The mayor of Blasio gets even more debt with new mortgage loans
Blasio’s indebted mayor dug a deeper $ 2.5 million hole by taking out another mortgage on his Park Slope home.
De Blasio and his wife, Chirlane McCray, secured a loan of $ 615,342 in June for their 11th Street residence, according to public records.
They had already borrowed $ 625,000 against the $ 1.56 million house, although it is not known how much they still owe.
The couple began a massive renovation project on the century-old home this fall, ahead of their planned return to the property once de Blasio steps down in January.
Plans filed with the city show substantial additions to the second and third floors of the townhouse. The work must also include new windows and siding as well as a paint job.
The couple also signed a $ 543,425 mortgage consolidation deal in May for a second home, worth $ 1.65 million, which they own on the same street, getting $ 18,938 in cash, according to the files.
Hizzoner also owes lobbyist / law firm Kramer Levin about $ 435,000 in legal fees, with interest, related to an investigation into his fundraising activities, according to a report by The city.
The mayor never set up a legal defense fund intended to foot the bill.
And he failed to reimburse taxpayers nearly $ 320,000 to cover expenses related to the misuse of his security details to campaign for the presidency, the city’s investigation department found in a scathing report.
“The mayor of Blasio has not reimbursed the city for these expenses, either personally or through his campaign,” the report said.
In total, these known debts total more than $ 2.5 million. Its campaign and political action committees are also in the hole, with debts reported in excess of $ 185,000.
De Blasio blamed his inability to foot Kramer Levin’s bill on the pandemic on Thursday.
âEverything has been suspended. Obviously, I intend to settle this debt and to muster the resources over time. It will take time, but I absolutely intend to fix it. This is what I have done in the past, âhe said in his daily briefing.
De Blasio is paid $ 258,750 as mayor. He also received rental income from Brooklyn homes, earning between $ 5,000 and $ 49,999 from each of the three tenants in 2020, according to his latest financial disclosures.
He hinted that he might run for governor, a job that pays less than mayor. The state’s first-place salary was set to rise to $ 250,000 in 2021, although former Gov. Andrew Cuomo postponed the hike and kept his salary at $ 225,000.
A city hall official said HIzzoner’s latest loan would be used to fund the home improvement project.