Hizzoner Eric Adams of NYC and Double Apartments

Since the time of his campaign for mayor, Mr. Adams had been dogged by questions about owning a second apartment.  Initially, Hizzoner’s story, which he is not sticking to, was that he co-owned the apartment with Sylvia Cowan.  Former partners, Mr. Adams and Ms. Cowan acquired the Crown Heights one-bedroom apartment in 1988.

Mr. Adams did not list this ownership interest on his financial disclosure forms for his mayoral run. He explained last year that he had conveyed his interest to Ms. Cowan in 2007. Mr. Adams even produced an unsigned, non-notarized three-sentence document that said so. Someone may want to chat with Mr. Mayor about transferring title to real property.  Casual papers do not do the trick.

Now, Mr. Adams’s new disclosure statement, filed June 22, 2022, indicates that he still owns an interest in the apartment. Ready for the story?  His accountant, a homeless accountant, failed to take care of the issue.  However, Mr. Adams now has a new accountant who has pledged to remain in some form of housing (an apartment in Crown Heights, mayhap?) and to take care of the transfer.

Actually, it was Ms. Cowan who, in May 2021, asked the co-up board to transfer full ownership to her. And the co-op board has not yet approved the transfer nor seen any paperwork.  That paperwork would generally be done by a lawyer for the two parties, homeless or otherwise.

One additional aside — Ms. Cowan owns another apartment in the same Fort Lee, NJ property in which Mr. Adams co-owns a unit with his current partner, Tracey Collins.  So, the mayor of New York City lives in New Jersey? Oh, the tangled webs of deception from public officials, the homeless, and other sundry characters in seeking (or not) a transfer of a co-op interest. Perhaps the non-transfer is necessary political cover.

About mmjdiary

Professor Marianne Jennings is an emeritus professor of legal and ethical studies from the W.P. Carey School of Business at Arizona State University, retiring in 2011 after 35 years of teaching undergraduate and graduate courses in ethics and the legal environment of business. During her tenure at ASU, she served as director of the Joan and David Lincoln Center for Applied Ethics from 1995-1999. In 2006, she was appointed faculty director for the W.P. Carey Executive MBA Program. She has done consulting work for businesses and professional groups including AICPA, Boeing, Dial Corporation, Edward Jones, Mattel, Motorola, CFA Institute, Southern California Edison, the Institute of Internal Auditors, AIMR, DuPont, AES, Blue Cross Blue Shield, Motorola, Hy-Vee Foods, IBM, Bell Helicopter, Amgen, Raytheon, and VIAD. The sixth edition of her textbook, Case Studies in Business Ethics, was published in February 2011. The ninth edition of her textbook, Business: lts Legal, Ethical and Global Environment was published in January 2011. The 23rd edition of her book, Business Law: Principles and Cases, will be published in January 2013. The tenth edition of her book, Real Estate Law, will also be published in January 2013. Her book, A Business Tale: A Story of Ethics, Choices, Success, and a Very Large Rabbit, a fable about business ethics, was chosen by Library Journal in 2004 as its business book of the year. A Business Tale was also a finalist for two other literary awards for 2004. In 2000 her book on corporate governance was published by the New York Times MBA Pocket Series. Her book on long-term success, Building a Business Through Good Times and Bad: Lessons from Fifteen Companies, Each With a Century of Dividends, was published in October 2002 and has been used by Booz, Allen, Hamilton for its work on business longevity. Her latest book, The Seven Signs of Ethical Collapse was published by St. Martin’s Press in July 2006 and has been a finalist for two book awards. Her weekly columns are syndicated around the country, and her work has appeared in the Wall Street Journal, the Chicago Tribune, the New York Times, Washington Post, and the Reader's Digest. A collection of her essays, Nobody Fixes Real Carrot Sticks Anymore, first published in 1994 is still being published. She has been a commentator on business issues on All Things Considered for National Public Radio. She has served on four boards of directors, including Arizona Public Service (1987-2000), Zealous Capital Corporation, and the Center for Children with Chronic Illness and Disability at the University of Minnesota. She was appointed to the board of advisors for the Institute of Nuclear Power Operators in 2004 and served on the board of trustees for Think Arizona, a public policy think tank. She has appeared on CNBC, CBS This Morning, the Today Show, and CBS Evening News. In 2010 she was named one of the Top 100 Thought Leaders in Business Ethics by Trust Across America. Her books have been translated into four different languages. She received the British Emerald award for authoring one of their top 50 articles in management publications, chosen from over 15,000 articles. Personal: Married since 1976 to Terry H. Jennings, Maricopa County Attorney’s Office Deputy County Attorney; five children: Sarah, Sam, and John, and the late Claire and Hannah Jennings.
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