Barbara Corcoran Admits She Did Not Vote for Zohran Mamdani but Wants ‘Him To Succeed’—as She Reveals NYC’s Best Neighborhood for Investors

Real estate tycoon and "Shark Tank" star Barbara Corcoran has admitted she did not vote for New York Mayor Zohran Mamdani, according to a new interview.

In an interview with The Wall Street Journal, Corcoran made the admission but added that she would "like to see him succeed."

"Getting his ideas through is going to be, I think, more difficult than even he might be aware," she said. "The city needs a crusader, and he's a crusader for the city."

When Mamdani ran for mayor of New York City, he vowed to freeze rent on the city’s nearly 1 million rent-stabilized apartments for four years.

Mamdani contends that freezing rents would be an immediate way to rein in housing costs and improve affordability. However, many landlords and real estate organizations argue that property owners must raise rents to cover rising expenses and remain profitable.

Mamdani has also created a 10-year, $100 billion plan to triple the city’s production of publicly subsidized homes.

Yet, many real estate developers fear that a public-housing expansion could discourage private builders and investors from supplying housing in New York City.

They warn this could lead to reduced private construction, higher pressure on market-rate rents, and slower overall housing growth.

Corcoran identifies hot but overlooked neighborhood

Last fall, Corcoran told the Wall Street Journal that the Upper East Side, where she has lived for decades, “was the best deal in town".

"Everyone up here knows the area’s changing. There’s more youth moving in, more kids starting out who aren’t moving to the Village anymore," she said at the time.

Corcoran sold her Upper East Side penthouse for $13.5 million in October, but closed on a new $16 million penthouse in the same neighborhood a few days later.

Now, she tells the Wall Street Journal that when it comes to New York real estate, she's "learned to always follow the creative community."

That led her to the top neighborhood she thinks people are overlooking right now: Ridgewood, Queens.

"There are a lot of savvy investors already in there, but I think it’s got all the magic ingredients that make an area go up," Corcoran says.

The Queens neighborhood—right across the Brooklyn border from Bushwick—was named by Time Out as the fourth-coolest neighborhood in the world in 2022, and its popularity has only gone up from there.

New York real estate agent Nikki Beauchamp, of Sotheby's International Realty, tells Realtor.com®, "With Ridgewood, I think part of its appeal stems from affordability. We often see that people will often start with a particular neighborhood—and then go one or two stops further. People are seeking opportunity."

And speaking of subway stops: A proposed transit line called the Interborough Express, or the IBX for short, is slated to connect Jackson Heights in Queens with Sunset Park in Brooklyn, with over a dozen stops that allow transfers to existing subway lines in between. Although it's still years away from being operational, it could boost investment in the area.

The Ridgewood real estate market

Hannah Jones, senior economic research analyst at Realtor.com, says that in December, homes in Ridgewood were priced well below the broader New York City market, helping drive stronger buyer interest.

"With a median listing price of about $1.05 million, roughly $450,000 less than the citywide median, the neighborhood offered a more attainable entry point, and homes moved faster as a result," says Jones.

According to Realtor.com data, the median number of days property listings spend on the market in Ridgewood is 81 days, which is 16 days less than one year ago and 16 days faster than the broader city of New York.

"This underscores the strong demand for relatively affordable options within New York," adds Jones.

New York real estate agent Danielle Nazinitsky, founder of Brokerage Decode Real Estate, says, "The types of clients who are showing in interest in Ridgewood are 'cool people'—like designers, architects, video, and photographers—who want space and don’t need to be in an office."

They’re drawn to the neighborhood’s walkability and buzz, with an abundance of coffee shops, boutiques, bars, and standout restaurants, including Rolo’s, beloved by "The Bear" star Jeremy Allen White.

Nazinitsky says most of the residential buildings in Ridgewood are single- and two-family houses.

"Most of the houses are in estate condition, and the renovated houses have lines out the door and sell very quickly," she says.

Ridgewood’s quaint character is reflected in its 10 historic districts, all listed on the National Register of Historic Places.

"You also have a lot of rent-stabilized housing here, so buyers and renters find good value in Ridgewood," says Nazinitsky.