Real estate-friendly Eric Adams wins mayoral race

Brooklyn borough president, showered with real estate money in campaign's final months, will be city's 110th mayor

New York /
Nov.November 02, 2021 10:07 PM
Eric Adams (Getty)

Eric Adams (Getty)

City Hall is about to become a bit more hospitable to the real estate industry.

Brooklyn Borough President Eric Adams secured an anticipated victory Tuesday night, beating out his Republican challenger, Curtis Sliwa, to become the city’s 110th mayor. The Associated Press called the race shortly after polls closed at 9 p.m.

Ahead of the Democratic primary, Adams was the favored candidate of the real estate industry, which showered the Brooklyn politico with hundreds of thousands of dollars in campaign donations and held fundraisers for him in the Hamptons.

Even in the final months of the race, with Adams’ victory a near-certainty, some of the city’s most prominent developers continued to pour money into his campaign. Industry professionals were drawn to his moderate politics, business-friendly approach and focus on cracking down on crime.

That isn’t to say that Adams has never been at odds with the industry. In August, he recommended that the city disapprove Continuum’s proposed tower at 960 Franklin Street. City Planning killed it the following month.

Adams also supports a controversial proposal that would require developers to obtain special permits for all new hotel construction throughout the city. The plan, poised to be approved by the City Council, is backed by the Hotel Trades Council. Opponents have argued that the policy will give the union more leverage to ensure union labor is hired for new projects or to block development altogether.

The Hotel Trades Council has supported Adams throughout his campaign. He spent Monday afternoon at a rally held by the union, as well as 32BJ SEIU, CWA District 1, the New York State Nurses Association and District Council 37.

The real estate industry will likely look to Adams to change Local Law 97, which will require large buildings throughout the city to meet strict emission caps by 2024. Adams has not said much about the measure, but he has signaled that the city needs to do more to help building owners comply with its mandates.

Council member Antonio Reynoso will succeed Adams as Brooklyn borough president, a position that has the ability to sway land use decisions. Council member Mark Levine will become Manhattan borough president, while Vanessa Gibson won in the Bronx. At press time, incumbent Donovan Richards was leading in Queens, while Republican Vito Fossella led in Staten Island.





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