Top NYC office landlords SL Green and Vornado sink after surprise Mamdani win

SL Green Realty and Vornado are down 5% on Wednesday afternoon as investors digest the recent surprise win of Zohran Mamdani in New York City’s mayoral primary.

Mamdani, a Democratic Socialist, ran on a platform to make the city more affordable by freezing rents and eliminating bus fares. His proposals include hiking the state’s corporate tax rate and introducing a 2% income tax on New Yorkers making over $1 million a year.

The results are being seen as a blow to SL Green, the city’s largest commercial landlord. The real estate investment trust (REIT) owns or holds stakes in 55 buildings totaling nearly 31 million square feet, the majority of which are in Manhattan. Vornado, for its part, boasts 20 million square feet of office space in New York City.

The two are far underperforming the S&P 500 REIT industry group today, which is down about 1.3%.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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