NEW YORK (BLOOMBERG) -- Vornado Realty Trust Chief Executive Officer Steven Roth said he’s begging Zohran Mamdani to be more welcoming to businesses after a video by the New York City mayor caused Citadel to threaten to pull out of a new tower on Park Avenue.
Roth said he still expects Citadel’s Ken Griffin to remain committed to the $6 billion project, which Vornado is partnering on, and hopes to offer investors more clarity on the development this summer.
Steven Roth.Misha Friedman/Bloomberg
In a now viral social media post discussing a new tax proposal on pieds-à-terre, Mamdani accused second-home buyers of storing their wealth in the city while not contributing enough to its finances. In the video, Mamdani referenced Griffin and his record-breaking penthouse at 220 Central Park South specifically, pointing to the limestone-clad supertall skyscraper.
“This was a mistake, which I described as a blunder,” Roth said, while urging the mayor not to embrace the phrase “tax the rich.” He added, “this is something that should be repaired.”
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