Business Leaders Rally Behind Adams With Millions In Funds After Mamdani's Primary Win

New York City mayoral candidate Zohran Mamdani’s primary win against former governor Andrew Cuomo has sparked a significant response from the city’s business community. Billionaires and business leaders, viewing Mayor Eric Adams as the next-best alternative, are rallying behind him with substantial financial support and elite fundraising events.

Bill Ackman, a prominent hedge fund manager, endorsed Adams on X, positioning him as a candidate prepared to challenge Mamdani. Over the July 4 weekend, Kenneth and Maria Fishel, owners of Renaissance Properties, hosted an Adams fundraiser in the Hamptons. The event attracted over 100 guests from various business sectors, including billionaires John and Margo Catsimatidis and real-estate investor Jared Epstein. Kenneth Fishel emphasized the importance of keeping New York vibrant, free from socialism, and safe, predicting that the event would raise millions for Adams’ campaign.

Todd Shapiro, publicist for the Adams campaign, described the event as one of the best fundraisers the mayor has had. Following the Hamptons fundraiser, Fishel reported that other business and real estate leaders plan to host similar events in support of Adams. These industry titans are particularly concerned about Mamdani’s plans to freeze rents on rent-stabilized apartments and increase income and corporate taxes. Adams, on the other hand, opposes significantly raising corporate taxes and supports streamlining the housing development approval process to create more affordable housing.

Marc Holliday, CEO of SL Green Realty, is organizing an Adams fundraiser with dozens of New York’s real estate elite in attendance. Sources confirmed that attendees paid around $2,000 to join the festivities. Additionally, real estate investor Epstein has planned several Adams events for August, including a private dinner and campaign events targeting younger voters using social media influencers. Epstein aims to open minds and let voters hear directly from Adams, highlighting his love for New York and his commitment to all New Yorkers.

Epstein also plans to open his Hamptons home to a small group of influential donors, emphasizing that these individuals not only write checks but also mobilize communities. Several other business leaders have contributed to Adams’ re-election efforts. Madison Square Garden Entertainment, led by businessman James Dolan, has contributed $29,400, with $18,000 coming from members of the Dolan family. The Real Estate Board of New York contributed $3,100 through several donors, pooling larger sums of money from various sources.

Individual contributors to the Adams campaign have also helped fund his re-election bid, with donations capped at $2,100 per New York campaign finance laws. Joseph and Jack Cayre, who run Midtown Equities, and their spouses have donated $8,000. Several members of the Gindi Family, which operates Century 21 department stores and Gindi Equities, have contributed over $10,000. Real estate mogul Alexander Rovt and his son Maxwell, who own a large real estate portfolio in New York and overseas, have also made several thousand in donations.

The significant financial backing from business and real estate titans underscores their support for Adams’ policies on housing, zoning, capitalism, and public safety. These industry leaders view Adams as a candidate who can maintain New York’s economic vitality and stability, contrasting with Mamdani’s proposed tax hikes and rent-freeze policies. The upcoming election will be closely watched as these influential figures continue to rally behind Adams, aiming to secure his re-election and shape the future of New York City.