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 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.