How can you tell which primary races real estate professionals are watching? Endorsements made by the Democratic Socialists of America are usually a good place to start.
Gabi Madden, former chief of staff to former Assembly member Kevin Cahill, is challenging incumbent Sarahana Shrestha, who is endorsed by the DSA and unseated Cahill in 2022. Based on state campaign finance filings, Madden’s real estate supporters include SL Green’s Marc Holliday, GFP Real Estate’s Jeff Gural, Henry and Frederick Elghanayan, Douglaston Development’s Jeffrey Levine, Rudin Management, developer Hal Fetner and Two Trees Management’s Jed Walentas.
This legislative session settled (for now) two issues that have loomed large in state politics for several years: the question of good cause eviction and a replacement 421a tax break. Shrestha pushed for a statewide version of good cause.
This year, some real estate professionals have donated to a pro-Israel political action committee, Solidarity PAC, and/or to candidates endorsed by the group, which include two races where socialist candidates are trying to usurp more moderate incumbents.
The DSA has endorsed Eon Huntley for the 56th Assembly District and Jonathan Soto in the 82nd District, and describes them as “pro-ceasefire insurgents.” The candidates are, respectively, running against incumbents Stefani Zinerman and Michael Benedetto, both of whom are endorsed by the Solidarity PAC.
Fetner, Walentas, Lightstone Group’s David Lichtenstein and Lisa Blau, the wife of Related Companies CEO Jeff Blau, donated to both candidates. The Hotel and Gaming Trades Council and the Mason Tenders District Council also donated to Zinerman and Benedetto. Members of the Elghanayan family donated to Zinerman.
Fetner and Blau have contributed to the Solidarity PAC, which also endorsed Madden.
Some other races the industry is watching:
— Assembly, 50th District in Brooklyn
Emily Gallagher, incumbent, endorsed by DSA
Anathea Simpkins, endorsed by the Solidarity PAC
— Assembly District 37 in Queens
Claire Valdez, endorsed by DSA
Juan Ardila, incumbent
Joanna Carmona, endorsed by the Solidarity PAC
— Assembly District 69 in Manhattan
Melissa Rosenberg, a real estate lobbyist
Micah Lasher, former director of policy for Gov. Kathy Hochul
Eli Northrup, public defender endorsed by outgoing Assembly member Danny O’Donnell Carmen Quinones, president of a NYCHA resident association
Jack Kellner, a physician
What we’re thinking about: What primaries are you watching closely? What election coverage would you like to see? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Wednesday marked the 50th anniversary of the state’s rent stabilization system being signed into law. Housing Justice for All took note of the anniversary.
Elsewhere in New York…
— Brooklyn officials on Wednesday announced the indictment of 18 people in connection to 12 separate shootings that killed two teenagers and injured eight others, Gothamist reports. The accused shooters, most of whom prosecutors believe have ties to offshoots of the Bloods gang, face charges of murder, attempted murder and gun possession.
— Marymount Manhattan College is going to merge with Boston’s Northeastern University, the New York Times reports. The college will change its name to Northeastern University-New York City and joins satellite campuses in London, Toronto and Silicon Valley.
— Jury deliberations in Donald Trump’s hush money trial began on Wednesday. Jurors were sent home at 4 p.m. and will resume Thursday, the Associated Press reports,
Closing Time
Residential: The priciest residential sale Wednesday was for $21 million at 920 Fifth Avenue, for a residential co-op on the Upper East Side.
Commercial: The largest commercial sale of the day was an industrial development site at 6201 Sixth Avenue for $21.4 million. Frank Wong of Wong Brothers Realty sold the 74,000- square-foot site located in Sunset Park.
New to the Market: The highest price for a residential property hitting the market was $21.8 million at 111 West 57th Street. The Midtown Central condo unit is 4,200 square feet and new construction. Corcoran’s Kane Manera and Janet Wang have the listing. — Joseph Jungermann
