One filmed what was widely seen as a publicity “stunt” outside the other’s $238 million penthouse. The latter responded by accusing the former of doxxing him, telling him to read a history book, and pointing to a major $4.5 billion project. Months passed, a new tax was introduced, supporters on both sides traded accusations, and yet little changed.

Ken Griffin’s public feud with New York City Mayor Zohran Mamdani has not stopped Citadel from doubling down in Manhattan. The dispute between the Citadel CEO and the self-described democratic socialist mayor of the country’s largest city included video callouts and threats to pull Citadel’s funding from a major Midtown skyscraper. But according to comments made Tuesday morning on an earnings call by Vornado CEO Steven Roth, Citadel will move ahead with the 350 Park Avenue redevelopment after all.

Citadel is expected to remain involved in the project as a “60% partner,” Roth said on the call. “Citadel as our 1-million-square-foot anchor tenant.”

Roth’s remarks, which Citadel verified to Fortune, confirm the firm’s continued presence in New York despite the ongoing public clash between Griffin and the city’s mayor. The decision also underscores how difficult it can be for major financial firms to unwind long-planned real estate commitments in the city, where proximity to clients, talent and capital remains a core part of the business case.

The battle of the heavyweights

Citadel’s decision to stay in New York marks a notable shift from the rhetoric that followed Mamdani’s April announcement of a pied-à-terre tax. In what Griffin later called a “weird” stunt, Mamdani released a Tax Day video proposing a pied-à-terre tax on secondary homes valued above $5 million. Standing outside Griffin’s $238 million home and naming the CEO directly, Mamdani outlined how the policy could raise revenue for the city.

The video drew immediate backlash. Griffin described it as “creepy” and “frightening.” Citadel’s COO, Gerald Beeson, was the first to suggest the firm might walk away from the skyscraper project.

A week after the video was released, Beeson wrote in a letter: “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.

“ The project—if we move forward—will entail more than $6 billion dollars of spending.”

Roth also criticized the video, calling it an “ugly and unnecessary … stunt” and saying he was “shocked that our young mayor would pull this stunt in front of Ken’s home and single him out for ridicule.”

It’s hard to leave the financial capital of the world

The earlier threat now looks less forceful when set against New York City’s continued role as the center of the financial world.

“It’s not always that easy just to give up New York City, especially if your family’s there, if your business is there,” Nick Montorio, a partner at EisnerAmper, told Fortune. “The benefits of being around New York City for most of our clients and those businesses usually outweigh the negatives.”

Griffin has previously said he believes New York City will remain Citadel’s long-term home.

“Citadel will be a principal player in financial services for far longer than [the mayor] will be mayor,” he said. “We intend to be here for decades. And he will be here for a few years.”

Even if the mayor’s time in office is limited, his policies could remain in place after he leaves, with implications for the city. Montorio said the pied-à-terre tax is only one part of a broader trend in which wealthy individuals and businesses are reassessing their New York footprint. After the pandemic, many firms expanded in states such as Florida after learning that parts of their workforce could operate remotely.

“We’ve seen that trend developing really forever, but COVID accelerated that,” he said. “This pied-à-terre tax just further pushes wealthy people in particular out of New York City.”

Still, he cautioned against assuming that criticism from New York’s elite automatically leads to departures.

“I would say our businesses regularly talk about … leaving New York City, but very few actually do,” Montorio said. “This is where the resources are. This is where the money is. This is where a lot of educated people reside.”

That dynamic helps explain Citadel’s latest move. According to a report from the New York City Economic Development Corp., the city’s private sector added nearly 55,000 jobs year over year and secured nearly $6.3 billion in VC funding. That level of growth and economic activity makes it difficult for even the wealthiest executives to leave the city behind.

Mamdani has also said he wants Griffin to succeed in New York and for the city to benefit economically.

“I want New Yorkers to succeed,” Mamdani said at a press conference in April. “I want them to build businesses, to grow our economy, and to create good-paying jobs, and Ken Griffin has been a part of that.”

This story was originally featured on Fortune.com