The Real Deal New York

GGP’s Sandeep Mathrani buys 860 Fifth pad for $3.8M

Retail REIT's CEO collected a $39M salary last year

September 07, 2016 06:20PM

GGP CEO

General Growth Properties CEO Sandeep Mathrani and 860 Fifth Avenue

After raking in a $39 million salary last year, General Growth Properties CEO Sandeep Mathrani picked up a Lenox Hill co-op on Fifth Avenue, according to property records filed with the city Thursday.

The head of the Chicago-based real estate investment trust shelled out $3.8 million for a two-bedroom unit at the white-glove co-op building at 860 Fifth Avenue. He bought the apartment from longtime owner and philanthropist Jeanette Lerman-Neubauer, records show.

The Lenox Hill apartment overlooks Central Park, and features a spa bathroom with a steam shower and a Japanese soaking tub, according to StreetEasy.

Shirley Harnick of Douglas Elliman was the listing agent.

Mathrani earned more than $39.2 million last year, which makes him one of the highest paid REIT executives around. Earlier this year, at NYU’s REIT Symposium, he warned a “mild recession” was coming, The Real Deal reported.

GGP TRData LogoTINY recently won a bankruptcy auction for troubled retail chain Aeropostale with Simon Property Group and closed on the $81.5 million purchase of 218-220 West 57th Street with Thor Equities. A spokesperson from GGP was not immediately available for comment.

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