R
eal‑estate firms poured millions into a campaign to block Zohran Mamdani’s mayoral bid, but the effort collapsed. After the election, industry donors—though modest in the campaign—contributed $40,900 to Mamdani’s transition between Nov. 5 and Nov. 30, a fraction of the $2.6 million he raised in that window. By Dec. 5, contributions from the sector exceeded $3 million, earmarked for staff and operational costs as he prepares to assume office. The donors span development, construction, architecture, property management, and brokerage.
Key contributors include Beachwold Residential CEO Gideon Friedman ($3,700), Washington‑area developer Joseph Kaempfer ($3,700), Craig Harwood ($2,000), LCOR’s David Sigman ($250), Albany developer Faraz Khan ($3,700), New Jersey investor Mustafa Ladha ($3,700), and JRT Realty’s Jodi Pulice ($2,000). Pulice had previously donated $400 to former Gov. Cuomo’s campaign and had ties to a city lease dispute. Mamdani’s transition committee, announced two weeks ago, lists 24 members from housing NGOs, unions, Yimby groups, tenant advocates, and private real‑estate firms; the mayor‑elect has yet to name leaders for the Department of Housing Preservation and Development, City Planning, or the Department of Buildings.
Housing advocates warn that four proposed bills—Intros 958, 1433, 1437, and 1443—would raise HPD’s annual budget by $545 million by mandating minimum affordable‑housing percentages for city‑funded projects, including studio caps in senior housing. A separate Construction Justice Act would add $1.3 billion to HPD’s budget by setting minimum wages on certain city‑funded developments. Opponents argue the cost estimates are inflated. The final City Council session, scheduled for Dec. 18, will decide on these measures.
Other city news: Port Authority police seized a runaway horse, Sundance, at JFK Terminal 1 after it was spotted on the expressway; the animal escaped from Curly’s Cowboy Center in Southeast Queens. Mamdani and his wife, Rama, will relocate to Gracie Mansion next month, citing family safety and a need to focus on the affordability agenda.
Market highlights: The most expensive residential sale was a 3,200‑sq‑ft condo at 70 Vestry Street for $21 million. The top commercial transaction involved a 38‑story block at 35 Hudson Yards sold for $488.4 million to Japan’s Mori Trust. The newest listing on the market is a 2,700‑sq‑ft condo at 1165 Madison Avenue priced at $10.8 million. The largest new building permit filed is for a 92,273‑sq‑ft, nine‑story mixed‑use development at 1383 Brooklyn Avenue, East Flatbush, led by EQ Architecture’s Claudia Goudas.
