The real estate industry has spent millions of dollars trying to prevent Zohran Mamdani from becoming mayor. The attempt failed.
Meanwhile, some working in the industry have made relatively modest donations to Mamdani’s campaign.
The latest campaign finance filings show that some of these donors and others from the industry contributed to the mayor-elect’s transition efforts after the election, raising at least $40,900 between November 5 and 30. That represents less than 2 percent of the $2.6 million Mamdani has raised in that time.
Mamdani representatives indicated that donations through Dec. 5, which are beyond the city’s filing deadline, have reached more than $3 million. According to the representatives, the funds will help pay for staff and operations as Mamdani prepares to take office.
The real estate-related donations include anyone who identified themselves as working in development, construction, architecture, property management or brokerage.
A number of these real estate donors previously gave to Mamdani’s campaign, including Beachwold Residential CEO Gideon Friedman, who gave tens of thousands of dollars to a pro-Mamdani political action committee ahead of the election. Washington, D.C. area developer Joseph Kaempfer, developer Craig Harwood and LCOR’s David Sigman all contributed to Mamdani’s campaign ahead of the general election and also donated to transition efforts.
Friedman and Kaempfer each gave $3,700, while Harwood gave $2,000 and Sigman $250.
Albany-based developer Faraz Khan and New Jersey investor Mustafa Ladha each contributed $3,700.
Jodi Pulice of JRT Realty, who donated $400 to former Gov. Andrew Cuomo’s mayoral campaign before the primaries, contributed $2,000 to Mamdani’s transition. JRT previously worked as a subcontractor for the city’s commercial leases, which became the subject of a legal battle this year.
In May, the Department of Citywide Administrative Services issued a request for proposals asking up to five brokers to represent the agency in leasing and purchasing office properties.
Two weeks ago, Mamani appointed 24 people to his housing transition committee. Members came from housing associations, unions, Yimby groups, tenant groups and private real estate companies. We don’t yet know who the new mayor will tap to lead the city’s housing-related agencies.
What we think about: Who would you like to see leading the Department of Housing Preservation and Development? City planning? The Buildings Department? Send a message to kathryn@therealdeal.com
Something we learnedHousing groups warn that four bills that would impose different requirements on city-funded housing would increase the budget needs of the Department of Housing Preservation and Development by $545 million per year. In a letter to City Council President Adrienne Adams and Councilmember Rafael Salamanca, chair of the Land Use Committee, the New York Housing Conference, Citizens Housing and Planning Council and others urged Intros not to be adopted. 958, 1433, 1437 and 1443. Three of the bills set citywide minimum percentages for city-financed housing, creating floors for the number of units affordable to extremely and very low-income renters, two- and three-bedroom units, and homeownership units. Another figure limits the percentage of studio apartments built in senior housing projects.
The housing groups argue that these measures, along with a separate bill that would set minimum construction wages for certain city-funded projects, would increase HPD’s budget needs by $1.3 billion. Supporters of the wage law, known as the Construction Justice Act, have taken issue with that law’s cost estimates, saying they grossly exceed potential additional costs.
The clock is ticking on all of these bills, as the last City Council meeting of the year is scheduled for December 18.
Elsewhere in New York…
— Port Authority police captured a horse at the entrance to JFK’s Terminal 1 on Sunday evening after receiving reports that the runaway animal had been spotted on the JFK Expressway, Gothamist reports. The horse, known as Sundance, had escaped from Curly’s Cowboy Center in Southeast Queens, less than a mile from the airport.
— Newly elected Mayor Zohran Mamdani and his wife Rama will move into Gracie Mansion next month. “This decision came down to the safety of our family and the importance of devoting my full attention to implementing the affordability agenda that New Yorkers voted for,” Mamdani said in a statement Monday.
Closing time
Residential: The highest residential deal recorded on Monday was $21 million for a condominium unit at 70 Vestry Street. The Tribeca apartment is 3,200 square feet and last sold in 2023 for $15.5 million. Compass’ Jared Schwadron has the entry.
Commercial: The best recorded commercial deal was $488.4 million for 35 Hudson Yards. Related companies and Oxford Properties have sold a portion of 38 floors, including retail, office and hospitality space, to Japan’s Mori Trust, according to reports.
New on the market: The highest price for a home to hit the market was $10.8 million for an apartment at 1165 Madison Avenue. The 2,700-square-foot condo at The Bellemont last sold in 2023 for $8.8 million. Compass’ Dane Gray and Caleb Loftus have the mention.
Groundbreaking: The largest new building permit filed was for a proposed nine-story mixed-use building at 1383 Brooklyn Avenue in East Flatbush. Claudia Goudas from EQ Architecture is the registered applicant.
— Joseph Jungerman
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