Well, you need to read the rest too:

"While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said."

It also mentions they plan to adjust property valuations in coming years, and when the valuations go up the rates will go down:

"After the valuation adjustments ... properties over $25 million will be taxed at 1.3%"

I dunno, 1.3% of the actual value seems.. not at all unreasonable? I live in TX and that's about what my property taxes are, for a property valued at several orders of magnitude less than any of Ken Griffin's NYC properties.

EDIT: As mil22 pointed out, this 1.3% tax is on top of the existing ~1.8% NYC property tax rate, so it's more like ~3.1% total.