There is always a real estate angle.
In case you somehow missed it, federal authorities on Thursday raided the home of Brianna Suggs, a campaign fundraiser for Mayor Eric Adams.
They are investigating whether the mayor’s campaign conspired with the Turkish government to receive illegal foreign donations and if it provided kickbacks to Brooklyn-based KSK Construction Group, the New York Times reports. KSK’s website states that it specializes in luxury condo projects.
The extent of the construction company’s alleged involvement is not yet clear, nor are the contours of what the Times suggests is potentially a straw donor scheme.
The initial coverage of the raid caught my attention for obvious reasons, but then I saw this line in the Times story: “State records indicate that a real estate concern hired Ms. Suggs, via an intermediary, to lobby the mayor’s office and the New York City Council on its behalf in 2022.” A real estate concern?
That concern, records show, was the former operator of the East Broadway Mall.
In April, the New York Daily News raised questions about Suggs lobbying the Adams administration while also raising money for his campaign. In August 2022, Suggs signed a contract to lobby on behalf of Terry Chan, the former operator of East Broadway Mall, a Chinatown shopping complex run out of a city-owned building.
Chan wanted the city to renew his lease, but the city reportedly terminated that lease in March, citing millions of dollars in unpaid rent. Since then, the city has tapped a new group, Broadway East Group, led by developer Bill Lam, to gut-renovate and operate the mall, according to the City. The renovation is expected to cost $5 million.
Documented recently detailed the relationship between Winnie Greco, special adviser to the mayor and his director of Asian affairs, and Wade Li, the president of the Chinese Chamber of Commerce of New York, which is also involved in the redevelopment project. The publication reported that Adams’ son, Jordan Coleman, made an appearance with Greco and Li in San Francisco in March and that Li’s restaurant held a fundraiser for Adams in June.
What we’re thinking about: Who will be in the running to be permanent CEO of the National Association of Realtors? Or should I ask, who even wants the job? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Be on the lookout this holiday season for larger discounts. Warehouses are overstocked because consumer spending on goods such as clothing and appliances fell after the pandemic, according to the Port Authority of New York and New Jersey. The inventory-to-sales ratio for some products is apparently at its highest level in over a decade, which should prompt retailers to slash prices. Thank you to Erik Engquist for passing this along!
Elsewhere in New York…
— Former NYPD Commissioner Keechant Sewell will soon lead security for the New York Mets, Gothamist reports. Her first day is Nov. 27.
— An apartment building in Dutchess County’s Wappingers Falls collapsed Thursday after catching fire, ABC News reports. A ruptured gas line was to blame. Fifteen people were hurt.
— The number of homeless public school students reached an all-time high last year, the New York Times reports. Newly released city data show 119,320 students were living in shelters, hotels, relatives’ homes and other transient housing.
Closing Time
Residential: The priciest residential closing Thursday was $9.6 million for a condo at 277 Fifth Avenue in NoMad.
Commercial: The most expensive commercial closing of the day was $126.5 million for 100 Fifth Avenue in Midtown. TRD first reported the sale last month.
New to the Market: The priciest residence to hit the market Thursday was a townhouse at 30 West 11th Street in Greenwich Village asking $12 million. Corcoran Group has the listing.
Breaking Ground: The largest new building filing of the day was for a 84,000 square-foot, 11-story residential building at 38 Gramercy Park East, Manhattan. SLCE Architects filed the permit application. — Jay Young