Citadel has indicated it may reconsider plans for a major Midtown Manhattan office redevelopment, as tensions rise over proposed tax measures targeting high-net-worth individuals, according to a report by Barron’s.
In an internal communication reviewed by media outlets, Chief Operating Officer Gerald Beeson suggested the firm could step back from its planned $6bn investment in a new tower at 350 Park Avenue. The project, previously positioned as a significant economic boost, is expected to generate thousands of construction and permanent jobs — but only if it proceeds.
The remarks follow criticism of a video by New York City mayor Zohran Mamdani, which referenced taxing wealthy residents while filming outside a property owned by Citadel founder Ken Griffin. Griffin’s residence at 220 Central Park South — reportedly purchased for $238mn — has become a focal point in the debate.
The mayor’s comments were tied to broader proposals backed by Kathy Hochul, including a potential levy on high-value second homes in New York City.
In his message, Beeson criticised the public targeting of Griffin, highlighting the firm’s economic and philanthropic contributions to the city. Over the past five years, Citadel and its affiliates – including Citadel Securities – have reportedly paid billions in state and local taxes, while employees have been active in charitable and civic initiatives.
The firm employs around 2,500 people in New York and has emphasised its long-standing presence in the city. Griffin himself has made substantial donations to organisations such as the Robin Hood Foundation and Success Academy Charter Schools, alongside contributions to healthcare and cultural institutions.
