Howard Lorber to make $25M on hot dogs
Douglas Elliman chair will make big profit after Nathan's Famous shares soared
They say there’s no better investment than New York City real estate. While Douglas Elliman chairman Howard Lorber probably agrees with that, he’d add something to that list: hot dogs.
Lorber, who is also the executive chairman of Nathan’s Famous, is earning $25 million from a special dividend, being issued after the hot dog company’s shares more than doubled over the last two years, according to Crain’s.
Lorber took his seat on the Nathan’s board in 1987. Most of the company’s success, however, started about eight years ago with the appointment of a new chief executive officer.
Since 2010, franchised Nathan’s locations have grown by a third. The purveyor of frankfurters now has more than 300 restaurants across 27 states and 10 countries, according to the website. The company — which has a market value of $370 million — made a net profit of $8 million and saw $80 million in revenue in the fiscal year that ended on March 31. [Crain’s] — Claire Moses