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Howard Lutnick has a new getaway beachfront home in Miami Beach.
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The chairman and chief executive officer of the financial services firm Cantor Fitzgerald, Howard Lutnick, has a new home. He paid $22.75 million for a 14, 000-square-foot condominium in Bal Harbour, Miami Beach, Florida, according to a report in The Wall Street Journal.
This is marked down from the original listing of $24.9 million. The price was probably dropped since the apartment had been on the market for more than a year.
The business executive reportedly closed the deal in early May. The condominium is located on the twenty fifth floor of the south tower of the St. Regis Bal Harbour Resort and Residences. The apartment was originally divided into five separate units.
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The St. Regis is an oceanfront condominium apartment building and hotel which opened in 2012. It has nearly 1, 000 feet of ocean frontage and offers it residents a gym, swimming pool and hotel amenities which include a butler service, housekeeping and pet sitting services.
The apartment was acquired from its original owner, Yuriy Kosyuk, CEO of the Ukrainian agro-industrial company MHP, who bought the five original units unfinished.
He removed the interior walls in order to create one large apartment with an open floor plan, but never completed construction. The unit is just an empty space today with two elevator entrances and 4, 000 square feet of terraces, with views of the Atlantic Ocean, downtown Miami and the Intracoastal Waterway. Lutnick will be able put up to 11 bedrooms and 11 bathrooms in the apartment. Five parking spaces were included with it.
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Howard William Lutnick, 53, succeeded Bernard Gerald Cantor as the head of Cantor Fitzgerald. He also serves as the Chairman and CEO of BGC Partners.
After the firm lost 658 employees including Lutnick’s brother in the September 11, 2001 attacks, he established the Cantor Fitzgerald Relief Fund as a non-profit organization to aid families of Cantor employees who died in those attacks.
Mr. Lutnick graduated from Haverford College in 1983 with a degree in economics He was named President and CEO of the company in 1991 and Chairman in 1996. He is a member of the boards of Haverford College, the Zachary and Elizabeth M. Fisher Center for Alzheimer’s Disease Research at Rockefeller University, Intrepid Museum Foundation, National September 11 Memorial & Museum, the Solomon Guggenheim Museum Foundation, and The Partnership for New York City. Mr. Lutnick received the Department of the Navy’s Distinguished Public Service Award, the highest honor granted by the Navy to non-military personnel.
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