Overview
- Griffin, speaking Tuesday at the Milken conference, blasted Mayor Zohran Mamdani’s video as “creepy and weird” and said Citadel will add jobs and space in Miami.
- He told CNBC he probably will proceed with Citadel’s new Manhattan tower at 350 Park Avenue even as an April 23 internal email showed active debate over the project.
- Vornado said demolition at 350 Park just began and noted Griffin extended a $400 million loan in March and took a majority stake in the development vehicle.
- The dispute followed Mamdani’s April 15 video pushing a pied-à-terre tax on second homes over $5 million, filmed outside Griffin’s building, which he said heightened safety fears after a 2024 killing nearby.
- City Hall argues the tax code is broken and the very wealthy should pay more, and analysts point out NYC undervalues luxury condos, with Griffin’s $238 million penthouse assessed at $9.4 million and a second-home levy estimated to raise about $500 million a year.