A wave of major financial contributions from New York’s business elite has surged into newly created super PACs determined to derail Zohran Mamdani’s campaign for mayor. In the past several days alone, over $3 million has been funneled into these committees, according to the latest financial disclosures, as anxiety grows among the city’s power brokers over the possibility of a democratic socialist taking control of City Hall.
The massive last-minute infusion comes just as the Democratic frontrunner continues to lead decisively, with polling showing Mamdani maintaining a comfortable double-digit advantage over independent contender Andrew Cuomo. The timing of the cash dump, only days before early voting begins on November 4, highlights the growing desperation among business interests to stop Mamdani’s rise before it’s too late.
For many corporate leaders, Mamdani’s platform represents a direct threat to their financial interests. He has repeatedly pledged to raise taxes on the wealthy and on large corporations to pay for sweeping social programs — including universal free child care and expanded housing affordability measures. Those proposals have left Wall Street and real estate circles deeply uneasy.
Financial records reveal that the men behind the sudden burst of spending — Eminence Capital founder Ricky Sandler, real estate investor Richard Mack, and developer Marty Berger — transferred a total of $3.26 million into three new PACs through a shared corporate vehicle known as Put NYC First Inc.
The bulk of the money, roughly $2 million, was wired Friday to a super PAC called For Our City. Over the weekend, that PAC reportedly spent $1.5 million on a new “media buy,” which sources suggest will fund a wave of negative ads against Mamdani. Details about the ads have not yet been disclosed.
Neither the treasurer of For Our City nor any of the three donors immediately responded to requests for comment. The same trio’s entity, Put NYC First, also directed just over $1 million toward another new group called Stop the Socialists, though no spending by that PAC had been reported as of Monday morning.
Earlier this month, the businessmen’s consortium made a smaller contribution — nearly $255,000 — to a third PAC named Good Growth NYC. That group has already used $200,000 for on-the-ground canvassing in support of Cuomo and another $13,000 on campaign literature boosting his candidacy, according to recent filings.
Cuomo’s campaign, which by law is barred from coordinating with any of the independent PACs supporting him, declined to comment on the outside spending activity.
Mamdani’s campaign, meanwhile, dismissed the onslaught of billionaire-funded opposition as meaningless. “Another day, another ineffective billionaire-backed PAC that won’t make a dent in the movement Zohran Mamdani is building to make New York City more affordable,” said campaign spokeswoman Dora Pekec.
Unlike traditional campaign committees, super PACs face no limits on how much money they can raise or spend, giving them immense power to flood the airwaves and influence voters. This year’s mayoral race has shattered records for outside spending, with wealthy donors pouring tens of millions of dollars into efforts — most aimed squarely at derailing Mamdani’s bid.
Before this latest round of contributions, the Sandler-Mack-Berger network had already given $750,000 to other political committees, including $250,000 to New Yorkers for a Better Future Mayor 25, a group aligned with Cuomo’s campaign. That PAC, in turn, is coordinating with Fix the City — the largest pro-Cuomo, anti-Mamdani operation in the race.
Fix the City, which also supported Cuomo’s losing effort against Mamdani in the Democratic primary, has already pulled in more than $30 million in total funding. Its recent backers include Airbnb co-founder Joe Gebbia, who added a $1 million donation just last week.
Despite the massive sums being spent, polls suggest the deluge of outside money has done little to sway voters. Surveys continue to show Mamdani maintaining a commanding lead over Cuomo and Republican nominee Curtis Sliwa, who trails far behind. A new poll released Monday did indicate, however, that Cuomo could pose a greater challenge to Mamdani if Sliwa were to bow out of the race.
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