Real Estate Donates to Eric Adams’ Mayoral Campaign

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After former Gov. Andrew Cuomo’s defeat in the Democratic primary, the real estate industry has officially switched gears and is funneling cash to Mayor Eric Adams.

Real estate and construction professionals donated more than $480,000 to Adams’ campaign after the June 24 Democratic primary, the latest campaign filings show. The filing reinforces early indications that real estate executives were coalescing around the mayor’s run as an independent in the general election, following Cuomo’s loss in the primary.

The Adams campaign reported $1.5 million in contributions from June 10 to July 11, most of which came in after the primary. Based on donors who self-reported working in real estate, construction, architecture or otherwise companies involved in those industries, at least $489,000 of the contributions reported after the primary came from real estate-related sectors.

Employees of SL Green Realty, whose CEO Marc Holliday held a fundraiser for Adams this month, gave more than $67,000 to the mayor’s campaign. Based on reports of attendees and the fundraiser’s haul, it doesn’t appear that all donations from that event have been reported. A representative for Adams’ campaign did not immediately return messages seeking clarity.

Real estate donors who gave the full $2,100 after June 24 included A&H Acquisitions’ Robert Adjmi, the Moinian Group’s Joseph Moinian, the Brodsky Organization’s Daniel Brodsky, Newmark’s Adam Spies, Crown Acquisitions’ Isaac and Richard Chera, Midtown Equities’ Sonny Cayre (other members of his family also donated, but at lower amounts), StacomCRE’s Darcy Stacom and Renaissance Properties’ Kenneth and Maria Fishel, who hosted a fundraiser for Adams in the Hamptons this month.

In the lead-up to the primary, the real estate industry rallied behind Cuomo, pouring millions of dollars into a super PAC that supported his campaign. Some smaller industry players continued to donate to Adams, but the mayor’s haul paled in comparison to Cuomo’s. Industry professionals viewed Cuomo as having the best chance at beating Assembly member Zohran Mamdani, who ultimately clinched the Democratic nomination.

Cuomo has now officially announced he will run as an independent, though some of his biggest supporters in the business community have jumped ship. Cuomo’s campaign received $64,242.61 in total during the reporting period, though post-primary, it brought in a paltry $2,115, with a $25 donation from one real estate agent (Cuomo’s team told Politico it stopped fundraising after maxing out on donations ahead of the primary). AECOM donated $125,000 to Fix the City, the pro-Cuomo PAC, on June 26.

Representatives for the PAC told the New York Daily News that the entity will support a “free-market candidate” in November. Pro-Adams PACs have already indicated their intent to raise millions of dollars for the mayor’s re-election.

Mamdani has pledged to freeze rents for tenants of stabilized housing and to raise taxes on New York’s wealthiest to help pay for a housing plan that would create 200,000 affordable units. Though the latter requires state action, the prospect of having a democratic socialist at Gracie Mansion has many in the industry nervous.

Mamdani met with the city’s business leaders this week. During the meeting, Related Companies’ Jeff Blau reportedly asked if Mamdani’s policies would drive the private sector out of the city. Mamdani said that was not his intention and that he would learn from business leaders, according to the New York Times.

The Democratic nominee also addressed other concerns raised by his critics, including an issue that has played a large role in city and state elections: the war in Gaza. He pledged to discourage the phrase “globalize the intifada,” used by some opponents of the war, which some have interpreted as a call for violence against Jewish people, Gothamist reported. Mamdani said he viewed the phrase as a way to express support for Palestinians, but added that he will not use the term and will discourage others from doing so as well.