Howard Lorber banked $42.5M in 2015

Howard Lorber
From the New York website: It pays to be the boss. Douglas Elliman Chairman Howard Lorber took home a whopping $42.5 million in total pay in 2015, according to regulatory filings.
The payday represents a 40 percent jump from last year’s compensation, which totaled nearly $30 million, according to a March 25 proxy statement filed with the Securities and Exchange Commission by Elliman’s parent company, Vector Group Ltd., of which Lorber is president and CEO. (Lorber earned $9.4 million in 2013.)
The eye-popping numbers also came with a new, seven-year agreement for Lorber to remain in his position at Vector. As part of that deal, inked in November 2015, he was awarded 1.2 million shares of restricted stock.
“I love what I do,” said Lorber, 67, who owns an apartment at the Sherry-Netherland and is set to close on a pad at 432 Park Avenue. He told The Real Deal he has no intention of retiring, even though he’s eligible to do so. “I’m happy that I did a deal and I’m here for at least seven years – hopefully longer.”
Lorber’s compensation far surpasses that of his peers.
Richard Smith, the CEO of Realogy Holdings – parent to Elliman rival the Corcoran Group – took home $9.1 million in 2015. And Vornado CEO Steve Roth took home $10.85 million in 2015.
In Lorber’s case, the big increase in 2015 came in the form of stock awards. This past November, Vector awarded Lorber $30 million in company stock.
His total pay includes a base salary of $3.1 million, which is subject to annual increases, as well as certain perks. They include use of a company car and driver, membership at two clubs, nearly $300,000 for use of Vector’s corporate plane and a $90,000 allowance for lodging and expenses.
Douglas Elliman had a banner year in 2015. The brokerage pulled in $637 million in revenue, a 17 percent year-over-year increase from 2014. The company closed sales of $22.4 billion in 2015, compared with $18.2 billion in 2014.
According to the proxy filing, Lorber holds a 5.9 percent stake in Vector. He holds 7.45 million shares of company stock, valued at $170.6 million based on a closing price of $22.90 per share on March 30.
Vector is not Lorber’s only source of income. He sits on the board of Nathan’s Famous Inc., and pocketed $616,000 in 2015 for his role as executive chairman of the board of the hot dog company, according to regulatory filings. He is also a director of the Morgans Hotel Group Co.

Source: The Real Deal Miami

Miami now ranks as 12th top city for super-rich: Knight Frank

The downtown Miami skyline (Credit: Lonny Paul)
Miami hasn’t lost all its allure among the super-rich. It has resurfaced in the No. 12 slot, Knight Frank told The Real Deal on Tuesday.
After ranking as the sixth most important city for the ultra-wealthy in 2015, Miami had fallen off the list of the top 10 cities in the latest Knight Frank Wealth Report released in London last week. Only the top 10 were included in the report.
But Liam Bailey, global head of research for Knight Frank, asked his researchers to look further, and told TRD that they found that Tokyo comes in at No. 11 and Miami at No. 12 in 2016.
Wealth Report panel
Miami’s fall is the result of weakened currencies in Latin American countries, he said. “The critical issue is currency and the demand from Latin America,” he sad. “I suspect it is a blip.”
He added via email: “Bear in mind [that] at [No.] 12 Miami comes out second in the U.S.”
Last year, Miami followed London, New York, Singapore and Shanghai in Knight Frank’s Global Survey, which looks at the most important cities globally in terms of where the world’s wealthy live, invest, educate their children, grown their businesses and spend their leisure time. Paris, Dubai, Beijing and Zurich followed Miami. Knight Frank defines the ultra high net worth individuals as those with more than $30 million.
This year, London again tops the list for the ultra-wealthy, followed by New York, Singapore, Hong Kong, Dubai, Shanghai, Paris, Sydney, Beijing and Geneva.
Knight Frank and Douglas Elliman presented the latest Wealth Report at 1 Hotel & Homes on Tuesday morning. The Miami event followed similar presentations in New York and London last week. In all, Knight Frank will be hosting events in 36 cities this year, up from 22 last year.
Real estate is the “most comfortable asset class,” for investing, Douglas Elliman Chairman Howard Lorber, told audience member during a panel discussion. Terra Group President David Martin, also a panelist, cited Miami Beach and Coconut Grove as among the top neighborhood markets in the Miami area for investors.
The FinCEN rule that requires title insurance companies to disclose the names of foreign buyers who pay $1 million and up for homes in Miami-Dade County, which went into effect on March 1, has not had any effect on the market, Lorber said during the panel. “It’s been a big nothing…. I think the whole thing is nonsensical.”

Source: The Real Deal Miami