Yes, real estate has given big to Hochul, helping her establish huge fundraising lead; a major contribution from EB-5 broker Mastroianni
So accidental Gov. Kathy Hochul is raking in the cash, having deterred both Attorney General Letitia James and former NYC Mayor Bill de Blasio from challenging her, and she relies, as always, on real estate, along with various political action committees.
She's way ahead of announced candidates Jumaane Williams, the NYC Public Advocate, seeking name recognition in an off-year, and Nassau County Rep. Tom Suozzi, who might wisely withdraw and run for re-election.
She's way ahead of announced candidates Jumaane Williams, the NYC Public Advocate, seeking name recognition in an off-year, and Nassau County Rep. Tom Suozzi, who might wisely withdraw and run for re-election.
With at least $4.6 million from prominent New York building owners and developers, Hochul’s haul for the upcoming election blows away what Andrew Cuomo collected from the industry during his final run for governor, The Real Deal’s analysis of campaign disclosures found.
All of the top real estate donors have business interests that depend directly or indirectly on state support. Some have projects on or beside state-controlled land or venues: airports, rail yards, transit hubs and the World Trade Center site, for example. Others have huge amounts of money riding on the outcome of legislative debates to be decided this year, such as the 421a tax break and good cause eviction.
Hochul’s haul hits different (kind of), Politico reported 01/20/22:
Folks like Arnold Gumowitz, who feuded with Andrew Cuomo over the former governor’s Penn Station plan that Hochul has dialed back; Vornado’s Steven Roth, who would’ve benefited from the Penn Station expansion; Steven Ross, chair of The Related Companies and owner of the Miami Dolphins; four members of the Tisch family, longtime developers and business leaders; Robert Speyer, CEO of the Tishman Speyer real estate development firm, and so on.
She raised $14.5 million from 583 donors who gave $10,000 or more, including $3.2 million from 46 different contributors who gave the maximum allowable amount of $69,700 between August and mid-January. And apparently comedian Jerry Seinfeld is a fan — her filing shows he contributed $50,000.
Who are Kathy Hochul’s big donors? City & State wrote:
The [real estate] industry was especially generous, with one of the heftiest donations coming from New York City commercial landlords, the Rudin family, which gave more than $226,000 between their 845 Third L.P. corporation and five individuals, including $35,420 from Eric C. Rudin, the president of Rudin Management Co.
...Other big real estate contributions include:
Related Companies CEO Jeff Blau and his wife Lisa Blau gave a combined $139,400. Related’s chair and founder Stephen Ross gave $69,700.
Former Empire State Development CEO Howard Zemsky and wife Leslie Zemsky, who are big in Buffalo real estate with Larkin Development Group, gave a combined $100,000.
Silverstein Properties Chair Larry Silverstein and his wife Klara Silverstein donated a combined $139,400.
The article cited names from entertainment, though I think New York Islanders' co-owners Jon Ledecky and Scott Malkin are more concerned about the next phase of development at Belmont Park.
The Real Deal noted $100,000 from The Madison Square Garden Company.
By the way, I didn't see any Atlantic Yards/Pacific Park connections, at least scanning the largest donors, but did see $6,000 from former Forest City CEO MaryAnne Gilmartin, now heading MAG Partners.
The numbers
From the City & State article:
Thirty-two individual donors gave the governor’s campaign, Friends for Kathy Hochul, the legal limit of $69,700, and at least 95 gave $47,100 or more. State law sets the contribution limit this year at $22,600 for statewide Democratic primaries and $47,100 for the general election, but some donors contributed it all in one lump sum.The Real Deal noted that those contributing $25,000 or more totaled "$10.2 million, just under half of Hochul’s total for the period."
New York City has more stringent limits, coupled with public financing.
A player
One of those top 95 donors was Florida-based EB-5 middleman Nicholas Mastroianni.
I even cited him in @CityAndStateNY essay https://t.co/qz190QR5Cd
— Norman Oder (@AYReport) January 20, 2022
On video, he devastatingly undermined the justification for investor visas: "Projects that don't typically need the capital are the projects that we look to lend money on."
So they don't create jobs.#EB5IsARacket
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