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Big Apple real estate bigwigs pumped big bucks into Gov. Kathy Hochul’s reelection campaign as the Democrat enjoyed frontrunner status in deeply blue New York.
Some members of the Real Estate Board of New York made max donations to the Friends of Kathy Hochul and the Democratic Party — a move that may aim to give them influence with the governor but may ultimately be fueling policies that are hurting their bottom lines, strategists and Republicans said.
The backers include:
- Jed Walentas of 2 Trees Management, chair of the REBNY board, who gave two donations totaling $18,000 in 2023.
He also donated $129,600 to the Hochul-led New York State Democratic Committee in August of this year.
- Douglas Durst of the Durst Organization donated $7,500 combined in two donations in 2023 and 2025.
The Durst Organization also donated $25,000 to the state Democratic Party in February of this year.
- Leaders of the LeFrak Organization — Richard, James, Harrison — donated a combined $18,000 to Hochul on the same date in 2024.
- Members of the Elghanayan family who run Rockrose Development and TF Cornerstone donated a combined $43,000 to Hochul this election cycle, in 2023-2024.
- Donald Zucker/Zucker Company gave a combined $14,500 in 2023 and last month.
- World Trade Center Developer Larry Silverstein donated $18,000 in 2023.
- Marc Holliday of SL Green kicked in $18,000 in 2023 and $24,000 from 2024 to 2026 to the state Democratic Party,
- Rob Speyer, president and CEO of Tishman Speyer and co-chairman of the Partnership of the City of New York, gave two donations totaling $18,000 in 2023 and 2024.
- Tishman Speyer corporate entities delivered another $10,000 to Hochul.
- Jeff Blau, CEO of Related Companies, donated $18,000 in 2023.
A REBNY spokesperson said it’s up to individual members of the real estate community to decide whom they want to support for elective office.
“REBNY does not endorse candidates, and our Board members make their own individual decisions about political contributions,” the spokesperson said.
State GOP Chairman Ed Cox said the real estate titans must feel “burned” after the governor unleashed a pied-a-terre tax on luxury second homes in the city under pressure from city Mayor Zohran Mamdani and his allies as they push a “tax the rich” agenda.
“For their reward, Hochul shoved the pied-a-terre tax down their throats to satisfy Zohran Mamdani’s desire to tax the rich. Of course they were burned,” Cox said.
O’Brien O.B. Murray, a campaign strategist who’s represented both Republicans and Democrats, said Hochul benefits from the “power of incumbency.”
“It’s a conundrum when the people you support go against you,” he said.
Meanwhile, Republican gubernatorial candidate Bruce Blakeman has received little financial support from business bigwigs, with Knicks and Madison Square Garden owner James Dolan a notable exception.
Major landlords and developers may view the Democrat as a safe bet to win re-election and “don’t see an upside” in supporting Blakeman, he added.
Long Island developer Scott Rechler donated to Blakeman’s re-election for Nassau County executive last year, but also gave to Hochul’s re-election for governor.
Meanwhile, former billionaire Mayor Mike Bloomberg is pumping millions of dollars into two Super PACs supporting Hochul, and Mets owner Steven Cohen, whose firm received a license to open a casino from the state, has maxed out in contributions to the governor.
Blakeman said he’s the pro-business candidate and will win over the real estate community after he becomes governor with his pro-growth agenda.
“I am going to win the governor’s race and restore economic growth and job creation to the Empire State by lowering taxes and electric bills for all New Yorkers,” Blakeman said on Sunday.
“Our business community has a choice: four more years of Hochul policies that increase taxes and drive jobs out of New York, or join my campaign and help build a state where everyone prospers.”
Thus far, Dolan is the major corporate chieftain sticking his neck out for Blakeman, pumping millions of dollars into the pro-Blakeman Super PAC Strong and Safe New York.
Last week, Dolan sent a letter to the leadership of the Partnership for the City of New York calling its leaders out for being in the tank for Hochul.
“This is where we diverge. The mayor cannot raise taxes without Governor Hochul’s support,” Dolan told Partnership co-chair Rob Speyer.
“Whoever serves as New York State’s next governor is our only defense against these harmful policies for the next three years… and it is clear that, if re-elected, Gov. Hochul will not hold the line.”
The Hochul campaign defended the governor’s record,
“Governor Hochul has cut red tape on housing to bring costs down for families across New York – Blakeman bragged that because he doesn’t build any, housing costs have skyrocketed,” a spokesperson for the Hochul campaign said.
“He’s never put money back in New Yorkers’ pockets, and he’s not going to start now,” the spokesperson added.