New York Told Ken Griffin to Leave—and He Did

$6B tower project stalled, Miami headquarters expansion accelerates—city chases away top earner

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New York City Mayor Eric Adams released a tax policy promotional video directly calling out hedge fund titan Ken Griffin, founder of Citadel, by name. Standing outside his $238 million penthouse at Central Park South, Adams announced a pied-à-terre tax targeting Griffin and other non-resident wealthy property owners.

Griffin watched the video three times. Then he spoke at the Milken Institute Global Conference.

What the New York City mayor has made clear to our partners is that we need to focus more on Miami.

Ken Griffin, Citadel Founder

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What Citadel Decided

The $6 billion office tower project at 350 Park Avenue has become uncertain. Citadel's COO used conditional language in an internal email—"if we move forward"—signaling hesitation. Conversely, plans to expand the Miami headquarters facility are being enlarged.

Griffin has done this before. He relocated Citadel entirely from Chicago to Miami, citing high taxes, crime, and political dysfunction.

When we left Chicago, I was torn between New York and Miami, but it's now abundantly clear that choosing Miami was the right decision.

Ken Griffin

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What Adams Gained—and Lost

If the 350 Park Avenue project is cancelled, an estimated 21,000 jobs are at risk. Two nearby historic churches were also promised $150 million from air rights sales that could vanish.

Steve Ross, chairman of real estate giant Bonadobrand, criticized Adams as a "blunder," calling the video "tasteless and unnecessary theater."

The irony is stark: a video designed to expand the tax base may have deterred one of New York's largest taxpayers from investing. While roughly 2,500 Citadel employees remain in New York, analysts say Griffin's commitment to New York real estate has been decisively shaken.