The highest echelons of the New York real estate industry are typically viewed as a bastion of fiscal conservatism whose members are staunch Republicans. But as the country heads into the final stretch of the Presidential campaign, a TRD analysis of campaign finance data from the U.S. Federal Elections Commission showed that, surprisingly, New York real estate pros are giving more cash to President Barack Obama this year than to his rival, former Massachusetts Governor Mitt Romney.
The latest figures — which were released last month and cover August — show that Obama received 311 contributions totaling $97,444 from real estate pros in New York. Romney, meanwhile, had only 55 donations totaling $57,372. (TRD included donors who lived in New York State, either in New York City or close to the city, and identified themselves as having worked in real estate or could be identified as working in the industry.)
Extell’s Gary Barnett donated $5,000 to Obama.
To date this year, Obama has bested Romney in both direct campaign donations from real estate pros and contributions to two of the biggest political actions committees that are spending millions on behalf of the candidates.
During the first eight months of the year, Obama’s campaign collected 921 donations worth $300,064 from New Yorkers working in real estate. During that same period, Romney’s campaign took in 270 contributions worth $239,776.
Extell Development’s Gary Barnett said he gave Obama $5,000 this year because some parts of the economy had improved dramatically during his term. “The stock market has doubled in the past three years. That is good for business,” said Barnett.
The money game
Real estate heiress Amy Goldman gave $1 million to a PAC supporting Obama.
The figures are more dramatic in the soft-money contest, in which donations are made to PACs.
There, Obama was helped by a $1 million contribution in March from Amy Goldman — one of late real estate magnate Sol Goldman’s daughters — to the pro-Obama PAC Priorities USA. Goldman is best known as an author of gardening books and doesn’t appear to work in the family business (and wasn’t counted as a top real estate donor in the related story, “Show me the money”), but she listed Solil Management, the Goldman company, as her employer in her contribution.
In contrast, the only New York real estate industry–connected donation larger than $50,000 to a pro-Romney super PAC in 2012 was a $100,000 gift from John Cushman, the cochairman of Cushman & Wakefield. Last year, the Related Companies’ Stephen Ross and Vornado’s Steven Roth each kicked in $100,000.
Indeed, the 2012 figures represent a reversal of fortune for Romney. At the end of 2011, he had more donations from New York real estate players. Last year, for example, Obama’s campaign took in $206,487 from the real estate sector in New York. That put Obama well behind Romney’s campaign, which raised $344,325.
Cushman & Wakefield’s CEO Glenn Rufrano gave $2,500 to Romney.
Some view Obama’s besting of Romney this year as part of a broader political trend. “I think there is a little bit of disenchantment,” said Lawrence Longua, a clinical associate professor at the Schack Institute of Real Estate at NYU. He contrasted it with a period of GOP optimism after the party trounced Democrats in the 2010 midterm elections.
Nationwide, Obama has outraised Romney in direct donations, pulling in $432 million versus Romney’s $279 million, figures from OpenSecrets.org show. Romney leads on the super-PAC front, however: Groups backing Romney have raised $155 million, and those supporting Obama have raised just $73 million.
Top 2012 industry donors
Dan Tishman
Top industry contributors to Obama included Tishman Construction’s Daniel Tishman, Newmark Grubb Knight Frank’s Jeffrey Gural and Rudin Management’s Eric Rudin, who each gave $5,000 to Obama’s campaign in 2012. (The maximum that can be donated is $2,500 for the primary and the same for the general election.)
Romney took in contributions of $2,500 from Prudential Douglas Elliman’s Raphael De Niro, H.J. Kalikow & Co.’s Peter Kalikow, Cushman’s Glenn Rufrano and Glenwood Management’s Leonard Litwin, campaign finance records show.
On the residential front, agents and executives from the Corcoran Group provided more direct campaign donations this year than any other city real estate company, with a total of $20,621. Of that, about $17,500 went to Obama, and $3,000 to Romney.
Agents and executives at Elliman also tended to lean toward Obama. Direct donations from Elliman totaled roughly $11,800, with about $9,000 of that going to Obama and the rest to Romney.
The majority of Halstead Property also appears to consist of Obama supporters. Halstead pros contributed $7,273, with $4,773 going to Obama and $2,500 to Romney.
Romney supporters seem to be more numerous among the city’s über-high-end residential firms. At Sotheby’s International Realty — the city firm with the highest median listing price, according to TRD’s annual ranking — agents and execs gave $7,045, with $5,250 of that going to Romney. At Brown Harris Stevens, $4,705 went to Obama and $4,000 to Romney.
Commercial brokers and execs seem to be more united within their firms. For example, Cushman’s personnel gave $11,750 to Romney and only $277 to Obama.
Meanwhile, professionals at Eastdil Secured donated $8,898 — all of it to Obama. In addition, execs at Rudin Management gave $10,000 to Obama this year and $1,000 to Newt Gingrich — none went to Romney.