NYC Real Estate Political Donations Boost Cuomo

The day after Mayor Eric Adams dropped out of his re-election bid, something interesting happened. Real estate donors started giving money to Andrew Cuomo. It didn’t take long for the checks to start rolling in.

On Sept. 29, just a day after Adams made his announcement, Cuomo got more than $32,000 from real estate professionals. Add the donations from the day Adams dropped out, and it jumps to about $41,000. That’s a big chunk of the $77,700 Cuomo received from real estate donors between Aug. 19 and Sept. 29.

Who’s Behind the Big Donations

These donations came from all sorts of people in the real estate world: developers, property managers, architects, even commercial and residential builders. According to campaign filings, real estate professionals self-reported, or were easily recognized by their job titles.

The real estate donations were part of a larger rush of cash after Adams ended his campaign. In total, Cuomo raised $895,000 during this time. About $380,000 came in on Sept. 28 and 29 alone.

Key Donors and Their Influence on the Race

Among the biggest donors, each giving $2,100 (the max allowed), were Alex Adjmi of A&H Acquisitions, investor Yaacov Amar, Richard Chera of Crown Acquisitions, broker Emily Becker from Coldwell Banker, and the Laboz brothers from United American Land.

Even Alan Keen, a Florida-based developer, and Robert Taubman, a mall developer from Michigan, chipped in $2,100.

Some of the Cayre family also donated on Sept. 29. Ken Cayre from Cayre Equities donated $400, and Robert Cayre from Aurora Capital gave $250.

Besides, Jared Epstein, president of Aurora Capital, emailed supporters urging them to donate to Cuomo after Adams dropped out of the mayoral race.

The email said it was important to “defend NYC against radical socialist policies,” referring to Zohran Mamdani, the Democratic Socialist leading the race.

Other Candidates and the Real Estate Split

Meanwhile, Republican Curtis Sliwa raised $423,700, with about $11,750 coming from real estate donors. Jerry Lebedowicz, a landlord, gave the max donation of $2,100.

Nikitas Drakotos from M&N Management and Alan Feurman from the Bronx gave smaller donations of $500 each.

In total, Zohran Mamdani has raised more than $410,000. At least $2,500 came from real estate donors, including a $500 donation from a California-based affordable housing developer—the largest single contribution from the real estate industry.

Some industry leaders, though, said they would still work with Mamdani if he wins in November.

Back in June, Cuomo was the favorite among real estate donors. A report found that the industry gave more than $500,000 to his campaign. But after Mamdani won, the real estate world wasn’t sure who to back.

Even with Adams out, Cuomo has a tough road ahead. A poll in September showed that Cuomo needs Sliwa to drop out if he wants a real shot at cutting into Mamdani’s lead.

When Cuomo lost the June primary, Adams saw a spike in donations from real estate. But after some of Adams’ top officials got in trouble, his support dropped in the polls.

Donations slowed down, and now, Adams’ campaign is mostly getting refunds, not new money.

Author Profile

Saleem Mubarak: The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.

He also writes humorous articles about real estate, investors, and realtors.