Eric Adams Fails to Report Income on Rental Property

Brooklyn Borough President Eric Adams. (Photo: Kelly Weill)

Brooklyn Borough President Eric Adams. (Photo: Kelly Weill)

Brooklyn Borough President Eric Adams failed to report rental income from a property he owns in Bedford-Stuyvesant, though the beep now claims he’ll be filing an amendment to correct the error.

Mr. Adams, who until last year was a state senator, did not disclose on Conflicts of Interest Board forms that he raked in money as a landlord, possibly setting himself up for a fine. It was an ironic omission, considering that Mr. Adams boasted on Twitter last month that he had frozen rent on his property.

“He’s filing an amendment to reflect the $36,000 he earned for 2013. He misread the form,” said Stefan Ringel, a spokesman for Mr. Adams. Mr. Adams has owned the property since “approximately” 2005, according to Mr. Ringel. “He was a state elected official … it’s the first time he’s filing in the city.”

Mr. Ringel said an amendment would be coming “promptly,” but couldn’t provide a timetable. If Mr. Adams knowingly hid income from the COIB, however, he could face fines or worse: according to a city statute, “failure to file, failure to include assets or liabilities, and misstatement of assets” is a misdemeanor that can lead to a fine of up to $1,000, a prison sentence of up to a year, or a civil penalty. Mr. Adams, however, did disclose his income as a state senator.

The Brooklyn borough president is unlikely to be in any real hot water. Mayor Bill de Blasio failed to disclose rental income on a Park Slope property last year, though he claimed he didn’t need to since there was no net income. He was not reportedly slapped with a fine.

Several other elected officials are property owners and disclosed what was legally required of them, including Council members Brad Lander and Inez Barron.

Eric Adams Fails to Report Income on Rental Property