Cuomo rakes in real estate cash — but not from LLCs

Governor got just $178,000 from limited liability companies

New York /
Jan.January 17, 2020 09:00 AM
Governor Andrew Cuomo (Credit: Getty Images)

Governor Andrew Cuomo (Credit: Getty Images)

The real estate industry might not be particularly happy with Gov. Andrew Cuomo, but he is still the top politician in New York, and donors gave accordingly in the past six months.

Donations to the governor were scant from limited liability companies, though, thanks to a new law curtailing their giving, Politico reported after campaign fundraising disclosures were posted this week. But direct donations from individuals were not affected.

Three major developers gave the governor $25,000: World Trade Center builder Larry Silverstein, Durst Organization head Douglas Durst and Jeffrey Gural, chairman of GFP Real Estate.

Also, billionaire Ronald Perelman gave $44,700 while his wife Anna Chapman gave the legal maximum, $69,700. Hedge fund billionaire John Paulson, who in 2017 backed a proposal to privatize Fannie Mae and Freddie Mac, gave $25,000.

LLCs were a favorite donation vehicle of real estate executives in the past, a practice that infuriated good-government groups because it allowed for huge giving and obscured donors’ identities. But in the half-year fundraising period that ended July 11, Cuomo received just $178,000 from LLCs. Instead, real estate executives wrote generous checks to the governor under their own names.

The industry was shocked and upset with Cuomo last June when he removed himself from negotiations for a new rent-stabilization law and then signed the tenant-friendly bill passed by the state Legislature. No industry had given more money to his campaign fund since he became governor in 2011. [Politico] — Georgia Kromrei


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
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Mayor Eric Adams and Governor Kathy Hochul with Innovation QNS (Getty, Innovation QNS)
Will Innovation QNS happen without 421a?
Will Innovation QNS happen without 421a?
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
From left: BedRock’s Chuck Berman and Tracey Appelbaum, Kaufman Astoria Studios' Hal Rosenbluth, and Larry Silverstein with Innovation QNS
Silverstein, Council strike deal on Queens megaproject
Silverstein, Council strike deal on Queens megaproject
From left: 25 Water Street, MSD Capital's Michael Dell, MetroLoft's Nathan Berman and GFP Real Estate's Jeff Gural (Getty, Google Maps)
GFP, Metro Loft seek to convert 25 Water Street to 1,200 rentals
GFP, Metro Loft seek to convert 25 Water Street to 1,200 rentals
arrow_forward_ios

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

Loading...