Zohran Mamdani made his case to business leaders this week.
The Democratic nominee met with members of the Partnership for New York City, an organization that represents some of the biggest names in real estate (as well as executives across other sectors).
Partnership CEO Kathy Wylde said reactions from the meeting ranged from “pleasantly surprised to very cynical.” She acknowledged that it was likely easier for sectors outside of real estate to experience the former, given that some of their biggest concerns — raising the corporate tax rate and income taxes — are outside the mayor’s purview. For real estate, the mayor’s whims hit closer to home.
“The other sectors recognize that the position of mayor has limited control over the overall business climate,” she said. “Real estate decisions are almost always made locally.”
Still, she said some multifamily owners were heartened by his acknowledgement that the city’s property tax system needs to be overhauled and that freezing rents for stabilized apartments would not alone fix the city’s housing crisis.
Mayor Eric Adams also met with the Partnership this week, and described the mayoral race as, not a fight against Mamdani, but as a fight against a movement. Wylde indicated that this sort of existential framing resonated with some real estate members. Speaking of which, in case you missed it, the real estate professionals (including those who work for construction and architecture firms) donated upwards of $480,000 to Adams’ campaign after the June primary. Barely any real estate folks donated to the industry’s former favorite candidate, former Gov. Andrew Cuomo.
What we’re thinking about: Were you at this week’s meetings? What did you think? What questions do you still have for the mayoral contenders? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The Adams administration claims Meyer and Joseph Chetrit have “abandoned” the Hotel Carter in Times Square, allowing more than 155 violations to pile up at the property, Rich Bockmann reports. The city has filed a suit against the Chetrits, alleging that they “failed to comply with multiple laws meant to protect the public and keep buildings in New York City safe.”
Elsewhere in New York…
— Local 1199 of the Service Employees International Union, which represents 200,000 healthcare workers, endorsed Zohran Mamdani for mayor on Friday, the New York Times reports. The union’s move follows that of other major unions, including 32BJ SEIU and the Hotel and Gaming Trades Council, that had originally endorsed former Gov. Andrew Cuomo but flipped their support after the June primary.
— New York state agreed to pay $450,000 to settle a lawsuit brought by Brittany Commisso, who accused former Gov. Andrew Cuomo of groping her at the Executive Mansion, Gothamist reports. “Ms. Commisso is proud to have reported the truth and vindicated her rights in court, and likewise glad to be able to move forward with her life,” Commmisso’s attorney Mariann Wang told Gothamist. Attorneys for Cuomo say they oppose the lawsuit’s dismissal, calling the settlement a “capitulation to avoid the truth,” referring to an upcoming deposition.
— House Minority Leader Hakeem Jeffries met with Democratic mayoral nominee Zohran Mamdani Friday, Politico New York reports. No word yet if Jeffries will endorse Mamdani in the general election.
Closing Time
Residential: The top residential deal recorded Friday was $3.6 million for a condominium unit at 367 Grand Avenue. The Clinton Hill condo is 3,300 square feet and last sold on the market in 2021 for $2.8 million. Compass’s Nicholas Lounsbury, Adrian Radomski and Justin Hopwood had the listing.
Commercial: The top commercial deal recorded was $60 million for 473 Amsterdam Avenue. Storage Post self-storage companies bought the 97,000-square-foot property and piece of the portfolio from the Sofia Brothers.
New to the Market: The highest price for a residential property hitting the market was $9.5 million for a townhouse at 155 East 69th Street. The Lenox Hill home is 4,700 square feet. Sotheby’s International Realty has the listing. — Joseph Jungermann
