Well-heeled New York Democrats dismayed at the prospect of even another two years of Kirsten Gillibrand in the United States Senate have been floating the candidacy of former Tennessee Congressman Harold Ford Jr. But the floundering candidacy of Ford may be bolstered by the appearance of a new Republican candidate for the seat: publisher and real-estate magnate Mortimer Zuckerman.

According to the New York Times, the 72-year-old Zuckerman is considering a run for the Senate this year. It is assumed that if he  throws his hat in the ring, the 72-year-old billionaire will have the GOP nomination for the asking. But if Zuckerman runs, it will also have an impact on the Democrats.

Until Ford’s boomlet appeared last month, Gillibrand appeared to be cruising to an easy primary victory simply because Chuck Schumer, New York’s senior senator, has very much enjoyed his last year in office. That’s because Gillibrand, unlike her predecessor Hillary Clinton, not only does whatever Schumer asks her to do, but is also content to let the legendary Brooklyn publicity hound hog have all the media attention. So Schumer has used his considerable fund-raising power to not only help build Gillibrand’s campaign account, but to also intimidate possible foes such as Manhattan Congresswoman Carolyn Maloney from pursuing the race. But the problem with this scheme is that Gillibrand has made such a poor impression in the Senate that despite Schumer’s best efforts, some Democrats still think that not only can they do better but also that she is potentially vulnerable in November. Gillibrand’s weakness is accentuated by the possibility that the mid-term election this fall will feature a Republican tide sweeping the country.

So far, Ford’s tryout in the media hasn’t gone that well. His initial interview with the Times was almost as disastrous as a similar encounter with the press, in which Caroline Kennedy’s putative candidacy for the appointment that eventually went to Gillibrand went down in flames. Back in December 2008, Kennedy set new indoor records for a would-be politician saying “You know” and “um” when speaking to reporters. Last month Ford was more articulate but he probably would have done just as well saying “you know” and “um” rather than admitting that, as a vice president for Merrill Lynch, he rarely takes the subway, had only flown over the outer boroughs of New York, and likes pedicures and breakfast at swank hotels.

When the only Republicans considering a run for the Senate were unknowns with little chances of victory in November, Gillibrand’s cipher-like profile wasn’t an obstacle to a Democratic victory. But against a candidate like Zuckerman, whose vast fortune would make her considerable war chest look like a pittance, a safe Democratic seat might become a tossup. Indeed, given Zuckerman’s impeccable pro-Israel credentials (he’s a former chairman of the Conference of Presidents of Major Jewish Organizations and his command of both economic issues and foreign affairs has been demonstrated in the columns he has written and in appearances on talk shows); his candidacy has the potential to put a sizable percentage of the Jewish vote in question. It is true that Democrats will dismiss this possibility because the vast majority of Jews are liberals and loyal Democrats (see former COMMENTARY editor Norman Podhoretz’s insightful book Why Are Jews Liberal?). But in New York there is a larger percentage than in the rest of the country of Orthodox Jews and of those who care deeply about Israel. Though it should be conceded that even a weak Democrat could do well against a strong pro-Israel Jewish Republican in New York, there is little question that Zuckerman could cut into the expected huge Democratic majority in the Jewish vote. In a state where Jews still make up about 9 percent of the population (and a much larger percentage of those who actually vote) even a small shift in the Jewish vote could make the difference for a massively financed Zuckerman campaign.

It’s not clear yet that Ford could poll any better against Zuckerman than Gillibrand could, or that he can beat her in a primary even if he raises all the money he needs. Nor do we know yet whether Zuckerman is really interested in running. But with a billionaire GOP candidate looming in the wings, you’d have to expect that some Democrats who are reluctantly backing Gillibrand would re-examine their options.