Overview
- Citadel’s chief operating officer told employees in a memo Thursday that the firm may not proceed with redeveloping 350 Park Avenue, a project he said would involve more than $6 billion and support about 6,000 construction jobs and over 15,000 permanent roles.
- Mayor Zohran Mamdani on Friday defended filming his Tax Day video outside Ken Griffin’s penthouse and said he had no regrets, adding that he is open to working with business leaders and that the example was meant to show the tax targets only a narrow set of properties.
- The proposal would add an annual surcharge on one‑ to three‑family homes, condos, and co‑ops valued above $5 million when the owner’s primary residence is outside New York City, with backers estimating roughly $500 million a year in revenue if Albany approves it.
- Business figures criticized the mayor’s approach, with Bill Ackman praising Griffin’s spending in the city and the head of the Partnership for New York City urging an exemption for people who create jobs to prevent investment and hiring from shifting elsewhere.
- Citadel highlighted what it called its contribution to New York, citing nearly $2.3 billion paid by its principals and employees in city and state taxes over five years, about $650 million in Griffin’s charitable gifts, and a New York workforce of roughly 2,500 despite the company’s Miami headquarters.