NY-exposed REITs fall as Mamdani poised to win New York City's Democratic mayoral contest

Vivmark Residential

25/06/2025 15:57

** Shares of New York-exposed REITs fall as Zohran Mamdani, a 33-year-old state lawmaker and self-described democratic socialist, poised to win New York City's Democratic mayoral primary

** Mamdani has vowed to freeze rents on rent-stabilized apartments in NYC if elected mayor

** SL Green Realty SLG.N, Vornado Realty VNO.N, Equity Residential EQT.N, Empire State Realty Trust ESRT.N fall between 2.8% and 3.8%

** Kimco Realty KIM.N, BXP BXP, AvalonBay Communities AVB.N, LXP Industrial LXP down between 1% and 1.5%

** Shares of some New York-based banks also fall as an analyst said rent freeze could make it difficult for some building owners to service their debt, leading to more multi-family loan delinquencies

** The S&P 500 real estate sector .SPLRCR shed 1.1% on Wednesday

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))