Another Adams has entered the mayoral race. It’s getting crowded.
Adrienne Adams registered a political committee for her possible run for mayor, and gave a State of the City address on Tuesday that touted her record and laid out a vision for the city (even though this is the final year of her term). In other words, it gave off strong “I am running” vibes. Then, late Wednesday, Politico reported that she made her run official.
Adams joins a long line of City Council speakers who have run for mayor. If she loses, she would also be in good company because not a single one has succeeded. In 2020, after Speaker Corey Johnson dropped his bid for mayor, City & State noted that speakers enjoy the publicity that comes with their role — much as the public advocate and comptroller do — but are also held responsible for major legislative decisions, good and bad.
Real estate-policy wise, Adams has played a key role in helping major zoning changes move forward, but has also brought a measure despised by the real estate industry to a vote.
Adams helped get her members on board with the City of Yes for Housing Opportunity text amendment, ultimately securing a $5 billion funding commitment to help pay for her City for All plan. She said the zoning reforms under City of Yes weren’t nearly enough to address the city’s housing crisis.
During her speech on Tuesday, Adams touted the fact that the Council has approved 120,000 units of housing since 2022.
In November 2023, the Council approved her “fair housing framework.” That bill requires, among other things, the city’s housing agency to release a report by October 1, 2026, outlining the city’s housing needs and setting five-year housing targets for each community district. We won’t know how effective this proves until we start seeing the progress reports that are also required as part of the law.
The units needed in each district will be presented as targets, however, not mandates. Housing advocates and elected officials tried to gently shame Council members about the rate of housing production in their districts during negotiations over City of Yes, but that did not seem to sway the members’ votes.
In December, the Council approved the Fairness in Apartment Rental Act, which prevents rental brokers hired by landlords from collecting commissions from tenants. The measure was approved with a veto-proof majority, and Adams defended the bill when the mayor voiced concern that it could hurt small property owners.
Adams’ entry into the race comes after former Gov. Andrew Cuomo formally announced his bid. Right now, of the Democrats, Cuomo is the moderate to beat. He has the most name recognition, has early support from some construction unions and a new Quinnipiac University poll shows that he’s enjoying a healthy lead over the other Democratic contenders.
In her speech on Tuesday, Adams acknowledged that she has been “labeled as a moderate in people’s attempts to make sense of who I am, but my focus has always been public service, that has no political label.”
She then went on to say something you would expect a moderate official to say: “We can find common ground if we choose to listen and work toward solutions together.”
What we’re thinking about: Does Adrienne Adams’ entry into the race change who you plan to vote for? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: A federal judge this week rejected a request by Brooklyn-based Neighbors Together to intervene in the Real Estate Board of New York’s lawsuit against the city challenging the FARE Act. The group, a nonprofit dedicated to ending hunger and poverty, wanted to intervene in the lawsuit to “bring its knowledge regarding the hardships broker fees create for New York City residents” and to “defend this critically important law, which promises to reduce a substantial barrier to housing and housing mobility.” Judge Ronnie Abrams agreed with REBNY, however, that the group’s interest in the case would “merely underline issues already raised” by the city.
Elsewhere in New York…
— A federal judge won’t temporarily block the federal government from clawing back $80 million in emergency funding from the city, but is allowing the city’s lawsuit challenging move to make its way through the courts, Gothamist reports. Judge Jennifer Rearden ruled that the lawsuit can proceed but denied the city’s request to impose a temporary restraining order to prevent the federal government from taking the $80 million in FEMA funding. “The case lives on and the New York City Law Department will need to keep fighting in court to recoup these funds seized illegally and stop Donald Trump from ripping off New York City again,” Comptroller Brad Lander, a mayoral candidate, told Gothamist.
— House Republicans on Wednesday grilled and berated mayors of so-called sanctuary cities, but largely spared Mayor Eric Adams from the harshest criticism, Politico New York reports. The mayor did, however, face questions from his fellow Democrats about whether he cut a deal with the Trump administration to escape federal corruption charges.
Closing Time
Residential: The priciest residential sale Wednesday was $23 million for a 5,000-square-foot co-op unit at 944 Fifth Avenue in Lenox Hill. Michelle Larsen of Douglas Elliman had the listing.
Commercial: The most expensive commercial closing of the day was $21.3 million for a 80,92-square-foot, 22-story building at 363 Seventh Avenue in Penn Plaza. Bob Knakal of BK Real Estate Advisors had the listing.
New to the Market: The highest price for a residential property hitting the market was $20 million for a co-op unit at 765 Park Avenue on the Upper East Side. Serena Boardman of Sotheby’s International Realty has the listing.
Breaking Ground: The largest new building application filed was for a 49,598-square-foot, 58-unit mixed-use building at 3771 White Plains Road. Hershy Silberstein of Blue Shine Builders is the developer. The second largest application filed was for a 21,345-square-foot, 27-unit building at 3569 Willet Avenue. The developer is Yanky Indig. Both projects are in Williamsbridge with Nikolai Katz as the architect.
— Matthew Elo