Paul Massey, the Republican frontrunner looking to unseat Mayor Bill de Blasio during the November election, has dropped out of the race.
The real estate investor sent out a statement Wednesday citing "extraordinary cost" while running for office.
"I do not see a path to raising the necessary funds to beat an incumbent mayor. I am forever indebted to my family, team and my friends for their support," said Massey.
Massey had already spent twice as much as de Blasio on the race, according to Campaign Finance Board data.
A Quinnipac University poll in May found de Blasio would have crushed Massey by a 3-1 margin.
Massey said New Yorkers haven't heard the last of him.
"I will continue to be a spokesman for the kind of non-partisan results-oriented leadership I have been advocating for all along," he said in a statement.
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Another potential Republican candidate, John Catsimatidis, owner of Gristedes supermarket chain, dropped out of the race in May. That leaves Assemblymember Nicole Malliotakis as de Blasio's most likely challenger in November.
"I am sad that Paul Massey has left the race. He is a gentleman and someone who cares a great deal about out city. I wish him well in the future," said Malliotakis in a statement.
