With two months remaining before the general election, the real estate industry’s preferred candidate in New York City’s mayoral race remains uncertain. Campaign and super PAC donation records show that industry support initially favored former Governor Andrew Cuomo before the primary, shifted to Mayor Eric Adams immediately afterward, and now appears divided between the two according to recent campaign finance filings.
Industry leaders are expected to consolidate their backing behind whichever candidate faces Assembly member Zohran Mamdani if the field narrows. Reports suggest that Cuomo may be that candidate, following news that the Trump administration has offered both Adams and Republican nominee Curtis Sliwa roles in federal government.
According to The New York Times, Adams met this week in Florida with developer Steve Witkoff, who serves as a special envoy for the Trump administration. The meeting was reportedly part of discussions about Adams’ potential future should he exit the race. Real estate professionals in New York have expressed concern over what policies a Mamdani administration might bring for their businesses.
Politico New York reported that Adams has been offered a role at the Department of Housing and Urban Development (HUD), though specifics remain unclear. While one source mentioned a possible “director of cities” position—a title not currently recognized—there is precedent for city officials serving as HUD’s regional director for New York and New Jersey. Past officeholders include former Mayor Bill de Blasio under President Bill Clinton, Deputy Mayor Adolfo Carrión under President Barack Obama, and former Council member Alicka Ampry-Samuel under President Joe Biden.
However, moving from leading a city of over 8 million people to such a federal post would be considered a step down. The Times also reported that an ambassadorship to Saudi Arabia is being considered for Adams.
Both Adams and Sliwa have denied any intention to withdraw from the race. At a Thursday press conference, Adams stated: “I’ve never asked for a job with HUD, I’ve never been promised a job with HUD, I have not communicated with the president,” according to the City.
Developer Jeff Gural, who has contributed to both Cuomo’s and Adams’ campaigns as well as their supporting super PACs, said Thursday he hopes the general election will ultimately become a contest between Mamdani and Cuomo.
“I think everybody agrees that if nobody drops out, Mamdani is going to win easily,” Gural said.
“I always thought Andrew would do a good job,” he added. “We were just blindsided that he would lose to Mamdani decisively.”
After Cuomo lost in the primary, Gural was among those in real estate who redirected support toward Adams’ campaign. However, Adams has trailed in polls while corruption investigations involving his associates continue—even though he himself has avoided federal charges.
Independent candidate Jim Walden exited the race this week—a move Kenny Burgos of the New York Apartment Association described as only marginally helpful. Burgos emphasized that unless there is a head-to-head matchup between Mamdani and another contender, defeating Mamdani will be difficult. He also noted having met with Mamdani after the primary.
“While I’m not hopeful for the freeze conversation to go away, if I’m hopeful for anything, it’s a renewed conversation of the city’s broken property tax system,” Burgos said.
A developer present at a recent meeting with Mamdani pointed out there is no unified real estate industry stance on this year’s mayoral contest. Rent-stabilized property owners are wary of Mamdani’s proposal for a four-year rent freeze; meanwhile affordable housing developers see promise in his plans to strengthen city housing agencies and increase funding for new construction.
Given Mamdani’s status as Democratic nominee—and likely frontrunner—affordable housing professionals want input on leadership appointments within housing-related agencies and on setting policy priorities if he wins office.
“He’s an open-minded guy,” one developer said regarding Mamdani. “I think he’s still learning a lot about this. It seems that he wants to learn.”
