Steven Roth Criticizes Mamdani Over Ken Griffin Spat in Earnings Call
The Vornado Realty Trust chairman said he stood ‘unambiguously’ with his fellow billionaires over the New York mayor’s social media taunt
By Mark Hallum May 5, 2026 11:49 am
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Vornado Realty Trust Chairman Steven Roth began his company’s Tuesday morning first-quarter earnings call with harsh words for New York Mayor Zohran Mamdani and his feud with Citadel CEO Ken Griffin.
Roth denounced Mamdani’s social media video in early April, in which the mayor vowed to work with the state to tax pieds-à-terre, using Griffin’s ownership of a luxury penthouse apartment as an example. On the earnings call, Roth said the mayor has an obligation to work with — not against — the city’s wealthiest earners and job creators.
“Let me begin by saying that I cannot and do not speak for Ken, but I do unambiguously stand with him,” Roth said. “The ugly and unnecessary video stunt is personal to Ken and personal to me too. … We are all shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule. It was both irresponsible and dangerous.”
The Vornado founder reminded those tuning in to the call that his partnership with Griffin and with Rudin to develop a 62-story, 1.9 million-square-foot office tower at 350 Park Avenue has been in the works since the de Blasio administration and received unanimous New York City Council approval.
Roth rebuked the current political climate that has turned on the wealthy and attempted to adjust the narrative toward the contributions that New York’s top earners make toward general economic welfare.
“[The wealthy] are our largest employers and philanthropists, and it is the 1 percent that make 50 percent of New York’s income tax,” Roth said. “They should be praised and thanked.”
Vornado reported a lower net loss in the first quarter of 2026 compared to the same period last year and only slightly declining revenue as funds from operations (FFO) grew.
The real estate investment trust (REIT) attributed much of that to a number of acquisitions that were in the works over the course of the last few months, such as a 49 percent acquisition in Park Avenue Plaza at a gross asset valuation of $1.1 billion, according to the company’s first-quarter earnings report.
The deal to acquire a minority stake in the 45-story, 1.2 million-square-foot property owned by Fisher Brothers at 55 East 52nd Street was announced on April 28, and its balance sheet was also impacted by the $141 million purchase of a development site at 3 East 54th Street.
FFO was $96.2 million, or 49 cents per diluted share, compared to $135 million, or 67 cents per diluted share, for the first quarter of 2025. Meanwhile, revenue reached $459.1 million, compared to $461.5 million on a year-over-year basis.
A net loss of $22.8 million was recorded in the first quarter of 2026, compared to $86.8 million in the first quarter of 2025.
Mark Hallum can be reached at mhallum@commercialobserver.com.
