Steven Roth’s wife bets $500K on McGuire for mayor

New York’s top real estate executives and their families are ramping up their spending on NYC’s crowded political races.

A super PAC backing Ray McGuire, a former Wall Street executive who is running for mayor, has raised over $1 million since it was registered with the state. About half of that money came from Daryl Roth, a theater producer and the wife of Vornado Realty Trust’s Steven Roth.

“I have known Ray McGuire a long time and am confident in his ability to lead our city,” Daryl Roth told the New York Times.

Meanwhile, Related Companies CEO Stephen Ross has donated $1 million to Common Sense NYC, a super PAC that was initially targeting the mayor’s race, but is now focusing more on open City Council seats.

James Dolan, the chief executive of Madison Square Garden Entertainment, is behind the Coalition to Restore New York, which is reportedly focused on restoring the city’s economy and public safety, according to the Times. Dolan has already pushed more than $2 million into the PAC from MSG affiliates.

As a counter to these business-backed PACs, progressives have started their own super PAC, Our City, which is seeking to raise $5 million to back left-leaning mayoral and City Council candidates.

Donors are limited under campaign finance laws on how much they can donate to individual candidates. But people and corporations can make unlimited donations to a super PAC, according to the Times. [NYT] — Keith Larsen