Real estate donors throw $12M into NYC mayoral race

The real estate industry has poured some $12.4 million so far into this year’s New York City mayoral election.

That represents about 15 percent of the donations received by super PACs and the race’s top candidates: Mayor Eric Adams, who recently withdrew his candidacy, independent candidate Andrew Cuomo, Democratic nominee Zohran Mamdani and Republican nominee Curtis Sliwa.

The Real Deal analyzed the city’s campaign contribution filings for these leading politicians from the start of the race until Oct. 8 and filtered for those with industry ties by their reported occupations and employers.

Independent super PACs, which don’t have donation limits, unsurprisingly benefited the most from real estate players with about 88 percent of the industry’s donations — just under $11 million, according to TRD’s analysis.

Adams, long friendly with the real estate industry, was the top recipient of its money. Seven percent of the industry’s funds — excluding anything donated to super PACs — went to the sitting mayor.

Adams received a burst of real estate support following the June primary, which saw Mamdani best Cuomo for the Democratic nomination. However, real estate players originally backed Cuomo to lead the Big Apple. The Fix the City super PAC, which is supporting the former governor, by and large received the most of the industry’s donations, about $5.2 million, since the race began.

When Cuomo lost, donors had to choose whether to support Adams, who has been saddled with corruption charges, or someone else.

Cuomo regained some real estate support in late summer, after he announced he would rejoin the race as an independent. After Adam’s withdrawal, the industry has continued to flock to Cuomo. 

That’s not to say that Mamdani doesn’t have some real estate fans. David Von Spreckelsen, president of Toll Brothers City Living, recently donated $2,500 to a PAC supporting the state legislator called OneNYC.