Top Real Estate CEO Hits Back at Claims New Yorkers Are Fleeing in Wake of Mamdani Win: ‘No One Is Calling the Moving Trucks’

It appears New Yorkers are returning to their routines after Election Day hit its peak. The lead-up to Nov. 4 had people looking to leave Manhattan over the possibility of a Zohran Mamdani win. The Democrat Socialist has proposed a rent freeze and raising taxes on the wealthy; but now that Mamdani is mayor-elect, there's no mass exodus.

A top real estate CEO says they will hit over 40 million square feet in commercial office leases signed at the end of the year. Bill Rudin, co-executive chairman of Rudin Management said, "People keep saying, ‘Any impact?’ No one has put their pencils down. No one is calling the moving trucks. Companies are expanding and taking space."

Rudin, along with Scott Rechler, CEO of RXR, recently spoke at CNBC's Delivering Alpha conference event in New York City. The two executives agreed that based on commercial leasing activity and new building investments, it's simply not true that people are fleeing the city.

“The people who work here, live here, they feel the energy, they have the conviction, and they have every right,” Rechler said at the conference. "We’re seeing a record level of leasing in office buildings. And it’s not just for next year, it’s for 2028, 2030, 2032."

His company, RXR, signed a 300,000-square-foot lease with a law firm moving in 2029. He said the firm came back after the election and wanted to expand by another 200,000 square feet.

"People believe in New York," Rechler added. He said at the conference that RXR has $7 billion in project financing. "You don't get that if people don't believe in the future of New York," said Rechler.

"Every young professional wants to be in New York,” Rechler told the audience and cited a 1.5% vacancy rate in the multifamily property real estate market in the city. “People want to be here."

Rechler said when he leaves the city and travels the world, he encounters people with anxiety over the future of New York City.

"They hear ‘rent freeze,’ just hear that word ... and maybe there is a pullback there,” he said

Luxury living

New numbers reveal that 25 contracts were signed for the week ending Nov. 16—that's 16 fewer than the previous week, according to the Olshan Luxury Market Report.

"Despite the past week's drop-off in sales, the luxury market has so far surpassed all the contracts signed last year (1,295)," the report notes.

But the 25 contracts is also fewer than the same week one year ago when 37 contracts were signed. Still, Olshan says her clients aren't looking to make a move.

"We don't have any clients moving because of Mamdani," Donna Olshan, real estate agent and president of Olshan Realty, tells Realtor.com®. "It's back to business as far as I can see."

The No. 1 contract signed last week was a penthouse on 255 East 77th street with an asking price of $24 million.

It's a new penthouse condominium with 5,472 square feet of living space—taking up the entire floor. The condo has six bedrooms and 6.5 bathrooms. There's a private entry gallery which leads to a corner living room. The dining room offers al fresco dining. No detail was spared. The primary bathroom features custom stone floors, marble walls and vanity tops, rain showers, and heated floors.

The building has Central Park views, a swimming pool, fitness center, yoga room, spa with steam room and sauna, and even a library opens up to outdoor space and features a fireplace. The building is still under construction and won't welcome its first residents until 2027.