Ken Griffin: Citadel NYC Tower 'Probably' Going Ahead Despite Mamdani Video

Despite claiming that New York City Mayor Zohran Mamdani put him “in harm's way” by filming a viral video outside of his $238M penthouse, billionaire Ken Griffin says he will still “probably go through with” building a $6B tower on Park Avenue for his hedge fund, Citadel.

But Citadel will likely focus more of its future growth at its upcoming Miami headquarters, Griffin said Tuesday afternoon in an interview with CNBC. Griffin filed a permit in the last few days to add “several hundred square feet of new space” in the yet-to-be-built 53-story tower in the Brickell neighborhood, he said.

“We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor’s poor decision here with respect to his posting of that video,” Griffin said in the interview.

Mamdani called out Griffin by name in a video posted April 15, boasting about the mayor’s deal with Gov. Kathy Hochul to enact a “pied-à-terre tax” on homes worth $5M or more that aren't the owners' primary residence. 

The Citadel founder said when he saw the video, he had to replay it, “because the first time I couldn’t believe what I was watching.” Referencing the assassination of UnitedHealthcare CEO Brian Thompson on the streets of Midtown, Griffin called the decision to target an individual “inappropriate.”

“I have no longstanding fights or issues or dynamics between Mamdani and me,” Griffin said. “To turn me into a political puppet was just in poor taste, really poor taste.”

His comments came just hours after his partner on the planned tower, Vornado CEO Steven Roth, said during a call with analysts that Mamdani's video was “irresponsible and dangerous.” 

Mamdani's video was shot in front of 220 Central Park S. Vornado built the condo tower and sold the penthouse unit to Griffin in 2019 for a sum that is still the highest on record for an individual U.S. residence. 

“The ugly, unnecessary video stunt was personal to Ken, and sort of personal to me, too,” Roth said. “We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule.”

Vornado and the Rudin family have contributed adjacent buildings to a joint venture, in which Griffin holds a 60% stake, that would build the 1.9M SF, Foster + Partners-designed supertall at 350 Park Ave.

Citadel has committed to occupying at least 850K SF in the tower when it is completed.

Vornado holds a 36% stake in the venture and has until July to decide whether to stay in the deal or sell its stake to Griffin. Griffin provided a $400M bridge loan to Vornado for the project, the REIT disclosed in its earnings report on Monday.

Demolition is already underway on the existing 350 Park building after Citadel employees moved out, Roth said on the call. But he referenced Citadel Chief Operating Officer Gerald Beeson's leaked memo to the hedge fund's staff in the wake of Mamdani's video as a reminder that the project isn't a sure thing.

“This is now the ‘if we move forward’ project,” Roth said.

Roth still said he expects Vornado to stay in the project, but he warned that the skyscraper won't happen without Griffin's go-ahead.

“Citadel has to be committed. They will be committed,” Roth said. 

The NYC Mayor's Office didn't respond to Bisnow's request for comment. A Citadel spokesperson declined to comment beyond sending a video of Griffin's CNBC interview.

Also on the call, Roth called New York City “by far and away the strongest real estate market in the country.”

Last week, Vornado struck a deal to purchase a 49% stake in Park Avenue Plaza from Fisher Brothers at a $1.1B valuation, and it is moving forward on a redevelopment of 623 Fifth Ave.

But Roth and Griffin both said that roughly half of the city's income taxes come from the richest 1% of its citizens and warned that Mamdani's attitude could disrupt New York's momentum.

“This fence cannot be mended by a short, terse, insincere, private apology,” Roth said. “What I beg of my mayor to do is to begin every day being business-welcoming and business-friendly as his first priority. That’s the only way to get the growth and financial wherewithal to accomplish his programs, some of which, I must say, are interesting and valid.”