The Partnership for New York City’s new CEO says he relates to Mayor Zohran Mamdani.
Like Mamdani, Steve Fulop became a mayor in his 30s.
“I was elected as a mayor at 35 years old, trying to balance a political base that was pushing me to do certain things versus what I thought was in the best interest of Jersey City,” Fulop said. “I think he has to ultimately experience some of the give and take and grow.”
Fulop was mayor of Jersey City for three terms, and unsuccessfully ran for New Jersey governor last year. The view from his office on the fifth floor of One Battery Park Plaza provides a reminder of his previous gig — Jersey City’s skyline — as he embarks on his new role.
As head of the Partnership, he represents more than 300 businesses in the city. Members include some of the most prominent builders and owners in the city, such as Vornado Realty Trust, SL Green Realty, Tishman Speyer, Related Companies and Blackstone. To what extent Fulop will serve as a go-between for executives of such firms and the new mayor remains to be seen.
During a recent interview, I asked Fulop about his relationship with Mamdani and what real estate issues are top of mind as he takes the helm at the Partnership. On the latter, he and the Partnership’s board will be setting the organization’s agenda this month. However, priorities include policies that make it easier for developers to build housing, property tax reform and public safety. He’s not sure how vocal the Partnership will be on the mayor’s pledge to freeze rents for stabilized apartments. It depends on how that promise plays out.
You said you plan to push a pro-growth, housing agenda. Have you spoken with Mayor Zohran Mamdani about this?
The housing conversation was more of a very small group of real estate executives. He has a lot of smart questions. He’s very curious, and I think he’s very committed to being an effective mayor. There’s going to be a learning curve in the transition from being on [the] activist side to more of an elected official. He was [a state] Assembly person, but now he’s a very prominent elected official. He has a base in that DSA that’s very complicated, and I think it’s not always in line with the realities of the world of being an effective executive, and I think that he’s going to have to navigate that a little bit, and our role is to be helpful where he wants it.
Does that include conversations about the mayor’s call to increase taxes?
The CEOs in the Partnership are responsible for billions upon billions of dollars in budgets, hundreds of thousands of employees. We want to be helpful. The public sector is most effective when they think about strategic partnerships with the private sector. It’s on him whether he wants to be a part of that. I recognize that his base may not always appreciate that, but I think that part of the responsibility of being an effective mayor is recognizing that your base isn’t always correct.
What have you heard from your members?
There’s a lot of nervousness. I think that nobody knows what a socialist mayor looks like. You haven’t seen a socialist executive in any prominent role in decades. All of the DSA or socialist people that have been elected, up until now, are generally on the legislative side. That’s a different type of person that can throw bombs from the outside with less accountability. It’s a person that’s not directly responsible for budgets. I think CEOs in the partnership are hopeful that things work out well, [but there’s] a lot of anxiety about what this will ultimately be in six months, in a year.
Have you heard from any developers in Jersey City since the new mayor took over?
They miss me. I mean, look, there’s a lot of things that we started that are in queue. The hope is that the mayor continues the progress there. I think people there are nervous too, because he’s made the real estate community out to be the villain. His campaign was about that, and I would hope that he would moderate now that he’s won an election, but we’ll see.
[After this interview, Mayor James Solomon blamed Fulop for leaving Jersey City with a $250 million budget deficit, saying his predecessor “systematically prioritized short-term political gain over the City’s long-term fiscal health.” In a statement, Fulop disputed the claim and dismissed it as “political theater.”]
Do you think you’ll go back into the public sector?
No, I think that in many ways, this job is a capstone, dream job. It has all the benefits [of] public service, without any of the downside. You’re in a very polarized environment for elected officials. When you think about the benefits versus the cost to your personal life and your family, I don’t know if the trade-off is worth it in today’s world.
What we’re thinking about: Who will run for Sen. Mike Gianaris’ seat? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The city’s Department of Environmental Protection posted on social media that water usage dropped across the five boroughs during the Super Bowl’s halftime show on Sunday. During the 15 minutes after the show concluded, the city saw a spike equivalent to 761,719 toilets flushing across the city.
Elsewhere…
— Department of Social Services Commissioner Molly Wasow Park, who was appointed by former Mayor Eric Adams in 2023, resigned on Monday, Gothamist reports. Park told the news site that the uncertainty around whether the Mamdani administration would keep her on “has been really taxing on the agency, on me and my family.” She has not yet chosen when her last day on the job will be. Her resignation comes as the city is grappling with a rising number of deaths due to extremely cold temperatures. Since Jan. 24, 18 people have been found dead outside.
— The state chapter of the Working Families Party has chosen not to choose. The party has opted to endorse a placeholder candidate for governor rather than back Gov. Kathy Hochul or Antonio Delgado in the primary, City & State reports. The placeholder will be replaced by whoever wins the Democratic nomination.
Closing Time
Residential: The top residential deal recorded Monday was $20.8 million for a penthouse at 201 East 74th Street. The Lenox Hill condominium unit is 5,300 square feet of new construction. Douglas Elliman’s Barbara Russo, Christopher Salierno, Elena Sarkissian and MariaElena Scotto have the listing.
Commercial: The top commercial deal recorded was $31.6 million for 1220 Broadway. The NoMad commercial building has 58 units and is 75,500 square feet.
New to the Market: The highest price for a residential property hitting the market was $29.8 million for a penthouse at 383 West Broadway. The Soho co-op unit is 7,500 square feet. Reserve Partners’ Trish Riedel and Jonathan Isaacs have the listing.
— Joseph Jungermann