Remember when general elections in New York City were kind of boring?
Usually by this time of an election cycle, it is pretty clear who the next mayor will be and what ballot questions will be posed to voters.
This year, both are uncertain.
Of course, as the Democratic nominee, Assembly member Zohran Mamdani seems to be in the best position to become the next mayor, especially because his opponents are expected to split the vote against him. Mayor Eric Adams has shot down reports that he may leave the race to take a job with the Trump administration; Andrew Cuomo and Curtis Sliwa are staying put.
As for the ballot questions, Tuesday is a big day. The Board of Elections is slated to weigh in on the City Council’s request to remove three land use reform questions aimed at speeding up housing approvals and weakening the Council’s veto power over such projects. The Council argues that three of the five questions are misleading and should be removed from the ballot. The Charter Revision Commission counters that the questions’ wording is clear and closely follows state election law.
The Council’s request has raised questions about the board’s authority to reject ballot proposals approved by a Charter Revision Commission. The board’s leadership was skeptical last week that it holds such power, given its traditionally ministerial role in such matters.
Regardless of where the board lands on this question, whether it decides to reject the questions or approve them, a legal fight is likely on the horizon.
Meanwhile, Open New York and other housing groups have launched “Yes on Affordable Housing,” a political action committee aimed at educating New Yorkers about the ballot questions and urging them to approve the proposals. The PAC is seeking to spend $3 million on the effort, and has already received commitments of $1 million. Its backers include Jamie Rubin, NYCHA chair and chief investment officer at Aligned Climate Capital, and Rachael Bedard, an internist, geriatrician and palliative care physician.
In a press release put out by the campaign, City Comptroller Brad Lander, Manhattan Borough President Mark Levine, Brooklyn Borough President Antonio Reynoso and Queens Borough President Donovan Richards expressed support for the ballot measures.
Amit Singh Bagga, the campaign’s director, said that housing affordability is what propelled Mamdani to victory in the primary, so he believes New Yorkers are more than ready to discuss ways of tackling the city’s housing crisis. He’s also confident the campaign can cut through messaging against the ballot measures.
“We believe that when we are able to reach voters directly, and not refracted through the prism of partisan political hacks, voters will respond in kind,” he said.
Open New York’s Annemarie Gray believes that the fate of the ballot measures could have national implications, as other jurisdictions watch to see if a blue city can pass such changes. She’s confident that the proposal will ultimately be approved.
“They are basic fixes to a broken system that is driving New Yorkers to the brink,” she said.
What we’re thinking about: The mayoral candidates have weighed in on the ballot measures to varying degrees. Will they take more direct stances on the questions given the current debate? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Eugene Mulvihill was a penny stock trader before he opened Action Park in New Jersey, per the documentary “Class Action Park.” The Securities and Exchange Commission suspended his company in 1974 due to allegations that the firm sold “worthless stock at fictitious prices and without disclosing that the issuing company was bankrupt,” the New York Times reported at the time.
Elsewhere in New York…
— The Fort Greene Park Conservancy is pushing back against a proposed 72-story building nearby, warning the project could cast disruptive shadows over the park, straining hundreds of new residents and their dogs, according to Gothamist. Developers and housing officials countered that the impact from the increased shade would be small and NYC’s ongoing housing crisis outweighs these concerns.
— New York’s casino sweepstakes is nearing its final stretch: The state is set to award three licenses as soon as December, and according to Politico, there are three proposals with the best odds. As previously reported, Resorts World in Queens and MGM’s Empire City in Yonkers, both existing racinos, are expected to secure approvals. Politico considers Mets owner Steve Cohen’s $3.9 billion bid, adjacent to Citi Field, as the one with “the strongest shot,” while Manhattan proposals face a more uphill battle. — Quinn Waller
Closing Time
Residential: The top residential deal recorded Monday was $11.5 million for 226 West 71st Street. The Upper West Side townhouse is 9,400 square feet. The Corcoran Group’s Deanna Kory and Audrey Henderson have the listing.
Commercial: The top commercial deal recorded was $43.6 million for a commercial condominium unit at Saks Fifth Avenue, 611 Fifth Avenue in Midtown. Vornado Realty Trust is listed as the buyer of the unit that is reportedly part of a broader $218 million sale by developer Charles Cohen.
New to the Market: The highest price for a residential property hitting the market was $19.8 million for 55 West Ninth Street in Greenwich Village. The townhouse is 4,700 square feet and listed by Compass’ Alexa Lambert, Marc Achilles and Georgeana Leontiou.
— Joseph Jungermann
