Sultan of Brunei in talks to buy NYC's iconic Pierre Hotel: sources
The Sultan of Brunei is in talks to buy New York City's storied Pierre Hotel — where Commerce Secretary Howard Lutnick owns a stunning triplex penthouse apartment, the Post has learned.
Hassanal Bolkiah, who is both sultan and prime minister of the tiny kingdom in Southeast Asia, is partnering with Essam Khashoggi, brother of the late Saudi arms dealer Adnan Khashoggi, according to a source close to the situation.
Khashoggi is the uncle of the late Washington Post journalist Jamal Khashoggi, who was slaughtered inside the Saudi consulate in Turkey in 2018.
6 The Sultan of Brunei is in talks to buy New York City's storied Pierre Hotel — where Commerce Secretary Howard Lutnick owns a stunning triplex penthouse apartment, the Post has learned.
Annie Wermiel/NY Post
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The landmarked hotel at 795 Fifth Ave. overlooking Central Park – which was put on the market last year – has been a favorite of A-listers and titans of industry since it opened its lavish doors in 1930.
The sale of the hotel's 189 rooms, retail space and restaurants is complicated and far from a done deal, a source close to the situation told The Post.
The sultan is a 'strong contender, but there are others,' the source said.
The 41-story limestone-clad building – featuring neo-Georgian architecture modeled after Versailles – also has about 80 co-ops.
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The sale could be for the whole property, which is valued at around $2 billion, the source said.
The deal could involve some of the co-ops, or all of them.
'At this point, no one is sure how it will play out, but it is heading into one of those directions,' the source said.
The Post reached out to the Brunei prime minister's office, its UN Mission in New York and its embassy in DC for comment.
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6 The landmarked hotel at 795 Fifth Ave. overlooking Central Park – which was put on the market last year – has been a favorite of A-listers and titans of industry since it opened its lavish doors in 1930.
Angel Chevrestt
The shareholders own the property and have leased the Pierre to India-based Taj Hotels Resorts and Palaces since 2005.
While Lutnick is a shareholder, he is not a member of the board, sources told The Post.
Lutnick and his wife, Allison, bought the Pierre penthouse triplex, the building's crown jewel, in 2017 for $44 million — which was $81 million off its original asking price. The 12,000 square-foot skypad first hit the market in 2013 for $125 million.
The couple has never lived in the building, according to sources..
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6 The sale could be for the whole property, which is valued at around $2 billion, the source said.
Real estate broker Newmark Group, led by Doug Harmon, co-head of capital markets for the firm, is advising on the sale of the Pierre, sources told The Post.
Harmon recently led the Newmark team that sold the Pierre's neighbor, 800 Fifth Ave., a 33-story luxury apartment building, to the Naftali Group for close to $820 million earlier this year.
Harmon's top deals include selling Peter Cooper Stuyvesant Town for $5.45 billion and Starrett City for $905 million.
Harmon declined to comment on the Pierre deal.
Lutnick was the largest individual Newmark Group shareholder.
6 Hassanal Bolkiah, who is both sultan and prime minister of the tiny kingdom in Southeast Asia, is partnering with Essam Khashoggi, brother of the late Saudi arms dealer Adnan Khashoggi.
via REUTERS
Newmark, which is now a publicly traded company, is a spin-off of its former parent company, BGC Partners, and a majority of the voting power of BGC Partners is held by Cantor Fitzgerald.
Lutnick headed the Wall Street financial services heavyweight for three decades, tragically losing his brother at the World Trade Center during the 9/11 terror attacks.
Last month, Lutnick handed over the reins to his children 'who are in positions of learning,' as he serves in the Trump administration, the Wall Street Journal reported.
Cantor Fitzgerald did not return requests for comment.
Sources told The Post that whoever buys the hotel will determine the fate of the co-op owners, who will have to approve the deal.
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The new owner could shut down the hotel and kick out the co-op owners for a period of time — or forever.
6 Lutnick and his wife, Allison, bought the Pierre penthouse triplex, the building's crown jewel, in 2017 for $44 million — which was $81 million off its original asking price.
REUTERS
'It will all be flushed out in the wash. But nothing will happen without the shareholders voting on it,' the source said.
If the co-op owners are booted for an extensive renovation, it could be five years before they are back, sources say.
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It took the Chinese-government owned Waldorf Astoria hotel eight long years to renovate. The hotel is finally planning to reopen this September after multiple delays.
'Everybody is scared and no one is talking,' another source said, referring to the co-op owners.
However, the insider added that while some owners do not want to leave, the compensation they will receive will be worth it.
'Whatever the disruption will be, it will be worth their while,' the source said.
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The Pierre has always been associated with glamour and sophistication.
6 The shareholders own the property and have leased the Pierre to India-based Taj Hotels Resorts and Palaces since 2005.
Christopher Sadowski
Coco Chanel stayed here during her first visit to the Big Apple in 1932. Sophia Loren also enjoyed staying at the hotel.
Other stars who called the Pierre home included Audrey Hepburn, who celebrated her 1954 Oscar for 'Roman Holiday' at the hotel. In addition, apartment owner Elizabeth Taylor married Eddie Fisher there in 1959.
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Guests over the years have included Barbra Streisand, Joan Collins, Yves Saint Laurent and Karl Lagerfeld.
The iconic venue has also been in films like 'Oceans Eight,' where Anne Hathaway's character checks in to get ready for the Met Gala.
John Paul Getty, founder of Getty Oil, bought the Pierre in 1938, reportedly calling it his only 'above-ground asset.'
He converted part of the hotel into co-ops.
Today, its other high profile co-op owners include fashion designer Tory Burch, media heiress Shari Redstone, musician Art Garfunkel and former Disney boss Michael Eisner.
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