{"id":45998,"date":"2025-07-07T12:49:09","date_gmt":"2025-07-07T12:49:09","guid":{"rendered":"https:\/\/www.europesays.com\/us\/45998\/"},"modified":"2025-07-07T12:49:09","modified_gmt":"2025-07-07T12:49:09","slug":"nyc-real-estate-dealmakers-brace-for-drag-out-battle-with-mamdanis-socialist-policies","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/45998\/","title":{"rendered":"NYC real estate dealmakers brace for drag-out battle with Mamdani’s socialist policies"},"content":{"rendered":"

New York City\u2019s major real estate dealmakers are bracing for a knock-down, drag-out battle should socialist Zohran Mamdani become the next mayor \u2013 and expressed confidence they will be the ones left standing, The Post has learned.<\/p>\n

The two diametrically opposed forces are set to clash after Mamdani \u2013 who has espoused a radical, anti-business agenda \u2013 handily defeated Andrew Cuomo in the Democratic mayoral primary to become the front-runner in November\u2019s election.<\/a><\/p>\n

Manhattan\u2019s powerful commercial real estate industry, meanwhile, has shaken off the COVID maelstrom and is enjoying its best time in at least eight years, according to the latest report from CoStar, the authoritative platform for commercial real estate data and analysis.<\/p>\n

Zohran Mamdani, who defeated Andrew Cuomo in last month\u2019s Democratic mayoral primary, is the front-runner in November\u2019s election. Derek French\/Shutterstock<\/p>\n

\u201cThe business community had similar doubts when Bill de Blasio took office, yet CoStar data shows New York\u2019s office market enjoyed some of its best days during his tenure,\u201d Victor Rodriguez, author of the CoStar report, told The Post.<\/p>\n

\u201cThe reality is, New York\u2019s economic engine has so many built-in demand drivers, it\u2019s nearly impossible for any one administration to slow it down.\u201d<\/p>\n

While companies as diverse as JPMorgan Chase, Amazon and Pinterest eat up ever more space, and developers such as Rudin, Vornado and Boston Properties tee up new skyscraper projects, Mamdani has targeted large corporations and landlords for higher taxes<\/a> and even once proposed a Marxist-style takeover or private enterprise by the government.<\/p>\n

The Big Apple\u2019s business community is scrambling to throw its support behind Mayor Eric Adams, who will run as an independent. Brian Zak\/NY Post<\/p>\n

His ascendancy has left the Big Apple\u2019s business community scrambling to throw its support behind current Mayor Eric Adams, who will run as an independent, and defund Cuomo to end his flirtation with remaining in the race, as The Post\u2019s Charles Gasparino exclusively reported<\/a>.<\/p>\n

\u201cI wouldn\u2019t plan on Mamdani\u2019s inauguration yet,\u201d one powerful real estate figure who didn\u2019t want to be named said.\u00a0<\/p>\n

\u201cHe says a lot of things. He wants to make some things free like buses, but those kinds of benefits come at a huge cost. His candidacy might give some people pause, but\u00a0it doesn\u2019t mean he\u2019ll be mayor. And if he does, he\u2019ll find out right away that he can\u2019t do what he thought he could.\u201d<\/p>\n

Another industry legend echoed that sentiment.<\/p>\n

\u201cMamdani\u2019s\u00a0not an issue at this point. His platform is so ridiculous and impossible, he can\u2019t help but self-destruct by the election,\u201d he told The Post.\u00a0<\/p>\n

The Post reached out to Mamdani as to his view of commercial development and whether he\u2019d seek to impose office or retail rent control, but he did not respond.<\/p>\n

The report from CoStar reaffirmed the industry\u2019s confidence that the Big Apple can weather any storm, even from a \u201cTrotskyite\u201d like Mamdani.\u00a0<\/p>\n

It portrays a Manhattan market of nearly a half-billion square feet newly triumphant after years of post-pandemic doomsaying.<\/p>\n

\u00a0\u201cA clear divide has emerged between New York City and the rest of the nation,\u201d the report said.<\/p>\n

Manhattan office availability is between 14% and 15%, far less than Los Angeles and Chicago, according to major commercial brokerages. Christopher Sadowski<\/p>\n

CoStar found that Manhattan leasing for the first half of 2025 topped the same period in all but one year prior to the pandemic.\u00a0<\/p>\n

Its\u00a0findings are backed up by the first-half and second-quarter reports by every major commercial brokerage.\u00a0<\/p>\n

All found Manhattan office availability has fallen to between 14% and 15% \u2014 a breathtaking improvement over estimates of 20% as recently as six months ago.<\/p>\n

The vacancy rate in Los Angeles is as high as 24%, while Chicago is at 26%.<\/p>\n

The Big Apple also leads the US in return-to-office by a wide margin and landlords say work-from-home is \u201cin the rear-view mirror.\u201d<\/p>\n

Demand has virtually no office space left on Park Avenue, The Post has reported. Brian Zak\/NY Post<\/p>\n

As The Post has reported, demand for Park Avenue is so great that virtually no space is left.\u00a0<\/p>\n

Marquee-name tenants at 550 Madison Ave. are paying upwards of $200 per square foot.\u00a0<\/p>\n

Other signs of strength include:<\/p>\n