New York commercial real estate developers have been trying to come to grips with the fact that Zohran Mamdani will likely be the next Mayor after upsetting former New York Governor Andrew Cuomo. As of now, all they can do is urge caution, as some of his policies, if implemented, could cause unease for developers and landlords.

Mamdani, a 33-year-old state assemblyman representing northwest Queens, last month shocked the political establishment by trouncing the longtime front-runner, former Gov. Andrew Cuomo, whose name recognition, experience and support of billionaires and corporations, made him the favorite.

An analysis of election districts won by Trump in 2024 and Mamdani in this year’s primary shows many feature a majority of Asian American residents.