Citadel Criticizes NYC Mayor's Pied-à-Terre Tax Targeting Ken Griffin
Citadel's COO Gerald Beeson condemns Mayor Zohran Mamdani's proposal for a pied-à-terre tax, highlighting the firm's significant contributions to New York's economy.
New York City Mayor Zohran Mamdani has proposed a new pied-à-terre tax targeting luxury properties valued over $5 million that are not primary residences. The announcement was made in a video filmed outside 220 Central Park South, where Citadel CEO Ken Griffin owns a $238 million penthouse.
Citadel's Chief Operating Officer, Gerald Beeson, responded in an internal memo, stating that using Griffin as an example demonstrates "ignorance and disdain" toward contributors to the city's economy.
Beeson highlighted that Citadel's principals and employees have paid nearly $2.3 billion in New York city and state taxes over the past five years. He also noted the firm's planned redevelopment of 350 Park Avenue, a project expected to generate about 6,000 construction jobs and more than 15,000 permanent roles, with spending projected to exceed $6 billion.
Griffin relocated Citadel's headquarters from Chicago to Miami in 2022 and has made Florida his primary residence.
The proposed tax, which requires approval from the state legislature, is estimated to generate at least $500 million annually, with revenue directed toward free childcare, street cleaning, and neighborhood safety.