Two of New York City’s largest real estate developers have funneled hundreds of thousands of dollars to City Council campaigns through a loophole in the state election law, Crain’s reported.
SL Green and the Durst Organization donated about $425,000 each to a political action committee known as Jobs for New York, which backs City Council candidates with positions favorable to the real estate industry. The funds were donated through three limited liability corporations; a firm contribute $150,000 through each LLC.
Glenwood Management donated $425,000 through 17 LLCs. Other firms that gave more than $4 million through LLCs include Jack Resnick & Sons, the Related Companies, Meringoff Properties, Newmark Grubb Knight Frank, the Brodsky Organization, Tishman Speyer, Crain’s said.
Jobs for New York, spearheaded by the Real Estate Board of New York and advised by a coalition of organized labor, raised $5.3 million in its first round of fundraising. The PAC said it aimed to raise $7 million to $10 million and has spent $1.4 million to date, as previously reported. [Crain’s] – Mark Maurer