After Cuomo’s Primary Defeat, Real Estate Titans Shift Support to Mayor Adams

By: Russ Spencer

In the wake of former Governor Andrew Cuomo’s defeat in the Democratic primary, New York’s real estate and construction sectors have decisively redirected their political contributions, with Mayor Eric Adams emerging as the principal beneficiary. According to a report that appeared on Wednesday at The Real Deal (TRD), campaign finance disclosures reveal that Adams’ campaign collected over $480,000 from real estate and construction industry professionals in the weeks following the June 24 primary—a surge that underscores the sector’s recalibrated strategy for the November general election.

As The Real Deal reported, Adams’ campaign amassed $1.5 million in total contributions between June 10 and July 11. Notably, a substantial portion of that sum flowed in after Cuomo’s primary loss, reflecting an apparent industry consensus around Adams as the preferred candidate to counter the rising influence of Democratic Socialist nominee Zohran Mamdani.

The shift in donor allegiance signals a pragmatic calculation by the city’s real estate power brokers. Developers, investors, and construction executives—many of whom had previously channeled millions into super PACs backing Cuomo—now appear to be consolidating their support behind Adams, who is running as an independent in the general election.

Among the top contributors to Adams post-primary were employees of SL Green Realty. The firm’s CEO, Marc Holliday, hosted a prominent fundraiser for the mayor earlier this month, generating more than $67,000 in disclosed contributions. The Real Deal report noted, however, that the full proceeds from that event may not yet be reflected in the latest campaign filings.

Prominent individual donors from the real estate sector include Robert Adjmi of A&H Acquisitions, Joseph Moinian of the Moinian Group, Daniel Brodsky of the Brodsky Organization, Adam Spies of Newmark, Isaac and Richard Chera of Crown Acquisitions, Sonny Cayre of Midtown Equities, Darcy Stacom of StacomCRE, and Kenneth and Maria Fishel of Renaissance Properties—who notably hosted a Hamptons fundraiser for Adams. Many of these donors gave the maximum allowable contribution of $2,100 after the primary, according to The Real Deal’s review of campaign finance records.

Before the primary, the real estate industry had overwhelmingly aligned with Cuomo, funneling significant resources into a super PAC dedicated to his campaign. As The Real Deal report observed, many in the sector viewed Cuomo as the strongest candidate to stave off a Mamdani victory. While Adams did receive some contributions prior to the primary, his fundraising lagged well behind Cuomo’s until the outcome of the primary shifted the political calculus.

With Cuomo now officially running as an independent, his campaign’s post-primary fundraising has been anemic. Filings show a mere $2,115 raised after June 24, with only a single $25 donation coming from a real estate agent. In contrast, Cuomo’s pre-primary haul had been substantial, with millions flowing into his coffers, often through PAC contributions. Notably, AECOM contributed $125,000 to the pro-Cuomo super PAC Fix the City on June 26, according to the report at The Real Deal.

Representatives of ‘Fix the City’ told the New York Daily News that the PAC intends to back a “free-market candidate” in November—though, much of the industry’s financial support has already migrated toward Adams. Pro-Adams PACs are reportedly preparing to raise significant sums to bolster his reelection efforts.

The stakes are particularly high for the real estate community given Mamdani’s policy platform. As The Real Deal report emphasized, Mamdani has pledged to impose a rent freeze on stabilized apartments and to advocate for higher taxes on New York’s wealthiest residents—measures intended to fund a proposed plan for 200,000 new affordable housing units. Though tax legislation would require state-level action, The Real Deal notes that the prospect of a self-proclaimed democratic socialist mayor has unnerved many within the industry.

Mamdani met with key business leaders this week in an effort to address their concerns. Jeff Blau of Related Companies questioned Mamdani directly on whether his policies risked driving the private sector out of New York. Mamdani reportedly responded that this was not his intention and expressed a willingness to engage and learn from business leaders.

Beyond economic issues, The Real Deal also reported on Mamdani’s efforts to address controversies surrounding his past remarks on the Israeli-Palestinian conflict. Mamdani pledged to discourage the use of the phrase “globalize the intifada”—a slogan some critics interpret as incitement to violence against Jewish communities. Mamdani clarified that while he views the phrase as an expression of solidarity with Palestinians, he will neither use it nor encourage others to do so.

The real estate community’s strategic pivot to Adams reflects both a reassessment of the political field and an urgent desire to protect the sector’s long-term interests.

Real estate’s alignment with Mayor Adams post-Cuomo signals a recalibrated power dynamic in a race now defined by stark contrasts between progressive activism and market-oriented pragmatism, as was observed in The Real Deal report.