Citadel CEO Ken Griffin speaks during the 2025 Semafor World Economy Summit at Conrad Washington on April 23, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images
Citadel rebuked New York City Mayor Zohran Mamdani for singling out Chief Executive Ken Griffin to impose a new pied-à-terre tax, escalating a public row over how aggressively New York should crack down on wealthy nonresident homeowners.
In a social media video filmed outside Griffin’s residence at 220 Central Park South and timed to Tax Day, Mamdani unveiled a proposed levy that would impose an annual surcharge on one- to three-family homes, condominiums and co-ops valued at over $5 million if the owner’s primary residence is outside of New York City.
Citadel condemned the mayor’s move. Chief Operating Officer Gerald Beeson said in an internal memo obtained by CNBC that the targeting of Griffin shows “ignorance and contempt” for those who contribute to the city’s economy.
“It is shameful that he used Ken’s name as an example of those who allegedly do not bear their fair share of the burdens associated with New York City’s often costly and wasteful spending,” Beeson wrote. “In doing so, the mayor has once again expressed the ignorance and contempt of the elite political class towards those who have consistently worked to build one of the greatest cities in the world.”
Beeson said Citadel’s directors and employees – including non-residents – paid nearly $2.3 billion in New York city and state taxes over the past five years. He also noted the company’s planned redevelopment of 350 Park Avenue, a project expected to create about 6,000 construction jobs and more than 15,000 permanent positions, with spending expected to top $6 billion.
Griffin moved Citadel’s headquarters from Chicago to Miami in 2022 and has made Florida his primary residence.
The memo also highlighted that nearly 200 Citadel employees serve on boards of New York charities, while Griffin himself has funneled about $650 million in philanthropic donations to the city.
“We understand that our hard work and success will occasionally make us a target for political rhetoric. But it should not diminish the pride we have in building companies that will continue to help New York City thrive for decades to come,” Beeson wrote.
The Wall Street Journal first reported the memo on Thursday.
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