Real estate executives haven’t publicly weighed in on the mayor’s indictment, but they also aren’t flooding his campaign coffers.
The latest campaign filings show that some in the industry continued to donate to Mayor Eric Adams after his September indictment on bribery charges, but big-name developers who previously contributed to the mayor have continued to hold off.
The donors whose contributions were recorded after Adams’ indictment include developer Ben Ashkenazy and his personal assistant; members of the Dushey family who work for Jenel Real Estate; Premier Equities’ Yaron Jacobi and Uzi Ben Abraham, along with a relative of partner Bert Dweck; and Cohen Equities’ Teddy Chattah. Each donated the full $2,100, according to the latest filing.
Tao Hospitality Group’s Jonathan Schwartz also gave $2,100. Nest Seekers’ Tamir Shemesh donated $1,000. United American Land’s Ezra and Jack Laboz each gave $1,650.
The mayor reported receiving more than $270,000 in donations between Oct. 8 and Jan. 11, along with another $22,650 in possible matching funds, according to the Campaign Finance Board’s website. He hasn’t yet qualified for the city’s matching funds program. Real estate professionals donated north of $40,000, though that figure is based on donors who self-identified as working in the industry and executives who were otherwise easily identified.
In September, the mayor pleaded not guilty to five criminal charges stemming from an alleged bribery scheme that furnished the mayor with luxury travel and fraudulent campaign donations.
Interestingly, Two Trees Management’s Jed Walentas, who chairs the Real Estate Board of New York, gave $400 to Sen. Zellnor Myrie. Myrie released a housing plan last month that aims to add and preserve one million homes over the next decade. The proposal made an impression.
“Zellnor took the initiative to put together a very ambitious housing vision for the city, and we donated 400 bucks,” Two Trees’ David Lombino said in an email. “It would be tremendous if some of his housing concepts were adopted by the other candidates. I wouldn’t read into it.”
Developer Eli Lever gave $250 to Myrie after attending an event hosted by friends.
“As a candidate, I think he has some interesting ideas, especially around housing,” Lever said. “I like that the conversation about housing is being pushed at least.”
Myrie also proposed allowing owners of vacant apartments to collect full voucher amounts from voucher holders (whose rent is based on a percentage of their income). The New York Apartment Association is supporting a bill this year that would take this approach to help struggling rent-stabilized owners.
Crain’s reported in October that the mayor’s real estate donations had died down after news of his indictment. Adams previously counted executives from SL Green, TF Cornerstone and the Durst Organization among his contributors. Members of the Cayre family also previously donated to his legal defense trust.
The mayor’s legal fund only raised $2,200 over the last few months and now has a negative balance of almost $1 million, the City reported.
Of course, campaign donations over a three-month period paint a limited picture of how voters, even within a specific industry, feel about their mayoral choices. Not to mention the fact that, while the race is already crowded, others are expected to throw their hats in the ring. Former Gov. Andrew Cuomo is reportedly considering running.
Programming note: The newsletter will take a break on Monday, Jan. 20, in recognition of Martin Luther King Jr. Day. It will return Jan. 21.
What we’re thinking about: Were you at the Real Estate Board of New York’s gala on Thursday night? What did you think? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Assembly member Zohran Mamdani raised north of $640,000 over the last three months, outpacing the other mayoral candidates during the latest funding cycle that ran from Oct. 8 through Jan. 11.
Elsewhere in New York…
— The nation’s largest healthcare union is gearing up for its first competitive election in decades, Politico New York reports. 1199SEIU senior executive vice president Yvonne Armstrong is challenging George Gresham, who has been president for nearly two decades. The opposition slate argues that the union needs new leadership to lead the fight against Congressional Republicans if they cut Medicaid and over Trump’s mass deportation plans.
—Former city Comptroller Scott Stringer officially launched his campaign for mayor at a party on the Upper West Side on Thursday, City & State reports.
— Director David Lynch created an ominous PSA in 1991 urging New Yorkers against littering, Gothamist recounts the ad, in light of the fact that Lynch died this week. He was 78.
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