The Three Reasons Real Estate Backs Cuomo Over Mamdani

23 June 2025

“Cuomo is a horrible, horrible person. I hate him. I’m ranking him first.”

That message, texted to a commercial real estate broker by another New Yorker in the industry, captures the Hobson’s choice some business people are facing about the Democratic primary for mayor.

Not all disdain Andrew Cuomo. But whether they despise, tolerate or appreciate the former governor, they are even more desperate to prevent Assembly member Zohran Mandani from winning. To do so, they have deluged pro-Cuomo PACs with many millions of dollars.

It might not be enough. The latest independent poll shows Mamdani overtaking Cuomo in the eighth round of counting ranked-choice ballots.

The poll, by Emerson College, shows how secondary-choice votes flow as the last-place candidate in each round is eliminated. State Sen. Zellnor Myrie’s and Scott Stringer’s support largely spills over to Comptroller Brad Lander and City Council Speaker Adrienne Adams.

The speaker’s votes go to Mamdani and Lander more than they do to Cuomo. Lander’s 20.1 percent after seven rounds goes more to Mamdani (12.4 percent) than to Cuomo (7.7 percent), putting Mamdani over the top with 51.8 percent of the vote to Cuomo’s 48.2 percent.

Cuomo led in all previous polling, but Mamdani has been gaining momentum with campaign rallies and endorsements to make up for Cuomo’s early advantage in name recognition.

The election is proving to be a nail-biter. Mamdani has tried to broaden his appeal to moderate voters, in part by changing his mind about for-profit development. He suffered a setback when the New York Times editorial board called his agenda “uniquely unsuited to the city’s challenges,” which pro-Cuomo PACs immediately broadcast to every voter within earshot.

What is it about Mamdani that turns off so many real estate people? Three things:

A promised rent freeze and other far-left policies, such as government-run supermarkets, free buses and child care, a $30 minimum wage by 2030, tax hikes on corporations and the 1 percent, and distrust of the NYPD
Outspoken opposition to the actions of Israel in Gaza, and lack of outrage about Hamas’ Oct. 7 attack and overall role in the conflict
Lack of experience that would prepare him for the job of running the city — which, Mamdani’s critics say, could lead to a 1970s-style fiscal crisis.

Some of Mamdani’s positions are sometimes overstated by others — as is nearly everything in politics — but the fear and disgust among real estate professionals is genuine. They are viscerally opposed to socialism, strongly support Israel and the police, and would lose money and properties if stabilized rents were frozen.

Consider this LinkedIn post by Avi Lebor, director of acquisitions at Kushner Companies:

“If you don’t vote, and New York City ends up electing, either an antisemite, a socialist, a communist, an advocate of defunding the police or supporting other issues that will destroy our city, then it will be your fault. Keep in mind that approximately 25% of [registered Democrats] elected [Bill] de Blasio. Let’s make certain that does not happen again.”

His sentiments were cheered in the comments by a slew of real estate people, among them townhouse brokerage owner Jed Garfield, Ronald Cohen of Besen Partners, Michael Pomeranc of Sixty Hotels, Brian Lockner of D | L Development, Shaun Riney of Marcus & Millichap, Dan Panitz of Stewardship Realty, and Best Development Group principal Ronald Schulman.

Some clarifications about Mamdani:

In 2020, he posted about the NYPD: “There is no negotiating with an institution this wicked & corrupt. Defund it. Dismantle it. End the cycle of violence.”

But now he is no longer campaigning to defund the police. Instead, he would create a Department of Community Safety to focus on mental health and crisis response.

“Police have a critical role to play. But right now, we’re relying on them to deal with the failures of our social safety net — which prevents them from doing their actual jobs,” Mamdani’s website says.

Instead of putting extra cops in the subways, he would hire “transit ambassadors” to make riders feel safer and “outreach workers” to deal with the mentally ill.

Is Mamdani anti-Semitic? To some, his refusal to condemn slogans like “globalize the Intifada” define him as such. Lander perceives that phrase as “open season on Jews everywhere in the world,” yet cross-endorsed Mamdani. Lander, who is Jewish, pro-Israel, and critical of the Netanyahu government, considers Mamdani pro-peace, not anti-Semitic.

The real estate industry has been largely silent about Cuomo’s history of vindictiveness, bullying, picking fights, questionable ethics and allegedly sexually harassing at least 13 women.

Cuomo also presided over a transit meltdown, pushed out “Train Daddy” Andy Byford in a fit of jealousy, made some bad decisions during the pandemic and covered his tracks rather than admitting mistakes. On the legislative front, he signed the Housing Stability and Tenant Protection Act, devastating the entire asset class of rent-stabilized housing.

But to the industry, Cuomo’s faults pale in comparison to those of Mamdani, who proposes to borrow $70 billion to construct union-built affordable housing for about half of what it would realistically cost.

Emmanuel Pearlman, a board member at hospitality giant Aimbridge who clashed with Cuomo over upstate casinos, summed up real estate’s concern, writing, “Electing Mamdani would be a fast pass to a 1970s-style financial disaster of my youth.”

“Zohran Mamdani has never run anything — not a business, not a budget, not a borough (he doesn’t even have a LinkedIn page, which says it all about business acumen). Elevating him from protest politics to executive leadership isn’t bold. It’s delusional. Actually beyond delusional to absolute stupidity!!”

Pearlman concluded, “Anyone endorsing Mamdani should be ashamed — not just because of his reckless ‘Globalize the Intifada’ rhetoric, but because he is completely unfit to run a candy store, let alone the most complex city in America. We need grown-ups in charge. We need experience, competence, and a sense of fiscal reality.”