The Real Deal New York

Posts Tagged ‘vector group’

  • Howard Lorber granted $30M in Vector stock

    November 12, 2015 04:55PM
    Howard Lorber

    Howard Lorber (credit: Max Dworkin)

    Howard Lorber will be nearly $30 million richer by 2022 – as long as he continues to lead Vector Group Ltd. successfully for the next seven years.

    The parent company of Douglas Elliman, New York City’s largest residential brokerage, granted Lorber 1.2 million shares of company stock valued at $28.8 million, according to a regulatory filing Thursday. [more]

  • HowardLorber

    From left: Howard Lorber (credit: Richard Lewin) and rendering of 111 Murray Street

    Douglas Elliman sold $6.6 billion worth of real estate during the third quarter and pulled in revenue of $186 million during the same period. But due to rising new development costs, the profit of its parent company Vector Group took a hit.

    Elliman’s revenue in the third quarter was 21 percent higher than the $154 million the firm earned for the same period last year, chair Howard Lorber, who is also CEO of Vector, said during Vector’s earnings call Tuesday. [more]

  • 20101116_inq_rrxdrexel16z-d
    Douglas Elliman’s parent company Vector Group is having a heyday on the stock market, with shares outperforming expectations. And Vector’s director Bennett Lebow – partner to president and CEO Howard Lorber – is cashing in. [more]

  • Howard Lorber

    Howard Lorber

    It’s good to be Howard Lorber.

    The Douglas Elliman chairman and CEO made nearly $30 million in total compensation last year from Vector Group Ltd., the brokerage’s parent company, according to an April 8 proxy statement. That’s more than three times Lorber’s total package of $9.4 million in 2013, and $9.8 million in 2012.

    A look at the fine print shows that Lorber’s base salary was $3.1 million, up marginally to account for cost of living changes. But the real boost came in July, when Lorber was awarded more than one million shares of Vector stock valued at roughly $22 million. [more]

  • amenities

    From left: Vanessa Grout, a custom kitchen and a concierge

    From the South Florida site: The term “luxury” can be deceiving, especially when it comes to condominium amenities, former Douglas Elliman Florida CEO Vanessa Grout wrote in a Forbes article. The Miami native, who now works at New York-based investment firm Vector Group, offered nine amenities that condo buyers should stay far, far away from. [more]

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  • Q & A with developer Yitzhak Tessler

    September 07, 2011 01:52PM

    Yitzhak Tessler and 1107 Broadway

    Yitzhak Tessler, the 62-year-old CEO and president of Tessler Developments, spoke with The Real Deal in his first face-to-face interview since he started building in New York more than a decade ago.

    The builder of projects such as 240 Park Avenue South decided to speak up, he said, to challenge the reporting surrounding 1107 Broadway, his failed condominium conversion of one of the International Toy Center buildings that became mired in the economic downturn and the Lehman Brothers Holdings bankruptcy. He was frustrated with the assertion that he defaulted on the Lehman Brothers loan, saying the story was more complicated. In the end, each side claimed the other owed it money.

    In addition, Tessler answered questions about the Chetrit brothers, with whom he frequently partnered on deals, and his future development plans in Manhattan. … [more]

  • From the South Florida website: Howard Lorber, CEO of South Florida-based Vector Group and chairman of New York brokerage Prudential Douglas Elliman, has been ranked South Florida’s highest paid CEO, with a yearly salary of $6 million plus bonuses, according to research carried out by the South Florida Business Journal.

    Vector Group is famous in the tobacco industry for producing the Ligget brand of cigarettes, but is also involved in real estate through its New Valley subsidiary. New Valley has a 50 percent ownership interest in Douglas Elliman Realty, which operates the largest residential real estate brokerage company in the New York metropolitan area. New Valley also has real estate holdings in California, according to Vector’s website. [more]


  • From left: Steve Witkoff, Howard Lorber and 1107 Broadway

    Lehman Brothers has reached a deal to sell the in-default debt on 1107 Broadway to the Witkoff Group and Howard Lorber’s Vector Group for about $190 million, the New York Post reported.
    The deal, determined at auction yesterday, comes just days after Lehman sold its majority ownership stake in 200 Fifth Avenue, located between 23rd and 24th streets, to JPMorgan Chase. The two buildings, connected by a footbridge, make up what used to be the International Toy Center.
    “We think it is one of the great opportunities we’ve seen,” Steve Witkoff, CEO of the Witkoff Group, told the Wall Street Journal.

    Witkoff, who has 90 days to finalize the deal at 1107 Broadway, between 24th and 25th streets, said he plans to turn the building into high-end condominiums. … [more]

  • Mann sued over Apthorp brokerage fees

    November 06, 2009 12:55PM

    Developer Maurice Mann is facing a lawsuit for allegedly failing to pay $400,000 in commissions and fees to Blue Rock Properties, a Manhattan-based brokerage that in 2007, helped arrange financing for the acquisition of the Apthorp on the Upper West Side.

    Mann, the general partner of Mann Realty Associates, led the investment group that acquired the landmark rental building, at 390 West End Avenue, for a record $426 million. Mann has since lost the role of managing partner at the Apthorp to Africa Israel, the Israeli real estate and diamond conglomerate led by billionaire Lev Leviev.

    Leviev is currently awaiting word from the New York State Attorney General about whether he will declare the condominium plan effective, amid serious concerns about whether the developer was able to find enough buyers to make the building financially viable. … [more]