Zohran Mamdani Elected NYC Mayor, Overcoming Millions In CRE Donations

The global center of capitalism has elected Democratic Socialist Zohran Mamdani as its next mayor.

Mamdani, a 34-year-old Democratic state assembly member from Queens, defeated former Gov. Andrew Cuomo, running as an independent, and Republican Curtis Sliwa in a race that has become a litmus test for politics in the second Trump administration.

The Democrat was leading with 50.4% of the vote as of 11:45 p.m., with 90% of votes counted. Cuomo had 41.6%, and Sliwa was in a distant third with 7.1% of the vote. Mamdani won a race with historic turnout, with more than 2 million votes cast for the first time since 1969, according to the city's Board of Elections.

Cheers erupted and Kendrick Lamar's Not Like Us played at Mamdani's official watch party at the Brooklyn Paramount theater in Downtown Brooklyn, where 3,000 people had gathered to watch the results come in. Mamdani, a naturalized U.S. citizen who was born in Uganda, will become the city's first Muslim mayor and one of the youngest mayors in its history.

“For as long as we can remember, the working people of New York have been told by the wealthy and the well connected that power does not belong in their hands,” he said in his acceptance speech. “Tonight, against all odds, we have grasped it. The future is in our hands.”

Mamdani campaigned on freezing the rent for New York City’s 1 million rent-stabilized apartments, a promise that landlord groups have warned will drive more buildings into disrepair and foreclosure. He challenged President Donald Trump by name and tied the real estate industry to his policies.

“We will hold bad landlords to account because the Donald Trumps of our city have grown far too comfortable taking advantage of their tenants,” he said.

Cuomo was defiant in his concession speech Tuesday night, vowing to hold Mamdani “accountable” over the course of the next administration.

“Almost half of New Yorkers did not vote to support a government agenda that makes promises that we know cannot be met,” Cuomo said. “We support an economy of jobs, of opportunity, of entrepreneurship. That's what New York is and what New York must remain.”

Mamdani unexpectedly trounced Cuomo in June’s primary, which sent the real estate industry spiraling into panic and even resulted in one investor claiming to have walked away from a $300M hotel deal. 

Mamdani has also touted government-run grocery stores, free buses and tax increases on wealthy residents and corporations — policies that have South Florida real estate brokers preparing for an influx of rich New Yorkers. He has also faced accusations of antisemitism for his support of Palestine amid the conflict in Gaza. 

“Zohran Mamdani’s election marks a major ideological shift at City Hall — one emphasizing affordability, redistribution, and tenant protection over traditional pro-business growth strategies,” real estate lobbyist and attorney Brad Gerstman said in an email after the results were announced.

Real estate companies and developers combined to donate millions to the most prominent pro-Cuomo super PAC, Fix the City, although the vast majority of its contributions came during the primary, when Cuomo was running as a Democrat.

RXR’s Scott Rechler and Two Trees Management gave Fix the City $250K, Empire State Realty Trust’s Tony Malkin, Tishman Speyer, Naftali Group and Vornado’s Steven Roth each donated $150K, and SL Green’s Marc Holliday contributed $100K a few days before the primary. 

But none have added to the super PAC’s coffers since. Even after incumbent Mayor Eric Adams’ late September decision to drop out of the race — and his endorsement of Cuomo last month — just a handful of prominent executives continued donating to Fix the City.

Three-term Mayor Michael Bloomberg was the former governor’s largest donor, contributing $8.3M in total to the pro-Cuomo super PAC before the primary. He added $1.5M in late October in a final fundraising push, and Extell Development's Gary Barnett donated $100K on Oct. 29.

Since the primary, Mamdani has softened some of his political stances and held meetings with business leaders, including major developers. He advocated for property tax reforms that form common ground with the real estate industry, and he has started to discuss more ways to bring down costs for apartment owners.

“We congratulate Mayor-elect Mamdani on his victory,” Real Estate Board of New York President James Whelan said in a statement. “REBNY is prepared to work with the next mayor to address the issue of housing affordability and other challenges facing our city.” 

As the election drew closer, industry leaders downplayed the impact Mamdani might have on the city's business climate. New York has enjoyed a resurgence this year, with record-high apartment rents, billions in investment from Wall Street giants and the strongest office market in the country.

“I would suggest that the significant negative rhetoric that's in the press and the media about the impact of the administration of Mayor Mamdani, I think it's just overblown,” BXP CEO Owen Thomas, whose company started construction this summer on a $2B office tower across from Grand Central, said on his company's earnings call last week.

Mamdani’s victory Tuesday night was a bitter pill to swallow for many in the commercial real estate industry, but many had already come to grips with the reality of his mayoralty and resolved to make the best of it rather than flee.

“At least we have some certainty. At least we now know who will be our mayor for the next four years,” said Spencer Levine, president of developer RAL Cos. “I think there will probably be an immediate, in the world of CRE, knee-jerk reaction as to what’s going on in the city. But I’ve always remained optimistic as to what the city is and what the city will always be.”

Sasha Jones contributed to this story.