Daily_BrMayor Eric Adams’ Legal Troubles Are Taking A Bite Out Of His Net Worth

Forbes

The biggest chunks of Eric Adams’ fortune look to be largely illiquid, potentially complicating his fight against charges of corruption.  Read the full story on Forbes: https://www.forbes.com/sites/kylemullins/2025/03/04/mayor-eric-adams-legal-troubles-are-taking-a-bite-out-of-his-net-worth/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, Mayor Eric Adams' legal troubles are taking a bite out of his net worth.

00:08On October 16th, New York City Mayor Eric Adams sounded confident.

00:12But then again, he almost always does.

00:15Fresh off a press conference celebrating the destruction of 1,246 pounds of illegal vapes,

00:21the head of the nation's largest city was approached by a reporter for Fox 5 New York.

00:26The reporter said, quote,

00:33Adams replied curtly, quote,

00:40In retrospect, perhaps he shouldn't have answered so quickly or definitively.

00:45Adams, under investigation since 2023 and indicted in 2024 by the Southern District of New York

00:52for wire fraud, bribery and campaign finance violations,

00:56has racked up over $2.5 million in legal bills fighting the allegations.

01:01But the trust he set up to help him cover the costs, which can accept donations of up to $5,000,

01:07has only taken in about $1.6 million, according to its latest public filings.

01:13That leaves Adams $900,000 in the hole.

01:17And while Donald Trump's Department of Justice moved to drop the charges,

01:21sparking allegations of a dubious quid pro quo and notable resignations at City Hall,

01:26a judge has yet to approve the dismissal,

01:29meaning Adams isn't off the hook yet and will likely be facing more bills.

01:34For someone with a bigger or more liquid fortune, $900,000 might not be difficult to cover.

01:40But Adams' at least $3.5 million in personal assets, according to Forbes' estimates,

01:46are made up almost entirely of three New York-area real estate holdings,

01:50two in Brooklyn and one in Fort Lee, New Jersey,

01:53plus two pensions from a lifetime in the public sector.

01:57He co-owns two of the homes.

01:59The New Jersey co-op is shared with his current partner, Tracy Collins,

02:02and a former girlfriend, reportedly Sylvia Cowan, owns part of the Brooklyn apartment.

02:08That makes selling them more complicated.

02:10The third, a Bed-Stuy brownstone, is the asset that is most likely available to help bail him out.

02:17Adams borrowed $360,000 to buy the four-story building for $250,000 in 2003

02:24and presumably renovate it.

02:26Forbes estimates that the place, which Adams subdivided and now rents out,

02:30earning him up to $55,000 annually, according to his disclosure,

02:35is worth almost $2 million today.

02:38And despite his mounting legal bills,

02:40Adams found the cash to pay off the remaining debt on the property in late 2024,

02:45and it's not only debt-free, but something he can borrow against.

02:49His sole liquid holding that we know of is a small stash of Bitcoin

02:53worth between $5,000 and $55,000, according to his latest financial disclosure,

02:59which only requires him to declare asset values in a range.

03:03He may have more cash in checking or savings accounts,

03:06which New York Conflict of Interest Board Executive Director Carolyn Miller confirmed

03:10is not required to be disclosed.

03:13All in all, Forbes estimates that Adams is worth at least $2.5 million

03:18after accounting for what he owes his lawyers.

03:21A spokesperson for the mayor's office declined to comment,

03:24directing Forbes to his financial disclosures,

03:27and did not respond to a follow-up inquiry about any cash accounts.

03:31Cowan did not reply to a request for comment about the apartment they co-own together.

03:36If and when Adams leaves office when his term is up this year,

03:40which looks likely given that he is trailing in the polls

03:43and is already facing a wide field that includes former New York Governor Andrew Cuomo,

03:48he'll be okay, financially speaking.

03:51His time as Brooklyn Borough President and New York City's 110th mayor

03:55has earned him a pension that Forbes estimates will pay out over $4,000 monthly,

04:00on top of at least $5,000 a month as a former NYPD officer with his police pension.

04:06For full coverage, check out Kyle Kahn Mullins' piece on Forbes.com.

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