Real estate executives poured millions of dollars into PACs opposing Zohran Mamdani’s bid for mayor. Tuesday will determine if these efforts paid off.
Industry professionals donated at least $13 million to political action committees either backing Andrew Cuomo or more generally opposing Mamdani, according to a TRD analysis of filings with the city’s Campaign Finance Board through Oct. 28.
Roughly half of that went to the pro-Cuomo PAC, Fix the City, but a majority of donations from the industry to that PAC came in before the June primary. As I’ve previously reported, the industry backed away from Cuomo after the primary and some opened their checkbooks for Mayor Eric Adams. When it became clear that Adams’ campaign could not gain enough momentum, some turned back to Cuomo.
For example, Extell Development’s Gary Barnett gave Fix the City $260,000 before the primary. He contributed $250,000 to a pro-Eric Adams PAC in July. Then, last month, he gave Fix the City $100,000 and another $180,000 to Defend NYC, an anti-Mamdani PAC.
Post-primary, donations have flowed to PACs opposing Mamdani. Kamson Corporation’s Richard Kurtz gave $100,000 to the Anyone But Mamdani PAC, and Himmel and Meringoff Properties’ Stephen Meringoff contributed $10,000. Lightstone Real Estate Partners and Midtown Equities’ Joseph Cayre were the top real estate donors to another anti-Mamdani PAC, New Yorkers for a Better Future Mayor 25, respectively contributing $150,000 and $100,000.
Additionally, industry executives have contributed to Put NYC First, a group that has given anti-Mamdani and pro-Cuomo PACs upwards of $7.6 million. For example, the group gave Stop the Socialists, a pro-Cuomo and anti-Mamdani and anti-Curtis Sliwa PAC, $1 million.
The city’s Campaign Finance website lists Infinite Global Real Estate Partners’ Marty Burger and Mack Real Estate Group’s Richard Mack among Put NYC First’s leaders.
Mack, Island Capital’s Andrew Farkas and RFR Holding’s Aby Rosen each gave the group $250,000. Airbnb co-founder Joe Gebbia donated $1 million.
Airbnb gave $10 million to Affordable New York, a PAC that spent $440,533 on ads opposing Mamdani ahead of the June primary.
Pro-Mamdani PACs received about $82,000 from real estate professionals. Most of that came from Beachwold Residential CEO Gideon Friedman, who gave $50,000 to New Yorkers for Lower Costs in June.
Voters will decide Tuesday who will succeed Mayor Eric Adams. Campaign and PAC donations can only tell us so much about the race, though they show that some in the real estate industry hoped that ramping up spending could help whittle down Mamdani’s significant lead over Cuomo. Donations also reflect that the industry isn’t a monolith — some, including affordable housing developers, have donated to Mamdani’s campaign and have spoken favorably about his housing plans.
We’ll see where things land Tuesday!
What we’re thinking about: I’ll be covering the election results. If you’d like to share your reaction to the race, please send a note to kathryn@therealdeal.com.
A thing we’ve learned: There are eight different cuts of the 1982 film “Bladerunner.” The one originally released in theaters included a voiceover, mandated by studio executives before its release.
Elsewhere in New York…
— Police say a Brooklyn man parachuted off the Verrazzano-Narrows Bridge on Sunday as the bridge was reopened to traffic after the New York City marathon, Gothamist reports. Jonathan Warren, 40, parachuted to Calvert Vaux Park in Bath Beach, about two miles away from the bridge, according to police. He faces a reckless endangerment charge.
— President Donald Trump told CBS’s “60 Minutes” that, between Andrew Cuomo and Zohran Mamdani, who he respectively referred to as a “bad Democrat” and “a communist,” his pick for mayor is the former governor. “I’m going to pick the bad Democrat all the time, to be honest with you,” he said. On Monday, Cuomo rejected the idea that Trump’s comments amounted to an endorsement, amNY reports.
— Gov. Kathy Hochul on Monday canvassed in support of the housing ballot measures, which would overhaul the city’s land use review process for some housing projects.
Closing Time
Residential: The top residential deal recorded Monday was $8.4 million for a condominium unit at 11 Beach Street. The Tribeca condo is 3,200 square feet and new construction. Douglas Elliman’s John Gomes, Fredrik Eklund and Terry Martinolle have the listing.
Commercial: The top commercial deal recorded was $29 million for 6-8 East 82nd Street. The Metropolitan Museum of Art sold the two townhouse buildings, which are 13,000 square feet combined. Corcoran’s Carrie Chiang and Andres Perea-Garzon have the listing.
New to the Market: The highest price for a residential property hitting the market was $34 million for 121 East 65th Street. The Lenox Hill townhouse is 9,400 square feet. Sotheby’s International Realty has the listing.
Breaking Ground: The largest new building permit filed was for a proposed 49,070-square-foot, 15-story, 65-unit, mixed-use building at 2730 Atlantic Avenue in Brooklyn. Architect Nikolai Katz is the applicant of record.
— Joseph Jungermann
Read more
It turns out some real estate people like Zohran Mamdani
Real estate braces for Mamdani
Mamdani won’t take a side on housing ballot measures in mayoral debate
