Billionaire investor Ken Griffin is reassessing a proposed $6 billion redevelopment in Midtown Manhattan following public comments from New York City Mayor Zohran Mamdani that explicitly referenced Griffin's luxury residence, according to an internal company email. The mayor filmed a video on April 15 standing outside 220 Central Park South, the building where Griffin acquired a penthouse for roughly $238 million in 2019, and used the appearance to promote a new pied-à-terre tax.
In the video, Mayor Mamdani outlined a plan for an annual fee aimed at owners of non-primary residences valued at more than $5 million. He singled out the Central Park South penthouse, reiterating the tax would apply to luxury properties whose owners do not live full-time in New York City.
Following the mayor’s public remarks, Gerald Beeson, chief operating officer at Griffin’s firm, circulated an internal email on Thursday indicating the public targeting of Griffin could imperil the planned redevelopment at 350 Park Avenue. The proposed project had been described internally as a more than $6 billion investment that would support a sizeable construction effort and long-term employment in Midtown.
Beeson’s message made clear that the $6 billion-plus spending figure remains a central feature of the proposal and that the company is reconsidering whether to proceed. The plan as presented internally included the creation of approximately 6,000 construction jobs during the build phase and the generation of about 15,000 permanent positions in Midtown Manhattan once complete.
The pied-à-terre tax described by the mayor focuses on luxury units that are not primary residences. It imposes an annual charge on properties valued above $5 million when the owner does not live full-time in the city. The mayor’s video explicitly referenced the penthouse Griffin bought for roughly $238 million as an example of the type of property the tax would target.
The internal communication from Griffin’s firm framed the decision to move ahead with the 350 Park Avenue redevelopment as under active reconsideration in light of the heightened public scrutiny. Beyond the numbers cited for investment and job creation, the email linked the mayor’s public remarks directly to the company’s calculus about whether to proceed.
Clear summary: Griffin is re-evaluating a planned $6 billion redevelopment at 350 Park Avenue after the New York City mayor filmed a video outside Griffin’s 220 Central Park South penthouse promoting a pied-à-terre tax. An internal email from Griffin’s firm notes the mayor’s public targeting could derail the project, which was expected to create roughly 6,000 construction jobs and 15,000 permanent jobs.