NY Prosecutors Seize Phone of Top Cushman & Wakefield Broker in Adams Probe

Commercial real estate in New York seems to be facing more challenges. Reports emerged last week that the office of Manhattan District Attorney Alvin Bragg has seized the phone of a broker working for Cushman & Wakefield, one of the world's largest commercial real estate services firms.

Investigation into City's Office Leases

According to The New York Times, investigators from Bragg's office have seized electronic devices from a Cushman & Wakefield broker who is associated with the city's office leases and is a close friend of Mayor Adams' top adviser.

On September 27, the phones of Cushman & Wakefield Vice Chair Diana Boutross, Mayor's Chief Advisor Ingrid Lewis-Martin, and Jesse Hamilton, head of the city's real estate department, were confiscated at JFK Airport following their trip to Japan. Boutross and Lewis-Martin have been friends for a long time, as confirmed by Boutross's lawyer, Arthur Aidala.

A Long-Planned Friendship Trip

Aidala stated, “There were eight friends who decided to go to one of the biggest tourist countries in the world to just explore on a long-planned friendship trip."

A representative from Cushman & Wakefield mentioned, “We have a longstanding, 15-year relationship with the city that spans across multiple mayoral administrations and we are proud of the important work we’ve done for DCAS."

Boutross's Role at Cushman & Wakefield

According to Bisnow, Boutross oversees Cushman & Wakefield’s account with the Department of Citywide Administrative Services, the agency responsible for leasing government office space. She has previously worked with The Durst Organization and The Trump Organization. Cushman & Wakefield has held a $40M contract with the city since 2014, linked to a Bronx 911 facility, as reported by Crain’s.

The firm has also managed major city office leases, including a 640K SF deal at 110 William St. last year. Investigators seized devices from Lewis-Martin and Hamilton and searched Lewis-Martin’s home, issuing her a subpoena related to Adams' recent indictment.

Rebuttal from Boutross's Attorney

Aidala concluded, “These searches and any negative connotations associated with them or this preplanned vacation are baseless. In due time, all the facts will come out and will be supported by evidence and demonstrate everything was done properly.”

Bottom Line

This case involving a top real estate broker and city officials is certainly intriguing. The outcome could have significant implications for the commercial real estate sector in New York. What are your thoughts on this development? Feel free to share this article with your friends. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.