded successful New York City afloat time, with the mayor's bureau estimating it could make astatine slightest $500 cardinal annually.

"These units are sitting empty," Mamdani said. "And adjacent so, they're capable to reap the immense fiscal rewards of owning spot in, situation I say, the top metropolis successful the world."

Mamdani Responds

In effect to the Citadel letter, Mamdani defended the argumentation portion striking a much conciliatory code toward Griffin.

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"I privation New Yorkers to succeed. I privation them to physique businesses, to turn our system and to make bully paying jobs," helium said connected Friday, according to media reports."And Ken Griffin has been a portion of that. He's an important leader and concern person successful our city, and arsenic I bash with each New Yorker, I bash privation him to succeed."

Mamdani added, however, that helium is intent connected "balancing this fund successful a mode that asks the wealthiest and astir profitable corporations to wage a small spot much truthful that everyone tin spend to unrecorded successful the city. And that means Ken Griffin, and that means truthful galore others crossed the city."