Ken Griffin poised to pay extra $1.4M in taxes for NYC propertiesthanks to Mamdanis pied--terre tax: report

Ken Griffin’s New York City property tax bill is reportedly set to go up seven figures, thanks to Mayor Zohran Mamdani and Gov.Kathy Hochul’s controversial pied-à-terre tax on luxury second homes.The Citadel founder — whom Mamdani singled out in a viral video filmed outside his Manhattan penthouse in April — is expected to owe an additional $1.3 million to $1.4 million in taxes next year under the new policy, according to calculations by Business Insider.The new tax, which takes effect July 1, targets high-value second homes owned by people who do not reside primarily in New York City.Griffin, who lives full-time in Miami and is worth an estimated $48.3 billion, owns three Manhattan residences — his penthouse at 220 Central Park South and two apartments at the storied Upper East Side co-op 740 Park Ave.The bulk of Griffin’s bill will come from his sprawling 220 Central Park South residence, which he bought for about $238 million in 2019 in what was then the most expensive home sale in US history.The penthouse carried a market value assessment of $15.55 million last year, according to the report, which noted the city Department of Finance is known for its byzantine system that often lowballs property valuations.Griffin’s two units at 740 Park Ave.

— which he purchased for a combined $83 million over the past year and a half — have a combined assessed value of about $6.2 million based on his ownership stake in the building.The pied-à-terre tax applies to second homes worth at least $1 million, starting at a rate of 4% and going up to a max of 6.5% for residences worth over $5 million.The pied-à-terre tax was passed as part of the state budget after Hochul, a Democrat, proposed it with strong support from Mamdani in the spring.

The democratic socialist cast the levy as fulfilling his campaign promsie to “tax the rich.”It quickly became a flashpoint between City Hall and some of New York’s wealthiest residents.“When I ran for mayor, I said...