By: Carl Schwartzbaum

In a closely watched meeting with New York City’s top business executives on Tuesday, mayoral frontrunner Zohran Mamdani met with representatives of the city’s financial and corporate elite—only to reaffirm his commitment to the progressive policies that have made him both a rising political star and a source of unease among the business community. As reported by The New York Post, Mamdani maintained his calls for higher taxes on the wealthy and corporations, while deflecting pointed questions about his controversial statements on Israel.

The 90-minute session, attended by roughly 100 CEOs under the auspices of the Partnership for New York City. Despite pressing questions on taxes, public safety, and his use of incendiary political language, Mamdani remained steadfast in his positions.

According to the report in The New York Post, Mamdani dismissed concerns that his proposed tax increases—a 2% hike on millionaires and a 4.5% rise on corporate taxes—would drive businesses and high-income earners out of the city. He argued that previous tax increases had not led to an exodus, offering little reassurance to an audience deeply wary of policies they see as potentially harmful to New York’s economic competitiveness.

“He didn’t back away from any policy position,” one attendee told The New York Post, describing Mamdani’s tone as “non-confrontational” but “very confident.” The source characterized the exchange as emblematic of Mamdani’s political savvy, allowing him to engage with his critics without yielding ground.

Mamdani also attempted to soften the edges of his past use of Marxist rhetoric, notably his earlier call to “seize the means of production.” As The New York Post reported, Mamdani explained this as a rookie mistake, offering a vague disavowal without a direct repudiation of socialist principles.

The mayoral hopeful’s approach seemed designed to project openness while reaffirming the progressive platform that carried him to a surprise victory in last month’s Democratic primary over former Governor Andrew Cuomo.

The sit-down, held at Tishman Speyer’s offices in Rockefeller Plaza, drew high-level attendees such as Loews Corporation chair James Tisch—an outspoken supporter of Israel and father of NYPD Commissioner Jessica Tisch. Mamdani did not commit to retaining Tisch as commissioner if elected.

JPMorgan CEO Jamie Dimon, a vocal critic of Mamdani who labeled him a “Marxist” during a recent event in Ireland, notably skipped the meeting, citing a scheduling conflict. Many other financial heavyweights sent junior executives in their stead, signaling ongoing unease within the business community. “Everyone is just in listening mode,” one banking executive told The New York Post.

Questions about Mamdani’s past remarks on Israel and Hamas also featured prominently in the discussions. As reported by The New York Post, the candidate addressed concerns over his refusal to condemn the “globalize the intifada” slogan—a phrase widely interpreted as a call for violence—by stating that he discouraged its use. However, attendees reported that his responses lacked clarity and failed to assuage concerns.

Pfizer CEO Albert Bourla, who is Jewish, challenged Mamdani over his repeated use of the term “genocide” to describe Israel’s military operations in Gaza. According to the information provided in The New York Post report, Mamdani’s response was characteristic of his rhetorical style: polished, lengthy, and ultimately non-committal.

“He speaks very well, in paragraphs,” one frustrated attendee told The New York Post. “It’s easy to fall into the trap of not getting an answer to your question.”

When asked about rising retail theft in the city, Mamdani reportedly pivoted to a broader discussion on mental health, leaving business leaders skeptical about his grasp of law enforcement issues.  Mamdani’s answer sparked head-scratching among attendees who felt their concerns were being sidestepped.

The engagement is part of Mamdani’s broader general election strategy, according to the report in The New York Post. He has brought on seasoned Democratic operative Jeffrey Lerner—once a top aide to Cuomo—to manage his campaign and has been quietly meeting with individual business leaders in recent weeks. Sources told The New York Post that Mamdani also held a private session Monday with executives from the Black Economic Alliance, including chairman Charles Phillips.

Kathy Wylde, president and CEO of the Partnership for New York City, has reportedly been in ongoing dialogue with Mamdani, seeking to build lines of communication between the candidate and business leaders who remain wary of his policy agenda.

Yet despite these overtures, Mamdani’s track record continues to alarm corporate leaders. His proposals—including the creation of government-run grocery stores—have drawn the ire of retail magnates such as John Catsimatidis, who threatened to shutter or sell his Gristedes supermarket chain if Mamdani wins.

Hedge fund billionaire Bill Ackman has also emerged as a vocal opponent of Mamdani, actively searching for an alternative candidate before ultimately lending his support to incumbent Mayor Eric Adams.

Speaking to reporters before Tuesday’s meeting, Mamdani framed his outreach as an effort to build bridges. “I am looking to work with everyone,” he said. “My interest is a partnership, not politics.”

Yet the business leaders assembled at Rockefeller Plaza appeared unconvinced. As The New York Post report indicated, Mamdani’s smooth delivery and political polish could not mask the fundamental divide between his socialist-leaning platform and the priorities of New York’s corporate establishment.

With a crowded general election field that includes Adams, Cuomo, Republican nominee Curtis Sliwa, and independent Jim Walden, Mamdani’s gamble on reaching out to skeptical business leaders could prove a defining element of his campaign. Whether these overtures translate into broader political support—or merely deepen existing divisions—remains to be seen.