By Michelle Sinclair Colman | From Future New York
We sought insights from Brad Gerstman—a real estate transactions lawyer, lobbyist, and government relations expert—on how Andrew Cuomo and Eric Adams might approach the role of mayor differently, specifically in terms of real estate. Both have extensive track records to draw on… and a lot of baggage. Comparing their experience and accomplishments, Gerstman weighs in on their pros and cons and ultimately reveals who he thinks will get the job done best.
MC: How do Cuomo and Adams’ policies and track record compare?
BG: Cuomo and Adams are essentially running in the same lane when it comes to real estate, setting aside all their other issues, of which there are many. Both come from Albany—Adams from the State Senate and Cuomo as a nearly three-term governor.
They share similar relationships within the real estate community, though Cuomo’s history with the industry is more contentious, while Adams’ connections are more solid. Yet, Cuomo has tons of friends in the real estate industry. If he puts his mind to focusing on NYC real estate, there is no politician I can say I believe can get it done better than him. If Cuomo decides to go after this issue, he could make a significant positive impact. Cuomo is all about execution, he gets it done. Campaigns often speak in theory and thought but mayors can make it happen.
Under Cuomo’s administration, the real estate community was often disappointed with policies that heavily favored tenant protections. Pro-tenant organizations saw these policies as victories, such as the 2019 rent regulation reforms that nearly eliminated incentives for landlords to renovate and return regulated units to the market. As a result, many of those units are now being warehoused. Some of these changes stem from Albany, while others are controlled directly by the city.
If Cuomo were to return to Albany, it would be fascinating to watch. Hochul is unlikely to engage in that political battle. The question would be – would Cuomo overshadow the governor? Historically, we’ve seen this dynamic before with Giuliani and Pataki, where the mayor held a platform that often equaled — and at times exceeded — that of the governor.
Cuomo oversaw an enormous amount of massive infrastructure projects, including LaGuardia and Kennedy airports, the Mario Cuomo Bridge, the Kosciuszko Bridge, and the Second Avenue Subway. These are monumental accomplishments. Has anyone in our modern era achieved more in infrastructure?
Cuomo knew the power he had. He understood every level of government. When de Blasio threw a punch, Cuomo would throw three back. He leveraged the state’s power the same way he did with Trump at the federal level. Cuomo is a master at identifying where his leverage lies and how to control and utilize it effectively.
