Griffin's $3B Carnegie Mellon Donation Seen as 'Loss for NYC' Amid Tax Dispute

Hedge fund magnate Ken Griffin's record $3 billion donation to Carnegie Mellon University, earmarked for a new campus in Miami, is being viewed as a significant loss for New York City by business leaders. The Citadel CEO's pledge, announced last week, includes $2 billion for the Florida campus aimed at bolstering its technology sector and $1 billion for the university's main Pittsburgh campus. Notably, no funds were allocated to Carnegie Mellon's Manhattan presence, a decision business advocates suggest is linked to recent tensions with New York City officials.

Steve Fulop, president of the Partnership for New York City, stated on 77 WABC's "Cats Roundtable" that such large-scale philanthropy often becomes divided when individuals maintain multiple residences and offices. "When Ken Griffin, who had a presence in New York City and a presence in Chicago, goes to Miami and gives that money [away], it's a loss for us," Fulop said. He also voiced concerns about a reported strategy by Mayor Zohran Mamdani's administration to use influencers to target city business leaders, calling such actions "extraordinary" and "beyond the pale."

Fulop's comments come after Mayor Mamdani filmed a social media video in April outside Griffin's $238 million penthouse at 220 Central Park South, using the property to highlight the need for a pied-à-terre tax. This tax, intended for luxury second homes, faced a legal challenge, with a State Supreme Court judge ruling last week that the city improperly published resident information during its rollout. The city is appealing this decision.

Citadel's CEO has been a prominent figure in discussions about New York's business climate. Earlier in the year, Citadel was reportedly considering pulling $6 billion in projects from New York.

Griffin's donation to Carnegie Mellon is reportedly the largest ever to an educational institution, surpassing Michael Bloomberg's 2018 endowment of $1.8 billion to Johns Hopkins University. The decision to direct these funds towards a new Florida campus underscores the ongoing competition among states to attract major investments and talent.