By: Jason Ostedder

(JEWISH VOICE NEWS) Concerns that New York City’s business community might retreat or relocate in the wake of Mayor-elect Zohran Mamdani’s victory appear largely unfounded, according to two of the city’s most prominent commercial real estate leaders. As VIN News reported on Friday, executives Scott Rechler, CEO of RXR Realty, and Bill Rudin, co-executive chairman of Rudin Management, said leasing activity, new development, and long-term corporate commitments remain strong and steady, despite initial market anxiety surrounding Mamdani’s progressive economic platform.

Speaking Thursday at CNBC’s Delivering Alpha conference, both Rechler and Rudin dismissed widespread speculation that the city’s high-profile tenants and major corporations were preparing to relocate following Mamdani’s election. The report at VIN News noted that their remarks directly counter the narrative of an impending corporate flight from the nation’s largest commercial real estate market.

According to the VIN News report, Rechler emphasized that leasing activity in New York remains among the most vigorous in the nation, with record-long leases extending well into the next decade.

“CEO after CEO is committing to the city,” Rechler said, citing multiple long-term office deals that extend through 2032 and beyond.

He emphasized that firms across finance, technology, and law continue to view New York City as indispensable for talent acquisition and global reach, despite periodic concerns about regulatory and tax burdens.

Rudin echoed this optimism, asserting that no evidence supports claims of a post-election corporate exodus.

“No one is calling the moving trucks,” Rudin said. “Companies are expanding and taking space.”

The two executives’ remarks carry significant weight in the industry, given that their firms manage and develop tens of millions of square feet of office and mixed-use property across Manhattan.

The VIN News report highlighted that the executives pointed to several high-profile real estate developments as concrete proof of investor and corporate confidence in the city’s economic future.

Rudin cited Citadel CEO Ken Griffin’s decision to proceed with the firm’s two-million-square-foot headquarters project at 350 Park Avenue, a project that will anchor Midtown’s ongoing transformation into a next-generation business corridor.

Rechler added that RXR Realty had recently signed a 300,000-square-foot lease with a major corporate tenant, with plans already underway to expand that footprint by an additional 200,000 square feet.

“These projects are emblematic of the resilience and vitality of New York’s business community,” Rechler said.

Both leaders noted that major corporations have not only maintained their leases but, in many cases, expanded their operations in New York since Mamdani’s election, signaling continued long-term confidence in the city’s workforce and infrastructure.

Despite lingering unease among certain investors about Mamdani’s progressive economic policies, particularly his proposals to expand affordable housing and reform tax structures, both executives stressed that New York’s market fundamentals remain robust.

As VIN News reported, Rechler asserted that the core economic indicators — job creation, capital investment, and foreign interest — continue to point upward.

“New York City is back,” Rechler said. “People believe in New York.”

Rudin agreed, noting that while some international investors have expressed concerns about potential shifts in the city’s fiscal policies, the enduring demand for premier real estate and proximity to capital markets remains unchanged.

Both men emphasized that New York’s global status — as a financial, cultural, and technological hub — continues to outweigh the uncertainties created by political change.

According to the information provided in the VIN News report, Rudin also addressed Mamdani’s evolving relationship with New York’s business sector, emphasizing that the mayor-elect appears to recognize the necessity of collaboration between the public and private sectors to tackle the city’s housing and infrastructure challenges.

“The proof will be in the pudding, but he realizes he needs business people to work with to be successful,” Rudin said.

He pointed out that Mamdani has signaled openness to engaging major developers and property owners in public-private partnerships designed to address the city’s persistent housing shortage.

This sentiment represents a notable shift from the rhetoric of Mamdani’s campaign, which was defined by his advocacy for socialist economic reforms and skepticism toward large corporations. However, since his election, Mamdani has reportedly begun consulting with industry leaders to identify pragmatic solutions to New York’s affordability crisis without undermining private investment.

Rudin stated that constructive dialogue between the administration and real estate stakeholders will be critical in maintaining investor confidence and accelerating new construction.

“You can’t solve these issues without business at the table,” he told the conference, according to the VIN News report.

As the VIN News report observed, the comments from Rechler and Rudin come amid intense scrutiny of Mamdani’s economic agenda, which emphasizes affordable housing, rent stabilization, and expanded social spending. Critics within the financial sector initially warned that such policies could deter private development and drive wealth and business activity out of the city.

However, early market indicators suggest otherwise. Leasing rates in Manhattan’s prime districts have stabilized, and vacancy rates have declined modestly in recent months. Meanwhile, construction permits for large-scale developments have continued to climb, suggesting a sustained pipeline of corporate and residential projects.

VIN News also noted that investor confidence has been bolstered by strong consumer spending and the return of international tourism, both of which contribute significantly to New York’s tax base and retail economy.

The remarks by Rechler and Rudin serve as a clear message to the broader market: despite political transitions and evolving policy frameworks, New York City’s role as a global economic center remains secure.

Their comments align with recent data showing increased commercial leasing volume across Midtown and Downtown Manhattan, particularly in the finance, legal, and technology sectors. Companies that had previously adopted hybrid work models are now expanding physical office footprints to accommodate returning staff and new hires.

For both executives, these trends point to a resilient city economy capable of adapting to political change while maintaining its long-standing appeal to global investors and multinational corporations.

“We’ve been through mayors, market cycles, and crises,” Rechler said, as quoted in the VIN News report. “The fundamentals of New York City — its people, its creativity, its resilience — always win out.”

As reported by VIN News, the assurances from two of New York’s most influential real estate figures suggest that early fears of an economic downturn under Zohran Mamdani’s administration may be overstated.

While questions remain about how the mayor-elect will balance his progressive ideals with the practical realities of economic governance, the business community appears cautiously optimistic — continuing to invest, expand, and commit to the city’s long-term future.

For now, at least, the message from industry leaders is clear: New York is open for business, and the confidence in its economic engine remains as strong as ever.