M
ayor Eric Adams' housing plan celebration was short-lived as he became the first sitting NYC mayor to be indicted on Wednesday. A federal corruption investigation led to charges against Adams, who allegedly conspired with the Turkish government to receive illegal foreign donations. The indictment is sealed, but reports suggest it stems from an investigation into whether Adams intervened in the approval process for Turkey's new Manhattan consulate.

    This news comes amid mounting investigations involving the mayor and his administration, a senior official exodus, and calls for Adams' resignation from elected officials. Earlier that day, Adams touted the City Planning Commission's approval of the "City of Yes" housing plan text amendment. However, Commissioner Dan Garodnick noted that the City Council holds significant leverage over zoning changes, which could be impacted if Adams steps down or his administration loses key officials.

    Developers are concerned about the impact on new housing creation and city government functionality due to the ongoing investigations. One developer stated that the "cloud of all this has to be paralyzing to the city" and questioned how much can be accomplished while being investigated.

    Rep. Alexandria Ocasio-Cortez called for Adams' resignation, citing the threat to government function and recruitment of qualified officials. In response, Adams accused critics of hypocrisy, pointing out that he hasn't been charged with a crime. Other news includes an Amtrak train derailing at Penn Station and a landlord turning himself in for missing court-ordered repairs.

    In real estate news, the priciest residential sale was $10.3 million for a Soho condominium unit, while the largest commercial sale was $55.6 million for a Long Island City hotel. A 5,302-square-foot Central Park South condominium hit the market for $27 million.