Ken Griffin's $3 billion Carnegie Mellon donation to Miami sparks concerns in New York business community
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Citadel founder Ken Griffin pledged $3 billion for a new Carnegie Mellon campus in Miami, prompting New York business leaders to warn that the gift represents a loss for the city amid ongoing debates over a pied-à-terre tax.
Citadel CEO Ken Griffin announced a $3 billion donation to Carnegie Mellon University, allocating $2 billion for a 35-acre campus in Miami and $1 billion for the university’s main Pittsburgh campus. The pledge, made last week, did not include any funding for Carnegie Mellon’s New York campus, which business leaders said could hurt the city’s economic interests.
Steve Fulop, president of Partnership for New York City, told host John Catsimatidis on 77 WABC that the donation “is a loss for us” because Griffin’s philanthropic resources are being directed to Miami rather than New York, where he also maintains a presence. Fulop added that the move reflects broader concerns about the city’s ability to retain financial-industry talent, noting that firms such as Citadel, Goldman Sachs, JPMorgan and Apollo have been highlighting the appeal of other states.
The discussion follows Mayor Zohran Mamdani’s recent promotion of a “pied-à-terre” tax targeting high-value secondary residences. Mamdani filmed a video in front of Griffin’s Central Park South property, purchased in 2019 for $238 million, to illustrate the tax’s rationale. The tax, which applies to second-home condos and co-ops valued at $1 million or more and certain multi-family homes, was halted after a state Supreme Court judge ruled that the city had improperly disclosed the names of over 900,000 residents. City officials have appealed the decision and plan to restart the rollout.
Fulop also referenced recent reporting about alleged attempts by city officials to use influencers against business leaders, describing such actions as “beyond the pale.” He emphasized the need for vigilance and continued dialogue with city officials.