Mamdani Officials, But Not The Mayor, Mix With Real Estate At Annual REBNY Gala

Last year, now-Mayor Zohran Mamdani gathered with protestors outside of the Real Estate Board of New York’s annual gala. On Thursday, at the 130th edition of the event, his top officials were inside, breaking bread with the city’s largest landlords and developers. 

Notably, Mamdani was not in attendance, a departure from his predecessor. Mayor Eric Adams spoke onstage in 2023 and 2024 and mingled with attendees during cocktail hour last year and during his time as Brooklyn borough president.

In a statement, REBNY President James Whelan said the industry group was “pleased” to welcome city officials to the event.

Among those in attendance were Deputy Mayors Leila Bozorg and Julia Kerson, Housing Preservation and Development and Department of Buildings Commissioners Dina Levy and Ahmed Tigani, City Planning Executive Director Edith Hsu-Chen and Landmarks Preservation Commission Executive Director Lisa Kersavage. 

“We look forward to hosting Mayor Mamdani at future events,” Whelan said. “Tomorrow, we resume our focus on working with City officials and other stakeholders on practical, data driven steps to address issues such as the City’s housing crisis and continued economic growth.”

When asked during a press conference on Monday about the gala, Mamdani warned that he hadn’t made plans to attend. 

“What I can tell you, however, is that the housing crisis is going to take all of us,” Mamdani said. “It's going to take the private sector, building in a way that they haven't been able to for years before. It's also going to take the public sector, understanding that we need to build truly affordable housing.”

Gala attendees took note of the mayor’s absence, especially since he has positioned himself against the industry both during his campaign and his first weeks in office. Still, they expressed an openness to working with the new mayor. 

“I own a lot of real estate in New York City. I need this mayor to be successful,” Fetner Properties CEO Hal Fetner said. “He ran on the right message of affordability. We just disagree on how to get to affordability.”

Regardless, little could kill the vibe for real estate’s biggest night of the year, held inside the gilded halls of the Waldorf Astoria hotel. The event has previously been held at the New York Hilton Midtown and Glasshouse but moved to the building after it recently reopened following a delayed, multibillion-dollar renovation and condo conversion. 

Executives hugged as they greeted each other under chandeliers hanging from mosaic-painted ceilings. In the main hall, they toasted to what was a pandemic-era record year of leasing and a return in big-ticket sales.

“REBNY is steady,” Himmel + Meringoff Properties co-founder and Managing Partner Leslie Himmel said. “We’re 130 years old, and REBNY is the steady handle in moving things forward.” 

Gov. Kathy Hochul, who is up for reelection this year, did take the stage, as she has in years past. She has been an avid supporter of the real estate industry, acting as a wingwoman for developers courting investors and introducing a “Let Them Build” agenda for this year’s budget.

Hochul highlighted those policies, which she introduced last week, during her speech. Among her proposed changes is reforming environmental review laws to fast-track housing 

“I'm going to continue working with all of you as an ally and to break down barriers and create the incentives you need,” Hochul said. “And I, like you, am sick and tired of the red tape that makes sure that your projects go through hell and back before they ever get done.”

She added that she plans to discuss “a whole lot of policies” when REBNY leaders “Jim [Whelan] and Jed [Walentas] show up in Albany, because you were so polite tonight.”

The gala often acts as a way for politicians to woo donors. The real estate industry is the largest lobbying group in the city, having accounted for 31% of all lobbyists hired in 2024. REBNY itself is among the top 10 spenders, having distributed nearly $104K to lobbyists furthering their interests that year, according to a report by the City Clerk.

“I have such deep respect for every one of you and the work that you do and the fact that you never gave up on us,” Hochul said. “Therefore, I will never give up on you.” 

Leaving the podium, Hochul paused to shake hands with executives and other politicians sitting onstage. She stopped to take a photo with New York Attorney General Letitia James, among others.

Real estate has remained critical of some of Hochul's policies, particularly 485-x. The tax incentive enacted in 2024 was intended to encourage the construction of affordable housing, but union labor requirements have instead limited most development to buildings smaller than 100 units.

“I believe that [Hochul] will continue in a sort of middle-of-the-road posture because of the election,” Fried Frank partner Anita Laremont said during the gala’s red carpet. “I think that, as time goes on, certainly by next year, there will be a lot more pressure to have something done.”

Laremont compared the real-life implementation and consequences of 485-x to some of Mamdani’s plans, such as his promise to build 200,000 units of publicly subsidized, union-built, rent-stabilized housing. 

“There are a number of things that the mayor has indicated he intends to do, and I think some of those things will get modified in some ways as reality sets in about what can actually be achieved,” Laremont said.

That perspective is shared by many, even those who contributed to the multimillion-dollar effort to stop Mamdani’s mayoral pursuit. The hopeful attitudes were further fueled by a strong year for dealmaking — and the champagne flowing from the gala’s open bar. 

Though transactions slowed around the time of the election, Manhattan investment sales totaled $18.5B in 2025, a 13% increase from 2024, according to Avison Young. Office sales contributed $5.7B to that figure, up 62% year-over-year. 

A voracious appetite for office leasing has grown in Manhattan, with 43M SF of leases being inked last year, up 20% over the year prior and the most since 2014, according to Savills. 

“I feel good about '26. I think that momentum will continue in the first quarter or so, but I have some trepidation,” JLL Chairman and President Peter Riguardi said. “We've run out of new office product, so there will not be any new office stock until 2030.”

Trophy space in Midtown, the most coveted market, has plummeted to 3.4%. Nearly all of the city’s top developers — BXP, Related, SL Green, Extell, Rudin and Vornado — have new office towers in the works, and most have already landed tenants. 

“We've got a few things cooking, so we're looking forward to 2026,” said Bill Rudin, co-executive chairman of his eponymous firm. 

At the same time, despite increased residential conversions and some new developments, the housing crisis rages on. Vacancy has remained at historic lows of 1.4%. That could impact future commercial leasing. 

“It's getting expensive to live here, it's getting expensive to shop here, and it's getting expensive to lease commercial office space here,” Riguardi said. “When that happens, occupiers have to make decisions. Do I bite the bullet? Do I go to a less expensive choice? Do I start moving some of my talent around to other parts of the country or the region to lower costs?”