NYC Mayor Mamdani knocked Ken Griffin in pied-a-terre tax promo. His firm calls the move ‘shameful’

Citadel blasted New York City Mayor Zohran Mamdani for choosing Chief Executive Ken Griffin to implement a new tax, escalating a public disagreement over how aggressively New York should target wealthy nonresident homeowners.

In a social media video shot outside Griffin’s residence at 220 Central Park South and dated tax day, Mamdani unveiled a tax proposal that would impose an annual surcharge on one- to three-family homes, condos and co-ops valued at more than $5 million whose owner’s primary residence is outside New York City.

Citadel condemned the mayor’s move, saying targeting Griffin showed “ignorance and disdain” for those who contribute to the city’s economy, Chief Operating Officer Gerald Beeson said in an internal memo obtained by CNBC.

“It is a shame that he uses Ken’s name as an example of those who do not bear their 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 demonstrated the elite political class’s ignorance and disdain for those who are determined to continually build one of the greatest cities in the world.”

Citadel’s executives and employees (including non-residents) paid about $2.3 billion in New York City and state taxes over the past five years, Beeson said. He also noted the firm’s plan to redevelop 350 Park Avenue, a project expected to create nearly 6,000 construction jobs and more than 15,000 permanent positions, with expenses expected to exceed $6 billion.

Griffin moved Citadel headquarters from Chicago to Miami in 2022, making Florida his primary residence.

The memo also highlighted that approximately 200 Citadel employees serve on the boards of New York charities and that Griffin has personally directed approximately $650 million in charitable donations to the city.

“We understand that our hard work and success will at times make us the target of political rhetoric. But that should not diminish the pride we take 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 early Thursday.