Vornado Realty Trust chief executive Steven Roth sharply criticized New York Mayor Zohran Mamdani over a viral video targeting Citadel CEO Ken Griffin, calling it “irresponsible and dangerous,” even as he signaled cautious support for the mayor’s broader leadership.
The remarks highlight rising tensions between city officials and major investors amid debate over proposed taxes on wealthy property owners and concerns about New York’s business climate.
“Notwithstanding the mistakes and bad form of the recent video that went viral, we are pulling for Mayor Zohran Mamdani to succeed,” Roth said, speaking on a quarterly earnings call Tuesday, where he referred to the video the mayor released on April 15 explaining the pied-a-terre tax.
The video “Happy Tax Day, New York. We’re taxing the rich,” has been viewed more than 52 million times on X alone. In the video, Mamdani stands on Central Park South, outside a luxury penthouse owned by Griffin that he purchased in 2019 for $238 million.
Vornado developed the 220 Central Park South residential building in Mamdani’s video. Vornado is also the developer of the new Citadel headquarters at 350 Park Avenue.
Roth confirmed on the call that he expects the 350 Park Avenue development project to go forward, citing planning and preparation already invested over the terms of the past two mayors.
Griffin, speaking on Tuesday at the Milken Institute Global Conference in Beverly Hills, said discussions were ongoing whether to proceed with the project: “What we do at 350 [Park] is still a point of discussion internally.”
Griffin said Citadel would expand its Miami offices in response to what he called a personal attack by Mamdani.
“Mamdani is making it really clear, New York doesn’t welcome success,” said Griffin.
Responding to Griffin on Wednesday, Mamdani pushed back,
“I want all New Yorkers to succeed,” he said, speaking from the Bronx at an unrelated event.
“And that also includes Ken Griffin, who is a major employer in our city.”
“That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink,” he added.
In his language and discussion of the tax on second homes or other proposed taxes, Mamdani has frequently invoked the need for the rich to “pay their fair share.”
“What these pols seem to be saying is that the rich are evil,” Roth said during the earnings call. Instead, he added, the rich should be “praised and thanked.”
“I consider the phrase ‘tax the rich’ to be just as hateful as some disgusting racial slurs and even ‘the phrase from the river to the sea,’” Roth said, referring to the refrain of Palestinian activists calling for the elimination of the state of Israel.
Roth predicted that Mamdani would learn in time that the solution is to grow the tax base, not raise taxes.
“That’s the only way to get the growth and financial wherewithal to accomplish his programs, some of which, I must say, are interesting and valid,” said Roth.
He complimented Mamdani, calling him smart and energetic, expressing confidence that his leadership could make the city even greater.
“What I beg my mayor to do is to begin every day being business welcoming and business friendly as his first priority,” said Roth.
“That the hardworking 1 percent are allies, not enemies. Let’s learn from this mistake and move upward.”
Mayor Mamdani’s office was contacted regarding comments by Steven Roth; a reply was not received by press time.
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