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

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

TRD New York /
Sep.September 07, 2016 06:20 PM

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.


Related Articles

arrow_forward_ios
WeWork CEO Sandeep Mathrani (iStock, Getty)

WeWork in talks to offer classroom space for NYC private schools

WeWork in talks to offer classroom space for NYC private schools
WeWork CEO Sandeep Mathrani and Adam Neumann (Illustration by Zach Meyer)

WeWork’s turnaround star will need a new script

WeWork’s turnaround star will need a new script
The document threatened a lawsuit against WeWork at a time when it was still in the midst of rapid growth and fundraising (Credit: Getty Images)

Inside WeWork’s $2M+ settlement over claims of drug use, sexual harassment

Inside WeWork’s $2M+ settlement over claims of drug use, sexual harassment
Sandeep Mathrani and, clockwise from left: Marcelo Claure, Adam Neumann and Sebastian Gunningham and Artie Minson (Credit: Getty Images)

WeWork gets serious: Inside the hiring of Sandeep Mathrani

WeWork gets serious: Inside the hiring of Sandeep Mathrani
Sandeep Mathrani

Sandeep Mathrani to be named CEO of WeWork

Sandeep Mathrani to be named CEO of WeWork
Brookfield CEO Brian Kingston and Garden State Plaza in New Jersey (Credit: Brookfield, Westfield Garden State)

Analysts still baffled by Brookfield’s big bet on malls

Analysts still baffled by Brookfield’s big bet on malls
Second time’s the charm: Michael Shvo is buying 685 Fifth Avenue. Again.

Second time’s the charm: Michael Shvo is buying 685 Fifth Avenue. Again.

Second time’s the charm: Michael Shvo is buying 685 Fifth Avenue. Again.
As analysts scoff, GGP shareholders approve $15B Brookfield buyout

As analysts scoff, GGP shareholders approve $15B Brookfield buyout

As analysts scoff, GGP shareholders approve $15B Brookfield buyout
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...