The Sultan of Brunei is in talks to purchase New York Metropolis’s storied Pierre Lodge — the place Commerce Secretary Howard Lutnick owns a shocking triplex penthouse condominium, the Submit has realized.
Hassanal Bolkiah, who’s each sultan and prime minister of the tiny kingdom in Southeast Asia, is partnering with Essam Khashoggi, brother of the late Saudi arms seller Adnan Khashoggi, based on a supply near the state of affairs.
Khashoggi is the uncle of the late Washington Submit journalist Jamal Khashoggi, who was slaughtered contained in the Saudi consulate in Turkey in 2018.
Annie Wermiel/NY Submit
The landmarked resort at 795 Fifth Ave. overlooking Central Park – which was put available on the market final yr – has been a favourite of A-listers and titans of trade because it opened its lavish doorways in 1930.
The sale of the resort’s 189 rooms, retail house and eating places is sophisticated and much from a carried out deal, a supply near the state of affairs instructed The Submit.
The sultan is a “strong contender, but there are others,” the supply stated.
The 41-story limestone-clad constructing – that includes neo-Georgian structure modeled after Versailles – additionally has about 80 co-ops.
The sale may very well be for the entire property, which is valued at round $2 billion, the supply stated.
The deal might contain a few of the co-ops, or all of them.
“At this point, no one is sure how it will play out, but it is heading into one of those directions,” the supply stated.
The Submit reached out to the Brunei prime minister’s workplace, its UN Mission in New York and its embassy in DC for remark.
Angel Chevrestt
The shareholders personal the property and have leased the Pierre to India-based Taj Resorts Resorts and Palaces since 2005.
Whereas Lutnick is a shareholder, he isn’t a member of the board, sources instructed The Submit.
Lutnick and his spouse, Allison, purchased the Pierre penthouse triplex, the constructing’s crown jewel, in 2017 for $44 million — which was $81 million off its unique asking worth. The 12,000 square-foot skypad first hit the market in 2013 for $125 million.
The couple has by no means lived within the constructing, based on sources..
Actual property dealer Newmark Group, led by Doug Harmon, co-head of capital markets for the agency, is advising on the sale of the Pierre, sources instructed The Submit.
Harmon just lately led the Newmark crew that offered the Pierre’s neighbor, 800 Fifth Ave., a 33-story luxurious condominium constructing, to the Naftali Group for near $820 million earlier this yr.
Harmon’s prime offers embody promoting Peter Cooper Stuyvesant City for $5.45 billion and Starrett Metropolis for $905 million.
Harmon declined to touch upon the Pierre deal.
Lutnick was the biggest particular person Newmark Group shareholder.
Newmark, which is now a publicly traded firm, is a spin-off of its former dad or mum firm, BGC Companions, and a majority of the voting energy of BGC Companions is held by Cantor Fitzgerald.
Lutnick headed the Wall Avenue monetary providers heavyweight for 3 a long time, tragically shedding his brother on the World Commerce Heart in the course of the 9/11 terror assaults.
Final month, Lutnick handed over the reins to his youngsters “who are in positions of learning,” as he serves within the Trump administration, the Wall Avenue Journal reported.
Cantor Fitzgerald didn’t return requests for remark.
Sources instructed The Submit that whoever buys the resort will decide the destiny of the co-op house owners, who should approve the deal.
The brand new proprietor might shut down the resort and kick out the co-op house owners for a time frame — or without end.
“It will all be flushed out in the wash. But nothing will happen without the shareholders voting on it,” the supply stated.
If the co-op house owners are booted for an intensive renovation, it may very well be 5 years earlier than they’re again, sources say.
It took the Chinese language-government owned Waldorf Astoria resort eight lengthy years to renovate. The resort is lastly planning to reopen this September after a number of delays.
“Everybody is scared and no one is talking,” one other supply stated, referring to the co-op house owners.
Nevertheless, the insider added that whereas some house owners don’t need to depart, the compensation they may obtain might be value it.
“Whatever the disruption will be, it will be worth their while,” the supply stated.
The Pierre has at all times been related to glamour and class.
Christopher Sadowski
Coco Chanel stayed right here throughout her first go to to the Massive Apple in 1932. Sophia Loren additionally loved staying on the resort.
Different stars who known as the Pierre dwelling included Audrey Hepburn, who celebrated her 1954 Oscar for “Roman Holiday” on the resort. As well as, condominium proprietor Elizabeth Taylor married Eddie Fisher there in 1959.
Visitors over time have included Barbra Streisand, Joan Collins, Yves Saint Laurent and Karl Lagerfeld.
The enduring venue has additionally been in movies like “Oceans Eight,” the place Anne Hathaway’s character checks in to prepare for the Met Gala.
John Paul Getty, founding father of Getty Oil, purchased the Pierre in 1938, reportedly calling it his solely “above-ground asset.”
He transformed a part of the resort into co-ops.
Right now, its different excessive profile co-op house owners embody dressmaker Tory Burch, media heiress Shari Redstone, musician Artwork Garfunkel and former Disney boss Michael Eisner.
