Pro-Adams Political Action Committee Secures $750,000 Enhancement
Mayor Eric Adams' reelection campaign has received significant support from major donors, with the Empower NYC independent expenditure committee raising over $1 million so far. Notable contributors include Scott Lynn, founder and CEO of Masterworks.io, who donated $500,000, and Jean Marc-Chapus, co-founder of Crescent Capital, who donated $250,000 through a trust called Etoiles Trust.
The Etoiles Trust, which previously donated $50,000 to Empower NYC in May, is a key backer of Adams' campaign. Scott Lynn, a prominent individual investor, and Jean Marc-Chapus, a prolific investor, are joined by other financial sector donors in supporting Adams' reelection effort.
Billionaire Alexander Rovt and billionaire Len Blavatnik are among the previous donors to Empower NYC. However, the largest funder of the PAC is now Scott Lynn, who has replaced real estate executive Gary Barnett in that position.
Abe George, founder and CEO of Empower NYC, is working to attract donors from the cryptocurrency industry. Lawyer Eric Lerner, who is no longer serving as Empower NYC's president, is also involved in helping to attract these donors. George states that donors are investing in Empower NYC's plan because the PAC plans to operate like a full campaign, identifying Adams' voters and using a comprehensive field strategy to get those voters to the polls.
Empower NYC aims to raise $15 million for Adams' campaign, making it one of more than half a dozen independent expenditure committees active in the November mayoral general election in New York City. The throng of PACs spending in the race could indicate a lack of agreement among anti-Mamdani forces on the best way to defeat Democratic nominee Zohran Mamdani.
It is worth noting that Mayor Adams' reelection campaign does not have public matching funds. There is also an internal probe regarding the lease situation of a city agency won by a building owned by billionaire Alexander Rovt. Additionally, Eleonora Srugo, a real estate agent and reality TV personality, recently formed a pro-Adams PAC.
The formation of these PACs and the contributions they receive highlight prominent individual investors and financial sector donors as key backers of Adams’s independent expenditure PAC for his 2025 reelection effort. However, the dynamics of the election and the roles of various players continue to evolve, with Adams and Cuomo themselves not always seeing eye to eye.
- Jean Marc-Chapus, a prolific investor, and Scott Lynn, a prominent individual investor, are among the financial sector donors supporting Mayor Eric Adams' reelection campaign.
- The Etoiles Trust, a key backer of Adams' campaign, previously donated $50,000 to Empower NYC in May.
- Empower NYC, the PAC that is the largest funder of Adams' reelection campaign, is aiming to raise $15 million for his campaign.
- Abe George, founder and CEO of Empower NYC, is working to attract donors from the cryptocurrency industry.
- The dynamics of the election and the roles of various players continue to evolve, with Adams' reelection campaign receiving contributions from multiple PACs, including those related to war-and-conflicts, policy-and-legislation, general-news, crime-and-justice, accidents, fires, and car-accidents.
