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New York Post
3 days ago
- Business
- New York Post
Luxury real-estate brokers say wealthy New Yorkers are already looking to flee after Zohran Mamdani's primary win
Within minutes of Zohran Mamdani clinching the Democratic nomination Tuesday night, real estate agents like Ryan Serhant were flooded with calls from clients looking to walk away from deals to buy apartments in NYC. High-end buyers are now looking to purchase property outside of the city. 'My number one job will be moving people from New York to Florida. Again,' Serhant told me. 'Based on the results, clients are going to hold off on making any kind of investment in New York City.' According to a note I reviewed, one client who had made an offer on a Chelsea apartment sent her broker an email minutes after former Governor Cuomo conceded to Zohran Mamdani. 'We are going to take a break from looking until there's more clarity on the mayoral election,' the client wrote. Advertisement 3 'My number one job will be moving people from New York to Florida. Again,' celebrity broker Ryan Serhant told me. 'Based on the results, clients are going to hold off on making any kind of investment in New York City.' Getty Images One Manhattan-based founder who already pays 50% of her income immediately started thinking about moving. 'Where can we go?' she asked me. Other New York-based venture capitalists, founders and bankers I spoke with said they're already looking at properties in far-flung locations like Uruguay and Milan and closer-to-home options, such as Palm Beach, should Mamdani win the general election in November. Advertisement Florida real estate agents are already seeing a surge in interest. 3 'The amount of lifelong New Yorkers texting me [about a move to Florida] is close to shocking,' Nathan Zeder, a broker who works at the Jills Zeder Group, told me. MEGA for NY Post 'The amount of lifelong New Yorkers texting me [about a move to Florida] is close to shocking,' Nathan Zeder, a broker who works at the Jills Zeder Group, told me. The company, which is based in Fort Lauderdale, has sold $1.8 billion worth of real estate in Florida so far this year. 'People are frightened and over the next three to four months we're going to see a lot of people consider South Florida again — it's going to be a COVID level of interest,' Zeder added. 'These are people who can afford to move with relative ease.' Advertisement Serhant said he's not resigned to Mamdani winning in November and running the city. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). 'We'll see what happens now — you're going to see the real estate and investment community back Adams,' he noted. Other sources told me that the pro-business community in New York is already donating to Adams — who is running for re-election as an independent candidate — and trying to figure out how they can best support the current mayor. Advertisement Serhant, who is featured in this season's 'Sex and the City' reboot 'And Just Like That,' is at odds with co-star Cynthia Nixon who plays Miranda Hobbes. 3 Within minutes of Zohran Mamdani clinching the Democratic nomination Tuesday night, real estate agents like Ryan Serhant were flooded with calls Yesterday, Nixon posted to X that 'I don't know that I have ever been more excited to vote for anyone than I am to vote for Zohran Mamdani.' Serhant told me the message he's drilled into his 500 agents across 19 states over the years running his firm is 'markets and policy don't dictate our success but they dictate our strategy.' And that strategy? 'There are plenty of other places to live,' he said. Agents in the Sunshine Belt, which covers the southern part of the U.S., including Arizona, Texas, and Florida, have been the busiest since lat night, Serhant noted. Of course, it might not be all bad. Another source told me that the number of New Yorkers looking to flee the possibility of a socialist mayor could create a significant 'Mamdani discount' in the real estate market.
Business Times
4 days ago
- Business
- Business Times
Oil trades on fear, not just barrels, as geopolitics and prediction markets take hold
[SINGAPORE] When even Goldman Sachs is tracking crypto-based prediction platform Polymarket to get a read on the risks facing oil markets, you know something's shifted. On Monday (Jun 23), Goldman Sachs warned that Brent could hit US$110 a barrel if the Strait of Hormuz is blocked, citing Polymarket, showing how even prediction markets with low liquidity may be shaping sentiment. But while some are treating this Manhattan-based market platform as a new kind of geopolitical barometer, others like Singapore continue to keep its doors shut on grounds that it's an illegal gambling site. Regardless of where one stands, it says a lot about how oil is being traded. Less than a fortnight since Israel's airstrikes on Iran, markets appear to be not just reacting to fundamentals (supply and demand) but also probabilities. At the heart of the oil markets' guessing game is whether Iran will move to shut down Strait of Hormuz – one of the world's most important waterways for fossil fuel transportation, particularly oil and liquefied natural gas. Over the weekend, Iran's Parliament reportedly approved its closure. On Monday morning, Polymarket showed a 43 per cent chance that Iran would close the waterway before July. By evening, that probability had nearly halved and on Tuesday morning (Asia time), it plunged below 5 per cent after US President Donald Trump announced a 'complete and total' ceasefire between Israel and Iran. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The odds are likely to shift again to reflect the volatile times. Oil prices have been swinging wildly. Iran's latest move, firing six missiles at US bases in Qatar, should have pushed prices up, but instead they slumped. The reason? The Strait of Hormuz remains open, and crude is still flowing. This suggests that traders are no longer just chiefly reacting to supply but are also trying to read intent. History shows that during extended Middle East flare-ups, fear alone has added US$20 to US$30 a barrel – proof that sentiment can outmuscle fundamentals when geopolitics takes centre stage. That's not to say fundamentals have left the building altogether. There remain key factors that could blunt some of the upward pressure in the commodity's prices. For one, the Organization of Petroleum Exporting Countries and allies (Opec+) has room to pump more, suggesting that the oil cartel has both the capacity and motivation to respond if prices rise too fast. Global inventories aren't exactly scraping the bottom either while slowing economies are weakening energy demand. Iran pumps about 3.4 million barrels of oil a day and still exports a significant volume of oil despite US sanctions, with much of it flowing to China. That trade keeps its economy afloat but also limits its ability to escalate. Closing the Strait of Hormuz would risk cutting off its own revenue lifeline. This is what makes its next move hard to predict. Teheran has the capability to cause chaos, but also every reason to show restraint. A prolonged oil rally is bad news for rate-cut expectations, especially in Asia where policymakers were hoping for some breathing room. If oil prices climb to US$110 to US$120 a barrel (under pundits' high-risk scenario) and stay there for over three months, analysts warn Asia could face a 'stagflationary shock'. In that scenario, central banks may be forced to tighten policy instead of easing, worsening the slowdown. We've seen how that story plays out. And this may be the fear factor keeping markets on tenterhooks.
New York Post
5 days ago
- Business
- New York Post
NYC biz leaders left shaking over prospect of Zohran Mamdani mayoral win: ‘It would be disastrous'
They want none of his business. Big Apple business leaders are shaking in their boots that socialist Zohran Mamdani will pull off an upset win in Tuesday's Democratic mayoral primary and coast into Gracie Mansion, The Post has learned. Frightened movers and shakers said that a Mayor Mamdani would be 'disastrous' for New York City — with some loath to speak out publicly for fear of ticking off progressives and galvanizing the Queens assemblyman's lefty, anti-business base. 'It would be disastrous for the city,' said startup entrepreneur John Borthwick — who recently met the surging candidate during a Partnership For New York City meeting. Mamdani, who spent just three years in the workforce between graduating college in 2014 and being elected to the state Assembly in 2020, struck Borthwick as out of his depth. 'He's a very nice charming human who I think who has absolutely no idea what it would take to run a city government,' Borthwick, the CEO of Betaworks, said. 3 Zohran Mamdani's surge in the Democratic mayoral primary has some business leaders running scared. LP Media 'Given the challenges the city faces with the state budget and federal government, they will eat him for breakfast.' The business community's fear has been rising along with Mamdani's standing in the polls — culminating with an Emerson College Polling/Pix 11/The Hill survey Monday shockingly finding him edging out former Gov. Andrew Cuomo in eight rounds of ranked-choice voting. Mamdani's surge in the polls has been driven by his unabashedly socialist, freebie-heavy platform promising free buses, city-run grocery stores and higher taxes on the rich. But many business leaders such as billionaire John Catsimatidis — who threatened to close his Manhattan-based grocery chain Gristedes if Mamdani wins — have claimed that the Democratic socialist's proposals will lead to an exodus from the city. 3 Billionaire John Catsimatidis threatened to move his Gristedes grocery chain out of New York City if Mamdani wins. Stefan Jeremiah for New York Post Florida's Republican Gov. Ron DeSantis gleefully weighed in on the recent poll showing a Mamdani win by boasting of boon for the Sunshine State — at least for the well-to-do. 'Just when you thought Palm Beach real estate couldn't go any higher…' he wrote on X. Frank Garcia, national chairman of the Hispanic Chamber of Commerce, who lives in New York, bluntly said business leaders were very concerned about Mamdani getting elected. 'He's like Bill de Blasio. He's anti-business,' Garcia said. One New York business industry leader, who spoke with The Post under the condition of anonymity out of concern that Mamdani may actually win, said the outspoken progressive would bring 'uncertainty.' 'Uncertainty is never good for businesses, it's never good for the market,' he said, even going so far as comparing Mamdani to President Trump and his erratic tariff policy. 'It's almost like Trump in reverse,' he said. One of Mamdani's people-pleasing planks is a promise to raise New York City's minimum wage to $30 an hour by 2030. 'In the world's richest city, making the minimum wage shouldn't mean living in poverty,' his campaign's platform states. Tom Grech, president of the Queens Chamber of Commerce, said his borough's merchants — of whom 90% have 10 or fewer employees — are worried about Mamdani's promises. 'A $30 minimum wage is unsustainable,' he said. 'The average merchant can't afford a minimum wage increase now. That would kill the bottom line. They'd have to cut employees.' But other business leaders have publicly kept their concerns to themselves. 3 Kathryn Wylde, CEO for the Partnership For New York City, said business leaders have stayed silent in the Democratic primary because their 'kind words' are not helpful. Bloomberg via Getty Images Kathryn Wylde, CEO for the powerful Partnership For New York City nonprofit business group, said their silence isn't necessarily unusual, noting they don't typically comment on political races. 'Plus, they are not plugged into social media, so few were forewarned about the possible far-left direction of the mayoral race,' she said. 'Many have some history with Cuomo — as some pundit put it 'the devil they know' — who was looking for their dollars but not for public endorsement in a Democratic primary, where kind words from the business community are not helpful.'
Miami Herald
5 days ago
- Business
- Miami Herald
Opening date revealed for Capital One's new ‘flagship' lounge at JFK Airport
Traveling through New York's JFK Airport is now a little more luxurious, thanks to Capital One's newest lounge. The credit card company opened its "flagship" lounge location - its largest lounge to date - in JFK's Terminal 4 on June 19. Inside the 13,500-square-foot space, travelers will find modern and sophisticated areas to eat, drink, and relax, all of which are designed after iconic New York City sights, like a sleek Manhattan-themed bar and a dining area inspired by Central Park. Travelers will also find a New York bodega-style deli counter, where they can order coffee drinks from Bean & Bean Coffee Roaster, authentic New York bagels from Ess-a-Bagel, chopped salads, egg sandwiches, and more. An interactive cheesemonger experience from Manhattan-based Murray's Cheeses offers curated cheese boards and charcuterie, paired with seasonal wines and beers. Open 24 hours a day, the new lounge also offers a "midnight snack" meal service of late-night bites, which will be exclusive to the JFK location as "an ode to the city that never sleeps," according to Capital One. In terms of amenities, the flagship space will offer reservable work rooms, a parents room with bottle warmers and comfortable chairs, a shower suite with plush towels and Dyson hair dryers that can be reserved by QR code, plenty of tables, comfortable chairs, and "the most expansive tarmac views of any Capital One lounge," the company said. The lounge is located on the lower level of Terminal 4's retail hall and is open 24 hours a day. Travelers with a boarding pass for a same-day flight can enter the lounge up to three hours before departure. To receive complimentary access to the space, travelers must be a Capital One Venture X or Venture X Business card holder. Travelers with the Capital One Venture and Spark Miles cards can access the lounge at a discounted rate of $45. All other travelers can pay a $90 fee to enter the space. The JFK lounge is the fifth location in the Capital One Lounge network, which also has outposts at Dallas-Fort Worth (DFW), Washington Dulles (IAD), Denver (DEN), and Las Vegas (LAS). The company also has a single Capital One Landing lounge concept at Washington D.C.'s Reagan National Airport (DCA), and a second Landing location is coming soon to New York LaGuardia's (LGA) Terminal B. ___________ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
New York Post
18-06-2025
- Business
- New York Post
Billionaire John Catsimatidis threatens to close Gristedes chain if socialist Zohran Mamdani elected NYC mayor
Billionaire John Catsimatidis threatened to close or sell his Manhattan-based grocery chain Gristedes if Democratic Socialist mayoral candidate Zohran Mamdani is elected the next mayor of New York City. 'We can't compete with Mamdani opening city run supermarkets for free,' Catsimatidis told The Post on Wednesday, referring to the mayoral hopeful's plans to open grocery stores owned and operated by the government in the five boroughs. 3 John Catsimatidis threatened to close or sell his Manhattan-based grocery chain Gristedes if Zohran Mamdani is elected the next mayor of New York City. Stefan Jeremiah for New York Post Advertisement 3 'Will Mamdani run the supermarkets with union help? When people start shoplifting, will he even have cops arrest them,' Catsimatidis pondered. Robert Miller 3 Catsimatidis, 76, has run the mainstay supermarket for decades on top of his slew of other businesses. Robert Miller 'Will Mamdani run the supermarkets with union help? When people start shoplifting, will he even have cops arrest them,' Catsimatidis pondered. Advertisement The 76-year-old supermarket mogul also suggested that if corporate taxes are hiked in the Big Apple – another lofty ambition included in Mamdani's campaign's progressive agenda – that he would need to relocate his company's headquarters. 'We'd probably move our corporate headquarters to New Jersey,' Catsimatidis said. Catsimatidis, 76, has run the mainstay supermarket for decades on top of his slew of other businesses. A spokesperson for Mamdani did not immediately respond to a request for comment.
