Citadel CEO Ken Griffin has made his disapproval of New York City Mayor Zohran Mamdani’s pied-à-terre tax known. Now, it looks like he’ll have to pay it.
The joint proposal from Mamdani and Gov. Kathy Hochul to tax multimillion-dollar second homes passed on Wednesday, and will be incorporated into the state’s budget.
Single-family homes worth $5 million to $15 million will be subjected to a 0.8% surcharge; homes worth between $15 million and $25 million will be taxed an additional 1.05%, and those worth $25 million or more will be taxed an extra 1.3%. The Department of Finance will rely on “assessed values” of homes to determine which are eligible for the first two years, then adjust the tax accordingly after the city works out a new valuation system.
The tax has been met with praise from billionaires like Jeff Bezos, who told CNBC that the tax was a “fine thing for New York to do.”
Other wealthy people, like investors Bill Ackman and Jason Calacanis and President Trump, aren’t on board.
Griffin called Mamdani’s video announcing the tax, which was filmed in front of the Central Park Tower where he bought a penthouse for $238 million in 2019, “creepy and weird.” Earlier this month at the Milken conference in Los Angeles, Griffin suggested Citadel would abandon its planned New York office if the tax went through. “Mamdani has made it very clear, New York does not welcome success,” he said.
Mamdani singled out Griffin because the Citadel CEO’s $238 million Central Park penthouse is the most expensive condo in the country — but Griffin doesn’t live there most of the year. Griffin is investing in South Florida after relocating his investment firm’s headquarters there from Chicago in 2022.
Griffin’s New York home isn’t the only one he owns. See what other properties are part of his $1 billion-plus real estate portfolio.
Griffin holds the record for the most expensive residential sale in the US with his NYC penthouse.
Griffin paid $238 million in 2019 for a penthouse at 220 Central Park South in what is still the most expensive residential sale in the US.
A spokeswoman for Griffin told The Wall Street Journal in 2019 that Griffin wanted a place to stay in New York as his firm expanded into the city; however, today he’s shifted his focus to Florida. Griffin purchased the 24,000-square-foot, 16-bedroom condo while it was still under construction, but it has since been completed.
He also bought two neighboring properties in New York.
After buying a five-bedroom duplex at 740 Park Avenue for $45 million, Griffin snatched up his next-door neighbor’s unit for $38 million in 2025, according to the Wall Street Journal.
Griffin spent years — and millions of dollars — assembling properties in Palm Beach, Florida.
Palm Beach was Griffin’s first venture into South Florida when he started buying up oceanfront properties in 2012. Fast-forward to today, and he has amassed 27 acres in Palm Beach for about $450 million.
According to the New York Post, Griffin has plans to build a massive estate that could be worth $1 billion.
Griffin has moved his life and work to Miami.
Miami is now the city most associated with Griffin, as he’s made his mark there in the last few years. Not only did he relocate Citadel’s headquarters from Chicago to Miami, but he also planted himself in South Florida with multiple purchases.
Griffin bought two bay-front homes in Coconut Grove, Florida, for $106.9 million in 2022. From 2020 to 2023, spent about $169 million on multiple properties on Star Island — an exclusive neighborhood in Miami.
Griffin purchased a Hamptons home owned by a fashion icon.
The Citadel CEO bought a roughly 7-acre Southampton property formerly owned by Calvin Klein for $84.4 million in a 2020 off-market deal. Klein paid $28.9 million for it in 2003 as a teardown, and built the modern home that stands today, according to the Wall Street Journal.
Griffin bought two oceanfront properties in Hawaii years apart for about $28 million total.
In 2009, Griffin bought an oceanfront property at the Four Seasons Resort Hualalai for $11.38 million. Two years later, Griffin purchased another property, this time for $17 million, after getting a $3 million discount, according to The Wall Street Journal. The second, 0.6-acre property has a 5,600-square-foot home on it.
Griffin also owns properties across the pond.
In 2019, Griffin bought a Georgian mansion in London near Buckingham Palace for a reported £95 million (or $127.7 million).
A spokesperson told the Financial Times that the property is a “historic property with a spectacular location, extraordinary elegance and stunning gardens.” The home was on the market for two years at £125 million before Griffin outbid other prospective investors.
He also owns property in France.
In 2024, Griffin continued his investment overseas and bought a 2-acre waterfront estate in St. Tropez, France, for more than $90 million, according to the Journal.
The property, which has multiple buildings, was previously owned by photographer Gunter Sachs.
Read the full article here
