Ken Griffin threatened to cancel 350 Park Avenue tower over NYC's pied-à-terre tax as Mayor Mamdani defends targeting ultra-luxury second homes.
Wednesday, May 6, 2026 10:32AMBillionaire hedge fund founder Ken Griffin isn't a fan of Mayor Zohran Mamdani's renewed push to "tax the rich.
" Griffin threatened to back out of his planned Midtown project that he says would create 15,000 permanent jobs after Mayor Mamdani posted a video filmed in front of Griffin's $238 million penthouse, saying that Griffin is among many who should pay more taxes. "That home, when it was purchased, was the most expensive home in the United States of America," Mamdani explained in his video.
"This pied-à-terre tax is specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don't actually live here. " Griffin and his staff "paid $2.3 billion in city and state taxes," Griffin responded, and also "directed $650 million in charitable gifts" to city institutions. , but has been careful to thread the needle, emphasizing that she welcomes any business for the city and state.
"When you are putting up a $6 billion building with 15,000 workers, I'm very likely to go visit and say, 'thank you, and can you consider more,'" Governor Hochul said. At a conference in California, Griffin said he would probably go through with the project, but added that the Mayor's video left him eager to expand his base in Florida, calling his planned 54-story supertall tower on Miami's Biscayne Bay an "immediate and direct consequence of the mayor's poor decision.
""Mayor Mamdani wants all New Yorkers to succeed. That includes business owners and entrepreneurs who create good, paying jobs and make this city the economic engine of America. It also includes Ken Griffin, who is a major employer in our city and a powerful figure in our economy. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share. "
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