Mr Mark Green has conceded the New York mayor's race to Mr Michael Bloomberg after a tight battle.
Mr Green's concession has put Mr Bloomberg in position to succeed Mr Rudolph Giuliani, a Republican barred from seeking a third term.
Democrat Mr Green, the city's elected public advocate, spent about £8 million on his campaign.
Republican Mr Bloomberg, the billionaire owner of the Bloomberg financial information company, is expected to spend more than £30 million of his own money.
According to Common Cause, a public lobbying group, that makes it the most expensive mayoral campaign in US history.
The city's Board of Elections says it has 99 per cent of the unofficial returns tabulated and that Mr Bloomberg had 711,189 votes to Mr Green's 670,413.
Mr Green's once large lead in the polls faded after the Rudolph Giuliani endorsed Mr Bloomberg as the man to guide New York through the aftermath of the September 11th terrorist attacks.
PA