Hedge fund manager Ken Griffin said there’s a possibility that Miami could sooner or later overtake Recent York’s Wall Street as as financial firms frightened about rising crime rates migrate to the Sunshine State’s business-friendly climate and its lower taxes.
“Miami, I believe, represents the long run of America,” said Griffin, praising the town’s “Incredibly vibrant economy” in remarks on the Citadel Securities Global Macro Conference in Miami, in keeping with a transcript obtained by The Post.
“We’ll see how big Wall Street South becomes,” Griffin added in remarks that were earlier reported by Bloomberg, “We’re on Brickell Bay, and perhaps in 50 years it can be Brickell Bay North how we seek advice from Recent York in finance.”
Miami has turn into a hub for finance titans like Griffin, who decamped his firm from crime-ravaged Chicago to Miami last June and recently splashed out on a $107 million home in Coconut Grove.
That was after Carl Icahn’s Icahn Capital Management ditched its posh Manhattan digs atop Fifth Avenue’s General Motors Constructing in favor of a 14-story office complex in a Miami suburb in August 2020.
Hedge fund tycoon Paul Singer’s Elliott Management — which oversees a complete of $59.2 billion after shaking up investment targets including AT&T, Twitter and the federal government of Argentina — also moved its headquarters from Midtown Manhattan to West Palm Beach, Fla., in October 2020.
In all, 160 Wall Street firms have moved out of the Big Apple in recent times — 56 of which took their business to Florida, sucking a whopping $1 trillion in financial assets under management out of Manhattan.
Citadel’s decampment to the Sunshine State was reportedly motivated by Florida’s business-friendly climate and tax benefits, and concerns about rising crime rates in Chicago, people accustomed to Griffin’s pondering said on the time.
The $51 billion firm is now spreading its wings across six floors within the 830 Brickell Tower Constructing, which only recently finished construction this 12 months in Brickell, largely considered the financial district of Southern Florida.
Though Griffin has seemingly gone all-in on Florida, he’s still maintaining a substantial presence in Recent York, which hasn’t lost its business to Miami just yet.
“The density of talent each in financial services and writ-large in Recent York City is amongst the highest of the world,” Griffin said.
“It is admittedly is the epicenter of thoughtful people passionately engaged of their careers.”
Citadel is planning to construct a 1,350-foot Manhattan skyscraper — which extends higher than the highest floor of the Empire State Constructing — comprised of 51 office floors and 7 terraces, in keeping with Bloomberg.
The brand new office space at 350 Park Ave. is anticipated to be accomplished in 2032.
Griffin, who’s value a $35.5 billion, in keeping with Bloomberg, can also be spearheading a construction project in Palm Beach, where he plans to construct a palatial property on the 27 acres of prime Palm Beach waterfront he recently scooped up.
When the ambitious renovation is complete — which is anticipated to run Griffin as much as $400 million — his mega-estate shall be value an estimated $1 billion, making it the costliest home on the planet.
This colossal property shall be situated just 1 / 4 mile south of former President Donald Trump’s Mar-a-Lago, a stretch of South Ocean Boulevard renowned amongst locals as “Billionaires’ Row.”
It’s unclear when precisely the mammoth mansion shall be complete, which comes after the 55-year-old purchased a four-acre, $106,875,000 compound in Coconut Grove around this time last 12 months.
Representatives at Citadel declined to comment beyond Griffin’s commentary on Tuesday.