Business
Citadel’s $6B threat could sting local food vendors
New York City Mayor Mayor Zohran Mamdani spotlighted Citadel CEO Ken Griffin’s Manhattan penthouse in a viral video announcing a new pied-à-terre tax. (Credit: NORGES BANK INVESTMENT MANAGEMENT)
A threat from hedge fund Citadel to put a halt to its $6 billion Midtown Manhattan offices over a tax proposal from Mayor Zohran Mamdani threatens area food vendors’ dwindling business, vendors told FOX Business.
The fund, founded by Ken Griffin in 1990, made the threat after Mamdani directly targeted Griffin while announcing a new tax on second homes in the city.
“This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million,” Mamdani said in a video announcing the new tax.

On April 15, NYC Mayor Zohran Mamdani posted a video outside Ken Griffin’s Manhattan penthouse promoting a new “tax-the-rich” policy. (Spencer Platt/Aaron Schwartz/Bloomberg/Getty Images)
Griffin, whose $51 billion net worth places him in the top 35 of the world’s richest people, slammed Mamdani’s video as a “personal attack” and claimed it showed a “profound lack of judgment.”
The feud could put an end to a project that would build New York’s second-tallest building and inject billions in construction dollars into the local economy.
Following Mamdani’s April 15 video, Citadel COO Gerald Beeson hinted that a plan to move forward with a skyline project for Citadel at 350 Park Avenue may not go forward.
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“We are about to commence the redevelopment of 350 Park Avenue, creating 6,000 highly paid construction jobs and supporting the creation of more than 15,000 permanent jobs in Midtown New York,” Beeson wrote in an April 23 memo to employees.
“The project – if we move forward – will entail more than $6 billion dollars of spending,” he also wrote. The “if” in Beeson’s memo could bear significant weight.
The 62-story skyscraper sitting near the center of Midtown Manhattan’s Turtle Bay neighborhood could be a boon, not only to the city’s construction and finance sectors, but also to local food vendors who have been struggling since the COVID-19 pandemic wiped out Midtown’s foot traffic.
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“If the owner brings more people, it’s gonna be a lot of business. Like, about now, this time is supposed to be easier,” Maria, who runs the Eggstravaganza food truck on the corner of Park and E. 52nd Street, told FOX Business.

Maria from the Eggstravaganza food truck stands in front of her truck’s window. Maria has been bringing her truck to Midtown Manhattan for 13 years. (Fox News Digital)
“Before the pandemic it was like, I couldn’t even talk to you right now,” she said, speaking to FOX Business shortly after noon. “But now everything changed. A lot of companies are moving to different places. A lot of companies moved to SoHo, different places… Hudson Yards, a lot of people.”
Maria referenced a number of factors for the decline in her customer volume, including the 2025 shooting at 345 Park Avenue that prompted Blackstone to temporarily shutter its offices and have over 3,000 employees work from home.
“So if this building brings in a lot of customers, that would definitely help.”
But if Citadel follows through on its threat, it could pull a much-needed capital influx from the area.
“Canceling such a business, of course, will affect our business as well because we depend on the traffic from the people around here,” Ash, who worked in Rafiqi’s food truck right next to Maria’s, told FOX Business.

Ken Griffin, CEO and founder of Citadel Advisors LLC, during a “Bloomberg Wealth with David Rubenstein” interview on Feb. 25, 2022. (Christopher Dilts/Bloomberg via Getty Images)
His business, which he’s been running in Manhattan for 25 years, is going through a downturn.
“Prices went up, it follows the new government here… it affects us a lot,” Ash said. “The international situation, the war in Iran, affects us as well. Everything goes up. It’s hard for us. We have to keep our prices as well, we can’t change a lot of our prices,” Ash added.
“When the businesses left, we all suffered,” a vendor who ran a Greek halal cart on 51st Street told FOX Business. “Many friends had to go back home to their countries,” the vendor, who asked to remain anonymous, said.
Mamdani appeared to slightly soften his attacks on Griffin, even thanking the Citadel head for funding a police memorial.
“I also want to thank Ken Griffin for funding a memorial wall that will open later this year,” Mamdani said.

New York City Mayor-elect Zohran Mamdani holds a press conference at the Unisphere in the Queens borough of New York City, on Nov. 5, 2025. (Kylie Cooper/Reuters)
Griffin recently met with New York Gov. Kathy Hochul at the end of April to discuss the “future direction of New York” amid Mamdani’s tax proposals.
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FOX Business reached out to representatives for Mamdani, Hochul and Citadel for additional comment.
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Bitcoin retreats to $73K, but ETF inflows and shrinking exchange reserves keep bulls hopeful
In the past 24 hours, Bitcoin and Ethereum were up 0.1% and 0.4% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid and Cardano gained up to 6% whereas Tron went down nearly 2%.
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Piyush Walke, Derivatives Research Analyst, Delta Exchange said institutional appetite for Bitcoin exposure appears to be cooling, with US-listed spot Bitcoin ETFs posting their longest run of net outflows since launch.
“After briefly touching $83,000 in May, Bitcoin failed to maintain momentum and quickly lost strength. The rejection created a bull trap, where buyers entered expecting a breakout only for the market to reverse sharply lower.”
Bitcoin turned bearish on the daily chart after losing the $74,800 support, validating a lower-high, lower-low structure and Ethereum is trading under pressure around $2,000 following the loss of support at $2,040–$2,050, Walke said.
The global crypto market capitalisation went up 0.09% to $2.48 trillion, according to CoinMarketCap.
In the past week, Bitcoin fell 1% and Ethereum was up 0.1%. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid gained upto 20.11% whereas Tron and Cardano were down 5% and 1% respectively.
WazirX market’s desk said Bitcoin moved lower through the week, easing from around $77,004 to nearly $73,091, while holding the key $73,000 to $75,000 support zone. Although short-term technicals remained cautious, ETF inflows, long-term holder accumulation, and falling exchange reserves supported Bitcoin’s broader market structure.
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It further said that Ethereum also faced pressure, slipping from around $2,096 to nearly $1,998. However, its long-term narrative was strengthened through scaling developments, clear signing, proposed native private transactions, and record-high staked ETH, reflecting confidence in Ethereum’s proof-of-stake ecosystem.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
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Nearing retirement and invested mostly in FDs? Expert shares diversification roadmap
A similar query came from Jagruti who is nearing retirement and has mostly invested in fixed deposits and sought advice on whether it was too late to diversify beyond fixed deposits and include equities in her investment portfolio.
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Responding to the query, Harshvardhan Roongta said it is never too late to revisit an investment strategy. According to him, investors should not view their past decisions negatively because they were made based on the knowledge and information available at that time.
He explained that the real mistake is not a lack of awareness in the past, but failing to act after becoming aware of alternative investment options.
Roongta noted that every investment product has its own advantages and limitations, which is precisely why diversification becomes important. Fixed deposits, for instance, are primarily capital-preservation tools. Investors who place money with a well-established bank are unlikely to face significant capital loss. However, fixed deposits often struggle to generate returns that comfortably outpace inflation, particularly after taxes.
On the other hand, equity investments can be volatile and do not offer any guarantee of capital protection. However, over longer periods, equities have historically delivered returns that have the potential to beat inflation and create real wealth.
According to Roongta, a well-diversified portfolio combines both growth-oriented and capital-preserving assets. While debt instruments such as fixed deposits help protect capital and provide stability, equities can offer growth potential that helps investors maintain purchasing power over the long term.
He emphasised that there is no universal formula for deciding how much equity an investor should hold. Two investors of the same age could have very different asset allocations depending on their financial goals, income sources, risk tolerance, and overall financial situation.
For example, one retiree may feel comfortable with 20% exposure to equities and 80% in debt-oriented investments, while another may choose the opposite allocation because of different financial needs and risk appetite.
Roongta said the ideal asset allocation should be determined after evaluating an investor’s objectives, future cash-flow requirements, and comfort with market volatility. The goal is to strike a balance between generating inflation-beating returns and maintaining a level of risk that the investor can comfortably handle.
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He also suggested consulting a SEBI-registered investment adviser to create a customised financial plan. Such advisers can help investors assess their risk profile and determine the appropriate allocation across equities, debt, gold, silver, and other asset classes.
According to Roongta, a professional review can help ensure that an investor’s portfolio remains aligned with retirement goals while also providing the diversification needed to navigate changing market conditions over the long term.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.
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