After Zohran Mamdani won the Democratic Party primary against former governor Andrew Cuomo, New York City’s business community was stirred up. Now, the city’s ultra-rich and real estate players are uniting behind a familiar face: Mayor Eric Adams. Several billionaires and magnates, including Bill Ackman, are backing Adams in an effort to thwart Mamdani’s rise. For instance, hedge fund manager Ackman endorsed Adams, touting him as a candidate ready to take on the popular democratic socialist opponent. Not long ago, Kenneth and Maria Fishel, the pair behind a prominent New York real estate enterprise, hosted a fundraiser for Adams in the Hamptons over the July 4 weekend. The event was attended by influential figures like John and Margo Catsimatidis, as well as real estate investor Jared Epstein, among others.
According to Kenneth Fishel, this effort is about preserving New York’s vitality, shielding it from socialism, and ensuring its safety. The fundraiser at his Hamptons residence drew over 100 guests from various business sectors, and Fishel anticipates that it will ultimately generate millions for Adams’ campaign. Todd Shapiro, a publicist for the Adams campaign, described the fundraiser as one of the most successful to date. In the aftermath, Fishel mentioned that other business and real estate leaders have expressed their intention to organize similar events to support Adams. These leaders endorse Adams’ stances on housing, zoning, capitalism, and public safety, which they view favorably. They are particularly alarmed by Mamdani’s proposals to freeze rents on stabilized apartments and raise income and corporate taxes. Adams, in contrast, opposes significant corporate tax hikes and advocates for streamlining the housing development approval process to increase affordable housing availability.
Reports suggest that Marc Holliday, CEO of New York-based real estate investment trust SL Green Realty, will host an Adams fundraiser, with many of New York’s real estate elite expected to attend. Attendees reportedly paid around $2,000 to join the gathering. Real estate investor Epstein is also actively supporting Adams’ re-election efforts, with a series of events planned, including a private dinner and campaign activities to engage younger voters through social media influencers. Epstein emphasizes the importance of presenting Adams’ vision directly to voters, highlighting his love for New York and commitment to all New Yorkers. He criticizes Mamdani’s platform as unrealistic due to proposed tax increases and unattainable promises.
“We are working to implement free bus services. ‘I believe in leadership, not perfection,’ stated Epstein. He emphasized Adams’ focus on making tough decisions, stabilizing the city, and producing tangible outcomes. Epstein announced plans to host a gathering at his Hamptons residence for select influential donors who are community mobilizers. Although he did not disclose any names, he highlighted the importance of these individuals.
Numerous business leaders have shown their support for the mayor financially. An intermediary linked to Madison Square Garden Entertainment contributed $29,400 to Adam’s re-election campaign. This donation included $18,000 from Dolan family members. Additionally, an intermediary for the Real Estate Board of New York donated $3,100 through various contributors. Utilizing intermediaries allows donors to receive guidance and logistical support, enabling them to pool resources effectively.
Individual contributors have also backed Adams’ campaign within the legal limits set by New York campaign finance laws. For instance, Joseph and Jack Cayre, along with their spouses from Midtown Equities, donated $8,000. Members of the Gindi Family, operating Century 21 and Gindi Equities, contributed over $10,000. Real estate magnate Alexander Rovt and his son also made substantial donations.
Madison Square Garden Entertainment, Marc Holliday, and the Cayre, Gindi, and Rovt families did not provide immediate comments in response to Fortune’s inquiry.”
