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ew York Mayor Eric Adams faces a crisis after being indicted on five counts of bribery, wire fraud, and public corruption. The commercial real estate industry sees former Governor Andrew Cuomo as a potential solution to the mess. Adams has assembled a team of clergy to support him and has spoken with Governor Kathy Hochul to avoid an official process forcing his removal.

    At least 46 public officials have called on Adams to step down, but he shows no signs of backing down from federal prosecutors. If Adams resigns, a nonpartisan special election would be held within 80 days, leaving the industry unprepared for a deluge of candidates with unknown records or hostile views. Some real estate leaders believe Cuomo's involvement could stabilize the situation.

    Cuomo has met with local leaders to discuss his potential candidacy in a special election. He had previously indicated he wouldn't run against Adams if he remained in office but hasn't decided on competing in a Democratic primary in June. A Cuomo spokesperson called speculation about his future "premature."

    Industry leaders are concerned that alternatives like City Council members or state senators may not have the same level of name recognition as Cuomo, who would be a strong candidate in a special election with ranked-choice voting. However, some insiders believe real estate leaders should look elsewhere due to Cuomo's role in passing rent regulations that restricted investments.

    The number of candidates running for mayor has grown since Adams' indictment, including New York City Public Advocate Jumaane Williams, who could serve as interim mayor and then run in a special election. Other left-leaning candidates have spooked industry leaders, who are scrambling for an alternative. Some Democratic and labor leaders are recruiting state Attorney General Letitia James to join the race.

    For now, civic leaders wait for Adams or the U.S. attorney's office to make their next move. Industry leaders are watching the situation closely, with many preferring stability and continuity over potential disruption from a new candidate.