Real estate bets on Eric Adams

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Jul 18, 2023 View in browser   By Janaki Chadha and Hajah Bah New York City Mayor Eric Adams spoke at a news conference Thursday, May 11, 2023. | Caroline Rubinstein-Willis/Mayoral Photography Office New York City Mayor Eric Adams’ latest $1.3 million fundraising haul got a boost from several real estate heavyweights — signaling continued support from an industry that’s enjoyed a friendly relationship with City Hall. Marc Holliday, chairman and CEO of the development firm SL Green, gave the maximum $2,100 to Adams’ reelection bid during the latest filing period, according to the Campaign Finance Board. Stephen Green, founder of the company, gave another $2,100. The firm, which is the city’s largest commercial landlord, is one of several developers and gaming giants competing in the high-stakes race for a New York City-area casino license. It's a process the mayor has a key role in. Adams’ former chief of staff, Frank Carone, is working on SL Green's bid for a casino in Times Square — one sign of close ties between the firm and City Hall. The mayor’s fundraising haul also drew $2,100 each from Helena and Alexander Durst, both principals at the Durst Organization. Fred Elghanayan, co-founder of the real estate development company TF Cornerstone, gave $2,000. George Fontas, a lobbyist whose firm was paid nearly $1 million this year by a coalition of real estate groups fighting the state “good cause” eviction bill — which would effectively restrict rent increases in market-rate apartments — gave $400. Adams, who rents out part of his Brooklyn townhouse, once proclaimed, “I am real estate.” He has made a point of boosting private real estate projects. He has pushed key industry priorities in Albany like an extension of the controversial 421-a tax break. And one of his signature initiatives seeks to reduce the time and costs associated with building in New York. In his first year in office, the mayor-appointed Rent Guidelines Board additionally approved the highest rent increase in nearly a decade. IT’S TUESDAY. WHERE’S KATHY? Delivering announcements on flood recovery at Sacred Heart of Jesus Covenant School in Highland Falls and on housing at Powerhouse Arts in Brooklyn. WHERE’S ERIC? Meeting with President of the European Committee of the Regions Vasco Cordeiro, Warsaw Mayor Rafał Trzaskowski and Braga Mayor Ricardo Rio in Brooklyn. Delivering remarks at a street co-naming for NYPD Detective Wilbert Mora in Brooklyn. Delivering a public-safety related announcement with NYPD Commissioner Edward Caban. And hosting and delivering remarks at a reception for the 55th Anniversary of the Fund for the City of New York. QUOTE OF THE DAY: “This is an amazing moment for not only the Spanish-speaking community, this is an amazing moment for our entire city and country,” Adams said regarding Caban becoming New York's first Latino police commissioner.   JOIN 7/26 FOR A TALK ON THE NEW ENERGY ECONOMY: Join POLITICO's lively discussion, "Powering a Clean Energy Economy," on July 26 at 5:15 PM ET. We'll explore the effectiveness of consumer-targeted policies to boost sustainability and create clean energy jobs. How are the Inflation Reduction Act's provisions faring? Which strategies truly sway consumer behavior? How are advances in technology shaking things up? And, what's the future for energy consumption reduction? Hear from featured speaker, Rep. Debbie Dingell (D-Mich.), among other experts. Don't miss this insightful event — register today and be part of the conversation driving America's clean energy future! REGISTER NOW.     ABOVE THE FOLD Grand jury weighing possible charges against former Buildings Commissioner Eric Ulrich, sources say, by Daily News’ Michael Gartland and Molly Crane-Newman: "The investigation into Ulrich became public after investigators from Bragg’s office served him with a search warrant outside his Queens home, questioned him and seized his cell phone. "The contours of that investigation were not entirely clear at the time, but sources confirmed that it involved gambling and illegal card games." WHAT CITY HALL IS READING Edward Caban Becomes First Latino Police Commissioner in New York, by The New York Times’ Maria Cramer and Karen Zraick: "Commissioner Caban, 55, who had previously served as first deputy commissioner, had remained close to the mayor through [Commissioner Keechant] Sewell’s tenure. He will oversee roughly 36,000 officers and 19,000 civilian employees." ‘Kids trying to live’: A novel study in Brooklyn explores why teens are carrying guns, by Gothamist’s Brittany Kriegstien: “Over the course of about six months, the researchers interviewed 103 young people, mostly young men, who said they’d carried a gun within the previous year. "Reasons ranged from concerns about police, protection from others and involvement in street hustles — but they mostly shared a common theme: the fear of dying." Transit groups call for congestion toll to be passed on to for-hire vehicle riders, by City & State New York's Annie McDonough WHAT ALBANY'S READING Andrew Cuomo prepares to board a helicopter after announcing his resignation, on Aug. 10, 2021, in New York. | Seth Wenig/AP Photo Cuomo’s legal bills hit $6.6 million, by POLITICO’s Bill Mahoney: Cuomo currently has $7.6 million in his campaign account, down from $16.8 million at the start of 2021. A good chunk of this will eventually be reimbursed by taxpayers. Since at least some of the allegations made against the ex-governor led to courtroom appearances that did not end with convictions, state money will pay his campaign account for the share of the legal spending that went toward these cases. Hochul's re-election campaign raises $4.5M in six months, by New York State of Politics’ Nick Reisman: “While Hochul's fundraising total is smaller than prior governors during similar off-cycle periods, the money was raised under lower contribution limit rules that capped donations to a gubernatorial campaign at $18,000." Power outages coming to NYC by 2025, and maybe upstate too, report says. What to know, by Lohud.com’s Thomas C. Zambito AROUND NEW YORK — Manhattan's top prosecutor wants an outside authority to take control of city jails. (The New York Times) — Legislators approved funding to repair a huge sinkhole in Nassau County. (Newsday) — The MTA is set to spend $50 million on five free bus routes across New York City. (New York Post)   UNLEASH THE FUTURE OF HEALTHCARE WITH POLITICO, A 7/20 INTERACTIVE EVENT: Imagine a future where rare genetic diseases are not only treatable, but potentially curable. Where our approach to chronic illness takes a monumental leap forward. That future is already taking shape in the form of next-generation health care treatments such as gene therapy. Join POLITICO on Thursday, July 20 and delve into the burgeoning field of gene therapies, which hold the power to redefine our health care landscape. Are you ready to explore this new frontier in health care? Don't miss this chance to be part of the conversation. REGISTER NOW.     SOCIAL DATA BY DANIEL LIPPMAN HAPPY BIRTHDAY: Steve Forbes … Coinbase’s Julia Krieger … CBS’ Carol Ross Joynt … NBC’s Gadi Schwartz … Fox Business Network’s Jackie DeAngelis … Varun Anand … John Yanchek … Dillon Fontaine … Omar Kasule … Lauren Rubinov … Britta Towle … Michael Luongo … Rebecca Bernhard … (was Monday): Josh Nathan-Kazis ... Melanie Ettleson (h/ts Jewish Insider) MAKING MOVES — Sabrina Rezzy has joined the New York State Trial Lawyers Association as communications director. She most recently was a VP at George Arzt Communications. … Kate Lair is now comms director for Rep. Ronny Jackson (R-Texas). She most recently was administrative assistant for Fox News’ “The Ingraham Angle” and is a Trump White House alum. Real Estate A Typology of Unwanted Manhattan Office Buildings: Certain kinds of properties are more doomed than others. Here, four case studies, by New York Magazine’s Kim Velsey and Ian Volner    Subscribe to the POLITICO Playbook family Playbook  |  Playbook PM  |  California Playbook  |  Florida Playbook  |  Illinois Playbook  |  Massachusetts Playbook  |  New Jersey Playbook  |  New York Playbook  |  Ottawa Playbook  |  Brussels Playbook  |  London Playbook View all our political and policy newsletters Follow us

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