Andrew Cuomo has replaced Eric Adams as the real estate industry’s favored mayoral candidate — at least for now.
The ex-governor’s new $1.5 million fundraising disclosure — and an accompanying $1.2 million in new donations to the state-level super PAC supporting him — are dominated by industry names. Developer Scott Rechler, CEO of RXR, donated $250,000 to the pro-Cuomo super PAC and the maximum $2,100 to Cuomo’s campaign; A&E CEO Douglas Eisenberg contributed $125,000 to the PAC, and Lightstone Real Estate Partners gave $100,000.
Developers, brokers and landlords had been hesitant to abandon Mayor Eric Adams, whose tenure in office has generally pleased the industry. But with Adams’ re-election in doubt and his fundraising collapsing, businesspeople are donating generously to Cuomo — as well as a few other mayoral candidates. That’s despite some initial wariness among some real estate leaders who view Cuomo as unpredictable and vindictive.
In a detailed filing released Monday evening, Cuomo’s campaign reported some $69,000 from donors whose job titles included the words “real estate” — which could grow to more than $200,000 under the city’s public matching funds program.
Other real estate figures who donated to Cuomo’s campaign included:
Eight employees of Two Trees Management, including founder David Walentas, principal Jed Walentas (who also serves as board chair of the Real Estate Board of New York), and managing director David Lombino ($2,000 combined)Bess Freedman, CEO of Brown Harris Stevens ($250)Marty Burger, Infinite Global Real Estate Partners’ CEO and former CEO of Silverstein Properties ($400)Melanie La Rocca, BFC Partners’ chief operating officer and former city Buildings Commissioner ($500)David Rockwell, architect and Rockwell Group president ($2,100)James Nederlander, Broadway theater owner and president of the Nederlander Organization ($2,100)Jodi Pulice, CEO of JRT Realty Group ($250)
Given his wide lead in early polls, Cuomo is the initial front-runner in the June 24 Democratic primary, and has won private-sector support thanks to his centrist image and generally business-friendly tenure as governor.
But he does not have a monopoly on industry support. The Real Estate Board of New York made a $2,100 donation last week to City Council Speaker Adrienne Adams’ new mayoral campaign, her Monday filing shows. (Unusually, the donation was listed under the name of REBNY itself rather than its city-level PAC; a person close to REBNY told Crain’s that this stemmed from a technical glitch and that the donation did come from the PAC, Taxpayers for an Affordable New York.)
REBNY President Jim Whelan said in a statement that his group wanted to boost the council speaker despite her support last year for the FARE Act, a law reforming broker fees that REBNY is trying to block in court.
“Adrienne Adams has advanced a pro-growth agenda as speaker, most notably in her support for City of Yes,” Whelan said. “While the passage of the FARE Act during her tenure was deeply disappointing, we believe Speaker Adams brings an important voice to the mayor’s race.”
State Sen. Zellnor Myrie, who is running on a pro-development platform, received a $400 donation in the latest period from L+M Development co-founder Ron Moelis, and $1,800 from Haussmann Development principal Josef Goodman. City Comptroller Brad Lander received a $2,100 check from Philip Lovett, president of the real estate firm Millennium Partners. And former Comptroller Scott Stringer got $2,100 from Kenneth Coyle, an executive for the development firm Benjamin Companies.
Some real estate executives are giving money to more than one candidate. Jeffrey Gural, chair of GFP Real Estate, donated $400 to Cuomo followed days later by $250 to Adrienne Adams. Jed Walentas of Two Trees previously gave $250 to state Sen. Zellnor Myrie before his recent Cuomo donation; and his father, David Walentas, donated $250 to financier Whitney Tilson’s campaign a few days before he donated to Cuomo.
Plenty of other executives are keeping their powder dry for now. SL Green CEO Marc Holliday, New York Mets owner Steve Cohen, Extell CEO Gary Barnett and RFR Holding co-founder Aby Rosen all spent in support of Adams before he became ensnared in scandal, but have not yet put money behind any other candidates.
