Eric Adams Admits Proudly owning the Brooklyn Actual Property He Claimed to Have Offered

As a candidate final yr, Mayor Eric Adams denied that he co-owned a Brooklyn co-op with a detailed pal — claiming that he’d gifted his shares to her greater than a decade in the past.

He didn’t disclose the existence of the one-bedroom residence on Prospect Place, or his 50% share in it, in monetary disclosure varieties filed as Brooklyn Borough President from at the very least 2016 by 2020. 

However final fall, the day earlier than the overall election, Adams modified his story utterly — amending his disclosure varieties for all these years to confess he continued to carry half the shares within the co-op he owned with a “good pal,” Sylvia Cowan, a evaluation of information by THE CITY exhibits. He didn’t publicly disclose the change on the time.

The change in Adams’ narrative emerged Wednesday as town Conflicts of Curiosity Board launched monetary disclosure varieties for metropolis elected officers overlaying the yr 2021.

Adams’ amended varieties contradict the story he informed THE CITY in early June of final yr, days earlier than the June 22 Democratic main the place he would ultimately eke out a victory by fewer than 7,200 votes.

On Wednesday, Adams declined to instantly reply to a number of questions from the press about his possession of the co-op. However his spokesperson Fabien Levy repeated Adams’ previous statements that the possession was “transferred” to Cowan years in the past.

Nonetheless, Levy admitted the possession is just not but “totally transferred,” and THE CITY confirmed that Adams continues to personal a 50% share of the residence.

Adams nonetheless co-owns a co-op in Prospect Heights, Brooklyn.

Levy claimed the failure to file the correct documentation was as a result of actions of Adams’ prior accountant, including, “As soon as he bought a brand new accountant, the mayor realized all the correct paperwork had not been stuffed out previously and {that a} new deed had not been filed by the opposite property proprietor.”

Levy claimed the monetary disclosure varieties have been amended after Adams “proactively and personally known as COIB earlier than he took workplace and requested about what amendments wanted to be made to previous filings.” And he acknowledged that Adams’ hasn’t obtained any rental earnings from the property since 2007, when Adams mentioned the switch was initiated. 

Shifting Story

On June 15, 2021, THE CITY reported on proof that Adams continued to have a stake within the unit. On the time, he insisted that he’d gifted his shares to Cowan again in 2007, offering a letter to that impact dated Feb. 9, 2007. Cowan didn’t signal the letter, although Adams’ signature is there.

The letter Eric Adams says exhibits that he turned over his shares in a Brooklyn co-op — at no cost — in 2007.

THE CITY discovered information indicating his persevering with possession and noting that he’d by no means filed a present tax kind with the IRS as could be required for such a transaction. In response, Adams blamed Cowan for not submitting paperwork that he mentioned would have set the file straight.

His story didn’t change till Nov. 1, the day earlier than the overall election, when he quietly filed amendments to his Brooklyn borough president disclosure varieties relationship again at the very least by 2016, in accordance with the COIB. 

The unique disclosure varieties Adams filed for 2016, 2017, 2018, 2019 and 2020 are now not out there on the Battle of Curiosity Board web site however have been obtained by THE CITY. In every of these years, there’s no reference to the Prospect Place co-op on the unique varieties.

Within the amended varieties, his possession of the unit out of the blue seems for every of these years. It additionally seems on his 2021 kind, which was launched Wednesday. 

COIB mentioned the amended varieties have been posted on-line “a couple of days” after they have been filed — suggesting they grew to become public solely after the overall election.

The a number of years of amended disclosures elevate questions concerning the truthfulness of his authentic filings.

As THE CITY was inquiring concerning the co-op’s possession, Cowan requested the co-op board for approval to switch Adams’ portion of the possession to her in Might 2021 — and obtained it. However she by no means filed paperwork to finish the switch, in accordance with a supply aware of the co-op’s operations.

Adams, who served within the NYPD for over 20 years and attained the rank of captain, additionally owns a 4-unit townhouse in Bedford-Stuyvesant and co-owns a co-op in Fort Lee, N.J., alongside along with his companion, Tracey Collins.

Cowan bought an residence in the identical Fort Lee constructing, THE CITY reported final yr.

Tax Errors

The monetary disclosures which might be required by town authorities aren’t the one filings that Adams has needed to amend in recent times.

Final yr, Adams amended his 2017 by 2019 federal tax filings with the IRS after PoliticoNY and THE CITY wrote about his failure to report rental earnings for the townhouse he owns in Bedford-Stuyvesant — at the same time as he reported that earnings in metropolis disclosures.

His marketing campaign initially mentioned the earnings wasn’t reported as a result of it had been offset by bills, however later mentioned he would amend the filings.

When these modifications have been shared publicly a couple of months later, THE CITY recognized additional errors in these amended tax varieties: Adams claimed the townhouse on Lafayette Avenue was his main deal with however reported “zero” days of dwelling there to the IRS.

On the time, Adams’ mayoral marketing campaign spokesperson once more promised that amended varieties could be filed.

Thus far, neither the 2021 marketing campaign nor Metropolis Corridor has confirmed whether or not the tax varieties have been amended a second time, and Adams hasn’t launched any of his tax varieties since changing into mayor.

Supply hyperlink