Real estate developers use LLCs to give big bucks to gubernatorial candidates

New York /
Feb.February 15, 2010 04:21 PM

More real estate developers are finding loopholes in gubernatorial campaign finance laws by donating under LLCs. While individual persons can’t donate more than $50,000 to candidates for governor, LLCs associated with companies like the Durst Organization and Extell Development have given big bucks to the campaigns of Governor David Paterson and Attorney General Andrew Cuomo, respectively, according to the New York Daily News. Durst-affiliated LLCs doled out $90,000 to the current governor while Extell handed over at least $47,000 to his challenger. Curiously, some companies gave money to both the candidates, reports show. LLCs linked to Manhattan-based luxury apartment owner Glenwood Management gave $300,000 to Paterson and $150,000 to Cuomo. In total, Paterson has received a total of $1.8 million in LLC-based donations, while Cuomo has taken in $2 million. New York City actually banned candidates from accepting donations from LLCs in 2008, but the practice is still legal for candidates running for office on the state level. State Senator Daniel Squadron has taken the practice to task, and is reportedly trying to push through legislation.


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
From left: 200 Amsterdam, Extell's Gary Barnett with Central Park Tower and 130 William Street 
These buildings were the best-selling new developments of 2021
These buildings were the best-selling new developments of 2021
Robert Durst (AP Images)
Robert Durst: The life and crimes of America’s most tainted real estate scion
Robert Durst: The life and crimes of America’s most tainted real estate scion
Robert Durst (Getty)
Robert Durst dead at 78
Robert Durst dead at 78
2 Penn Plaza with Vornado's Steven Roth and 550 Madison Avenue with Olayan Group's Hutham Olayan (VNO, Getty, Olayan)
Manhattan’s 10 biggest office leases in 2021
Manhattan’s 10 biggest office leases in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...