After months of warning about negative consequences, the real estate industry has shifted its response to Zohran Mamdani’s election as mayor. In the lead-up to the vote, real estate figures and organizations invested heavily in efforts to oppose Mamdani and support other candidates, including former Governor Andrew Cuomo. Political action committees spent $13 million with the aim of preventing Mamdani’s victory or supporting Cuomo’s bid for Gracie Mansion.
However, following Tuesday night’s announcement of Mamdani’s win, some of his most outspoken critics within real estate have softened their positions. Several are now seeking engagement with the incoming administration.
“I want to give the guy a chance,” said Bess Freedman, CEO of Brown Harris Stevens, in a statement to The Real Deal on Wednesday. “He wants to achieve great things and make people’s lives better, and I respect that.”
Freedman had previously questioned Mamdani’s experience during an interview with The New York Times in July. At that time she remarked: “He’s never even worked at a McDonald’s, let alone run the greatest city in the world,” but added that “the world will clearly not come to an end” if he won.
Peter Riguardi, president of JLL’s New York office, sent a company-wide email on Wednesday encouraging staff to support Mamdani’s leadership: “give him a chance to lead,” he wrote. He continued: “maybe for those of us who doubt him, he’ll surprise us.” Not all employees shared this approach; one top broker at JLL was dismissed after responding by comparing Mamdani to Hitler.
Compass agent Jason Haber also moderated his stance after leading fundraising for a PAC supporting Cuomo. Upon hearing news of Mamdani’s victory, Haber commented it “would be foolish to reject everything carte blanche,” despite earlier saying that all of Mamdani’s policies would negatively affect affordability and safety in New York City and describing him as unfriendly toward entrepreneurs.
With these shifts in tone from key figures in real estate, there appears to be some willingness within the industry to collaborate with Mayor-elect Mamdani on shared priorities such as increasing housing availability for New Yorkers.
In other developments related to New York City real estate:
– During recent earnings calls for major brokerages, executives highlighted investments in artificial intelligence tools designed for agents. There is ongoing discussion about which technologies are actually being adopted by agents versus those that are more promotional than practical.
– Data from the Port Authority shows approximately 125 million commercial airline passengers traveled through JFK Airport, LaGuardia Airport, and Newark Liberty International Airport last year. These airports are among 40 nationwide ordered this week to reduce operations due to a government shutdown.
– The highest-priced residential sale recorded Friday was $19 million for penthouse unit PHC at 40 Fifth Avenue; it last sold for $17 million in 2023.
– The largest commercial transaction involved 765 First Avenue—a Turtle Bay rental building—selling for $33.3 million between two United Nations missions (Qatar and Democratic Republic of Congo).
– A new listing has appeared at 70 Vestry Street (Unit PHS) in Tribeca with an asking price of $65 million.
– A permit application was filed for construction of a two-story building totaling nearly 47,400 square feet at 1200 Manhattan Avenue in Brooklyn; Sherri Privitera from Populous is listed as applicant.
