The Real Deal New York

Howard Lorber sells Sherry-Netherland pad for $11M

Douglas Elliman chief paid $8.9M for the unit last year
By E.B. Solomont | November 21, 2018 02:00PM

Michael and Howard Lorber with 781 Fifth Avenue (Credit: Getty Images)

Douglas Elliman chief Howard Lorber has just sold a second co-op at the Sherry-Netherland for $11 million.

Property records show the brokerage chief — who for several years lived on the 17th floor — unloaded a 30th-floor tower unit in a deal brokered by his son, Michael Lorber of Douglas Elliman. The buyer was listed as Park Suite Hotel Inc., according to the deed, which was signed by attorney Jeffrey Wacksman, a partner at Loeb, Block & Partners.

Lorber purchased the apartment for $8.9 million last year and he said that after renovating it, he lived there briefly — “two months at most” — before moving into 432 Park Avenue. The full-floor unit measures roughly 2,500 square feet with two bedrooms, a library, media room and 30-foot dining room. Lorber listed it for $12.5 million in July. His son, Michael Lorber, brokered the sale.

The 30th floor unit was his second co-op at the Sherry-Netherland, which is located at 781 Fifth Avenue. In 2011, Lorber purchased Unit 1701 for $5.1 million. Last summer, he sold that apartment for $4.8 million.

Lorber fared significantly better in the latest sale — even after factoring in the cost of renovations and monthly carrying costs. “I made a few dollars,” he said. “I didn’t lose money.”

He said he still owns two small units on the 10th floor that are in the hotel’s pool of rentals.

Last month, Michael Lorber also brokered his father’s purchase of a $11.7 million apartment at 620 Park Avenue for his wife, Thea Hallman. Lorber and Hallman have not lived together for 10 years.

Lorber recently moved into a unit on the 67th floor of 432 Park Avenue, where he paid $15 million for a half-floor condo. His longtime business partner, Vector Group director Bennett LeBow, owns a condo on the 64th floor.