Vornado Realty Trust chairman Steve Roth unloaded on New York City Mayor Zohran Mamdani during a Tuesday earnings call, echoing frustration among New York’s business elite that now threatens to spill into one of Manhattan’s most closely-watched office development projects.
Roth’s comments came in response to a recent viral video involving hedge fund billionaire Ken Griffin, whom Roth called “our partner and friend.” In the video, Mamdani used Griffin’s $238 million penthouse at 220 Central Park South as a backdrop to promote Gov. Kathy Hochul’s proposed pied-à-terre tax.
“We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule,” Roth said. “This was both irresponsible and dangerous.”
In a six-minute rant, the Vornado chief was critical of politicians’ broader hostility toward wealth and business, taking aim at the phrase “tax the rich,” which he argued unfairly demonizes top earners who drive job creation and tax revenue. Roth said he considers the phrase “just as hateful as some disgusting racial slurs and even the phrase ‘from the river to the sea.’”
“What these pols seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers,” Roth said. “But the rich whom the politicians are targeting started with nothing, are the epitome of the American dream.”
Roth emphasized Vornado’s own contributions — including $560 million in annual real estate taxes and personal income taxes paid by him and Vornado employees — along with the REIT’s role as a union employer investing billions in the transformation of the Penn District.
“We work our asses off, we are not boastful,” he said. “We are very proud of our lifetime of achievements.”
At the center of the tension is the planned 350 Park Avenue tower, a 1.5 million-square-foot office project backed by Griffin. The Citadel CEO is developing the tower under a joint venture with Vornado and Rudin. Griffin this year took a 60 percent stake in the development and provided a $400 million loan for the project.
Demolition of the existing building began days ago. But Roth signaled that political friction could influence next steps, noting Vornado faces a mid-July deadline to either fully commit to the joint venture or sell its stake. Vornado and Rudin have the option to acquire an interest between 23 percent and 40 percent. After the Mamdani slight, Griffin hinted that he might walk away from the project.
“It’s a good bet that we will go all in,” Roth said, adding that “this fence cannot be mended by a short, terse, insincere private apology.”
Amid the sharp criticism, Roth urged the mayor to pivot toward a more business-friendly approach. He argued that economic growth is the key to funding public priorities like housing, transit and public safety.
“Our mayor is young, smart and energetic,” Roth said. “With a little tweak here and a little tweak there, his leadership could make this great city even greater.”
Read more
Citadel’s Ken Griffin takes stake in 350 Park, readies for demolition
Hochul outmaneuvers real estate with surprise pied-à-terre tax
Vornado’s Steven Roth on potential Mamdani victory: “We have not seen any pullback or hesitancy”
