Elections to Watch: NY, NJ, and VA 

October 28, 2025

We are one week out from the gubernatorial races in New Jersey and Virginia and the mayoral race in New York City. 

New Jersey Governor: The Democratic nominee Mikie Sherrill holds a stable lead against GOP nominee Jack Ciattarelli, but the margin is narrow and has shrunk substantially since the summer. Recently some Democrats have been raising alarms about an enthusiasm gap for Sherrill

Source: RealClearPolitics

Virginia Governor: The current polling average has Abigail Spanberger (D) 50% vs. Winsome Earle-Sears (R) 44%. However, the race has not been without controversy.

Why it matters: Each party will use these elections as a way to hone their strategy going into the 2026 midterms. 

  • The historical trend dictates that the Democrats should win these elections, as typically the party opposite the President wins the off year gubernatorial races. 
  • However, if either GOP candidate is able to win, the party will take it as a sign that they are in a good spot heading into the midterms next fall.

New York City Mayor: Mamdani holds a durable lead; Cuomo has gained but trails far behind in a three way race. 

Please contact James Montfort with any questions at (Jmontfort@crefc.org). 

Contact 

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.

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