Mayor Eric Adams released his annual financial disclosure forms on Wednesday, which shed new light on the circumstances of the properties he owns — an issue that made headlines in the final stages of the 2021 Democratic mayoral primary last year.
Hizzoner’s six-page Conflict of Interest Board document lists 50% ownership of a one-bedroom co-op in Brooklyn’s Crown Heights and an equal interest in a two-bedroom co-op in Fort Lee on Palisades Avenue.
He values both properties at between $250,000 and $500,000.
The publicly available COIB form that elected city officials must submit does not include the four-story row home on Lafayette Avenue that city records say he has owned since 2003, as it was his primary residence as of 2021 and agency protocol requires it to be vacated based on published information due to privacy concerns, according to a mayoral representative.
The income between $5,000 and $50,000 generated by renting out the multiple units in the building where Adams does not reside is included on the form but does not fall into the real estate category.
The statement in the filing that he was a co-owner of the Crown Heights co-operative came after Adams had said in the past that he no longer owned the apartment. During his tenure as mayor last year, he tried to prove this by handing The City news agency a document showing he had “ceded” his shares in the entity to a friend.
During an independent news conference at Rikers Island on Wednesday, Adams declined to answer reporters’ questions about the discrepancy, citing a statement made while they didn’t have access to their cellphones or laptops due to standard security protocol in the troubled city lockdown .
In the statement, a City Hall spokesman stated that Adams “has not lived on, received income from, or controlled the property for more than 10 years,” but that by failing to file the required documentation to surrender shares, had 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, when he got a new accountant, the mayor found that in the past not all the required paperwork had been completed and that the other owner had not submitted a new deed,” said representative Fabien Levy. “That process is now underway, and as such, prior to taking office, the Mayor proactively and personally called COIB and asked what changes needed to be made to previous filings.”
On the final stretch of the June 2021 Democratic mayoral 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 said he has lived in the three-story home since 2017.
Earlier this year, Adams repeatedly refused to commit to releasing his tax returns, only to partially reverse course shortly thereafter – vowing to release “tax information” before blaming a reporter’s “arrogant” tone while asking if he used the information for his first “no” answer to the question.
A representative for Adams previously said he has requested an extension of his taxes and has given him until Oct. 15 to submit his final filing to federal and state agencies.
https://nypost.com/2022/06/22/eric-adams-financial-disclosures-reveal-his-properties/ Eric Adams financial disclosures reveal his attributes