Citadel threatens to halt $6 billion Midtown Manhattan office project
Updated
Updated · Fox Business · May 5
Citadel threatens to halt $6 billion Midtown Manhattan office project
7 articles · Updated · Fox Business · May 5
The warning followed Mayor Zohran Mamdani's April 15 video promoting a tax on second homes over $5 million and singling out founder Ken Griffin's $238 million penthouse.
Citadel COO Gerald Beeson said the 350 Park Avenue redevelopment could create 6,000 construction jobs and more than 15,000 permanent Midtown jobs if it proceeds.
Local food vendors said cancelling the project would further hurt post-pandemic business in Turtle Bay, while Griffin has criticised Mamdani's approach and met Governor Kathy Hochul about New York's future direction.
Is New York’s new luxury tax a bold fiscal solution or a gamble that could cost thousands of jobs?
What message does this tax send to investors considering major projects in other high-cost American cities?