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

TRD 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

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

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

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%

Mayor Bill de Blasi0, a rendering of Halletts Point, and Douglas Durst (Credit: Getty Images, Durst)

Feud with de Blasio pushes Durst to shelve Halletts Point

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo makes prevailing wage pitch in proposed 2021 budget

Sheldon Silver (Credit: Getty Images)

Sheldon Silver’s conviction for real estate scheme is upheld

Governor Andrew Cuomo outlines strategies for the 2021 New York Budget (Credit: Flickr)

Cuomo spares real estate in plan to close $6B budget gap

arrow_forward_ios
Loading...