Mayor Eric Adams on Wednesday released his yearly financial disclosure forms that shed new light on the circumstances surrounding the real estate he owns — a topic that drew headlines at the final stage of last year’s 2021 Democratic mayoral primary.
Hizzoner’s six-page Conflict of Interest Board document lists 50% ownership of a one-bedroom co-op apartment in Brooklyn’s Crown Heights, and the same amount of possession of a two-bedroom Fort Lee residential co-op on Palisades Avenue.
He values both properties at between $250,000 and $500,000.
The publicly available COIB form city elected officials are required to submit does not include the four-story row house on Lafayette Avenue that city records show he has owned since 2003, because it was his primary residence in 2021, and the agency’s protocol dictates leaving it out of released information due to privacy concerns, according to a mayoral rep.
The between $5,000 and $50,000 in income earned by renting out the multiple units in the building in which Adams does not live is included in the form, but is not in the real-estate holding category.
The statement in the filing that he co-owned the Crown Heights co-op came after Adams said in the past that the apartment was no longer his. During his mayoral run last year, he attempted to prove it by giving the news outlet The City a document purporting to show he “assigned” his shares in the unit to a friend.
During an unrelated press conference on Rikers Island on Wednesday, Adams refused to answer reporters’ questions on the discrepancy, citing a statement blasted out while they didn’t have access to their cell phones or laptops due to standard security protocol at the troubled city lockup.
In the statement, a City Hall spokesperson explained that Adams “has not lived at, earned any income from, or controlled the property” in more than 10 years, but that failure to file necessary paperwork to offload shares left him with technical ownership of it.
“As was said during his campaign last year, Mayor Adams transferred his interest in the property to the other owner in 2007. However, once he got a new accountant, the mayor realized all the proper paperwork had not been filled out in the past and that a new deed had not been filed by the other property owner,” said the rep, Fabien Levy. “That process is now underway, and that is why the mayor proactively and personally called COIB before he took office and asked about what amendments needed to be made to past filings.”
At the final stretch of the June 2021 mayoral Democratic primary, Adams took reporters on a tour of the Bedford-Stuyvesant row house, after a Politico report raised questions about where the then-Brooklyn borough president lived. The mayor has said he’s lived in the three-story home since 2017.
Earlier this year, Adams repeatedly refused to commit to releasing his tax returns, only to shortly after partially reverse course — promising to release “tax information” before blaming a reporter’s “arrogant” tone while asking if he will disclose the information for his initial “no” answer to the question.
A rep for Adams previously said he filed for an extension on his taxes, giving him until Oct. 15 to submit his final paperwork to the federal and state authorities.