The mayoral race in New York City has prompted significant action from key real estate industry figures. On Monday evening, Jeff Blau of Related Companies and his wife sent an email urging a select group to meet at the Seagram Building the following morning, according to the New York Times. The message stated that attendees “must act decisively to ensure that the next mayor of New York is Andrew Cuomo.” Aby Rosen of RFR, owner of the Seagram Building, was also a signatory on the email. The identities of other developers involved remain unclear.
This meeting appears to be part of a broader effort among some in the real estate sector to prevent Zohran Mamdani from becoming mayor. A spokesperson for Mamdani’s campaign responded in a statement to the Times: “While billionaires continue to panic and scheme behind closed doors, our campaign is mobilizing tens of thousands of New Yorkers to get involved in the democratic process and rally around an agenda to make this city affordable.”
Andrew Cuomo, who lost by a wide margin to Mamdani in the Democratic primary, is now seen as a leading alternative candidate as incumbent Eric Adams reportedly considers suspending his re-election bid. Adams has been rumored to be under consideration for an ambassadorship with the Trump administration but has publicly denied any discussions about leaving his current role.
Cuomo faces challenges stemming from controversies during his time as governor and will need considerable backing given New York’s electorate typically favors candidates running on the Democratic party line.
Meanwhile, some real estate professionals are preparing for a possible Mamdani victory. Kenny Burgos from the New York Apartment Association confirmed he is communicating directly with Mamdani, as reported by the Wall Street Journal. In July, Alicia Glen of MSquared organized a dinner focused on how housing industry leaders could collaborate with Mamdani if elected.
Affordable housing developers have shown increased support for Mamdani due to his commitments to strengthen city housing agencies and expand funding for construction projects. This position contrasts sharply with rent-stabilized property owners concerned about Mamdani’s proposal for a four-year rent freeze.
Notable contributors to Mamdani’s campaign include Gideon Friedman, CEO of Beachwold Residential, and Joseph Riggs from Hudson Companies.
