The Real Deal New York

Golden recession

Real estate down, but not necessarily CEO pay
By C. J. Hughes | November 19, 2010 10:24AM

From the November issue: Home prices are down and commercial vacancies are up, but that doesn’t mean that executive pay is taking a hit.
While most executives connected to New York real estate took some kind of pay cut from 2008 to 2009, they are still enjoying hefty salaries, government filings and reports indicate.
Though the 2010 compensation figures are not yet available, the 2009 numbers released this year are perhaps more striking for being so high in the face of the Great Recession. During a 12-month period when property values were plummeting, corporate executives at the best-known city firms were pulling in at least $1 million in annual pay, meaning base salary plus stock options and bonuses, with the best-compensated leaders taking home many times that amount, records indicate. [more]

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