The Citadel doubles as Ken Griffin extends Miami’s foot amid Mamdani’s scramble
New York City Mayor Zohran Mamdani highlighted Citadel CEO Ken Griffin’s Manhattan penthouse in a viral video announcing the new pied-à-terre tax. (Credit: NORGES BANK INVESTMENT MANAGEMENT)
Billionaire hedge fund CEO and owner Ken Griffin is making good on his promise to “double down” on Miami after publicly feuding with New York City Mayor Zohran Mamdani over New York’s new tax on expensive second homes.
Griffin, who runs the hedge fund Citadel, plans to add a 300-unit building and a 1,400+ parking garage to the site of Citadel’s future headquarters in Miami’s financial district, Brickell, a recent filing shows.
Citadel also acquired an entire unit in a 22-story condominium tower across the street from the Brickell building with plans to demolish it to expand the Miami campus.
“We are focusing this portion of our development at 1201 Brickell exclusively on commercial office space. Miami is open for business, and the unparalleled quality of our development will drive recruitment from the world’s leading firms, including Citadel and Citadel Securities,” a Citadel spokesperson told FOX Business.
On April 15th (Tax Day), NYC Mayor Zohran Mamdani posted a video outside Ken Griffin’s Manhattan apartment promoting a new “tax-the-rich” policy. (Spencer Platt/Aaron Schwartz/Bloomberg/Getty Images/Getty Images)
The Miami push follows a long-running feud between Griffin and Mamdani, stemming from a video Mamdani made targeting Griffin’s Park Avenue home touting his new city tax on expensive second homes.
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“When I ran for mayor, I said I would tax the rich. Well, today we tax the rich… This is the annual fee for luxury properties worth more than $5 million whose owners don’t live full time in the city – like this penthouse, hedge fund executive Ken Griffin bought for $238 million,” said Mamdani in front of his April 15 video in front of the penthouse.
New York City Mayor Zohran Mamdani stands outside Citadel CEO Ken Griffin’s Park Avenue in this April 15, 2026 video. (NYC Mayor’s Office / Unknown)
Griffin responded, calling the personal attack “appalling and shocking,” worried that it put him in harm’s way and showed “a profound lack of judgment” on Mamdani’s part.
Griffin’s Citadel executives then suggested that Citadel’s new Midtown office location would be vulnerable to Mamdani’s anti-business policies.
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“We are about to begin the redevelopment of 350 Park Avenue, creating 6,000 high-paying construction jobs and supporting the creation of more than 15,000 jobs in Midtown New York,” Citadel COO Gerald Beeson wrote in an April 23 memo to employees.
Citadel is building its future headquarters in Miami’s Brickell financial district. (Getty Images / Getty Images)
“This project – if we move forward – will involve more than six billion dollars,” he wrote.
Mamdani ended up softening his speech, thanking Griffin for his contributions to the city.
Citadel has already moved its headquarters from Chicago to Miami in 2022, and the Brickell purchase further expands the hedge fund’s South Florida footprint.
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FOX Business has contacted Mayor Mamdani’s office for further comment.
FOX Business’ Madison Alworth and Matthew Kazin contributed to this report.
