In the run-up to the election, industry players from all sectors threw their money and their mouths behind the mayor-elect’s opponents, including doling out $13 million to political action committees aimed at defeating Mamdani and/or putting former Governor Andrew Cuomo in Gracie Mansion.
Since the results were announced late Tuesday night, several of Mamdani’s most vocal real estate opponents appear to have abandoned some of their grimmer predictions. Some are extending olive branches in hopes of getting a seat at the table with the new administration.
“I want to give the guy a chance,” said Bess Freedman, CEO of Brown Harris Stevens TRD on Wednesday. “He wants to achieve great things and improve people’s lives, and I respect that.”
The CEO’s tone appears to have changed since July, when she told the New York Times that, among other things, she considered Mamdani to be inexperienced.
“He has never worked at a McDonald’s, let alone been in charge of the largest city in the world,” Freedman told the newspaper (though she added that “the world clearly won’t end” if Mamdani were to win the election).
Peter Riguardi, chairman of JLL’s New York office, sent employees what he described as a unifying email on Wednesday, urging them to “give him a chance to lead,” adding that “he may surprise those of us who doubt him.” (Not everyone at the firm took the same conciliatory stance. A top broker at the firm, Scott Pranzer, was fired later that day for his response to the email, which, among other things, compared Mamdani to Hitler.)
Even Compass operative Jason Haber, who led a fundraiser for a PAC on behalf of Cuomo, changed his tune — albeit only slightly.
After Mamdani’s victory was announced, Haber said it would be “foolish to reject everything carte blanche” – this coming from the man who said earlier“any policy, any policy, will make the city less affordable, less livable and less safe” and that Mamdani “seems to have an allergy to entrepreneurs in this city.”
But a win is a win, and it appears real estate is willing to back away from some of its harsher criticisms of Mamdani and rally behind the one thing they may have in common with the Assembly member: bringing more housing to New Yorkers.
What we’re thinking about: During third-quarter earnings calls, brokers routinely touted their investments in artificial intelligence technology for agents. But which of these tools do agents actually use and which are just noise? Send your thoughts to sheridan.wall@therealdeal.com.
Something we learned: About 125 million commercial airline passengers passed through it
the three largest airports in the New York City metropolitan area last year, according to data from the Port Authorities of New York and New Jersey. These airports – JFK, LaGuardia and Newark – are among 40 that were ordered to reduce operations this week due to the government shutdown.
Elsewhere…
- Republican Congresswoman Elise Stefanik, who represents a district in northern New York, announced Friday that she plans to enter the race for the state’s next governor. ABC-7 reported. Stefanik, known as a strong supporter of President Donald Trump, will challenge incumbent Gov. Kathy Hochul, of whom she has been an outspoken critic.
- After previous denials and a reported push from the president, the state Department of Environmental Conservation has given the green light to a water quality permit needed to advance a proposed gas pipeline that would run near Staten Island and the Rockaways, according to Gothamist.
- Gracie Mansion is haunted, Mayor Eric Adams said during his speech interview with comedian Ziwe. Their conversation started with his efforts to tackle the city’s rat population and ended with what he looks for in a handshake. Memorable stops included a question from Ziwe about why Adams didn’t get a hair transplant during one of his numerous trips to Istanbul, a nod to the federal indictment against the mayor.
Closing time
Residential: The highest residential deal recorded on Friday was $19 million for 40 Fifth Avenue, PHC. The Greenwich Village co-op unit last sold in 2023 for $17 million. The seller is listed as Randolph Lerner.
Commercial: The best recorded commercial deal was $33.3 million for 765 First Avenue. The Turtle Bay rental building has 32 units and is 15,500 square feet. The sale takes place between two UN missions in Qatar and the Democratic Republic of Congo.
New on the market: The highest price for a home to hit the market was $65 million for 70 Vestry Street, Unit PHS. The Tribeca apartment is 7,800 square feet. The Modlin Group has the entry.
Groundbreaking: The largest new building permit filed was for a proposed two-story, 47,386-square-foot building at 1200 Manhattan Avenue in Brooklyn. Sherri Privitera of Populous is the registered applicant.
— Joseph Jungerman
Read more
The Daily Dirt: Here’s how much real estate has been spent on the mayoral race
NYC Resi Players Reject “Florida Realtors’ Bullshit” After Zohran Mamdani Win
JLL fires top broker who compared Mamdani to Hitler
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