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.
Real estate developers use LLCs to give big bucks to gubernatorial candidates
TRD New York /
Feb.February 15, 2010 04:21 PM
From left: Gary Jacob, executive vice president of Glenwood Management, Gary Barnett of Extell and Douglas Durst of the Durst Organization have legally used LLCs to contribute to Paterson, Cuomo