New York Mayor Michael Bloomberg appeared poised late Tuesday to win a third term by a narrow margin.

Bloomberg had 49.8 percent of the vote to 46.9 percent for City Comptroller William C. Thompson Jr., with 86 percent of the vote in, The New York Times said.

If Bloomberg's margin holds up, the Republicans will have held the mayoralty in the nation's largest city since Rudolph Giuliani was sworn in Jan. 1, 1994. Democrats, while holding an overwhelming majority among voters, on the city council and lesser city offices, have been unable to take the top job.

Bloomberg, who built the financial information company that bears his name, was a Democrat turned Republican. He abandoned the party while considering an independent run for president but returned to the fold to seek a third term.

He was only able to run because the city council reversed a two-term limit approved by the voters.