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Sandro Rosell
FC Barcelona President
Thursday, August 24, 2017

Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald, has purchased a triplex penthouse at the Pierre Hotel for only $44 million. The price represents a significant, $81 million discount since the penthouse was formerly one of New York City’s most expensive listings at $125 million, according to a Page Six report last week. 

Out of all the finance firms in New York, Cantor Fitzgerald suffered the most from the terror attacks of September 11, 2001, losing 658 of its 960 employees. The victims of the attack included Lutnick’s brother, Gary, while Lutnick himself survived because the day of the attacks was his five-year-old son’s first day of Kindergarten, and Lutnick had to be there to take him to school. Despite the tragedy, which Lutnick has said still haunts his dreams, the 56-year-old CEO has been determined to keep the firm going, successfully rebuilding the company and compensating the victim’s families with 25% of the firm’s profits for five years, along with 10 years of health insurance, according to a 2011 Business Insider report.  

“'These families are part of us, and we're gonna give them 25% of our profits, and we're going to rebuild this company in order to take care of them,” Lutnick said in a 2011 CBS News interview. “And we're gonna pay for the health care for ten years straight, so that they don't have to worry about that. We'll be there for them. And that's what we did.”

In its report this month, Page Six said the 12,000-square-foot penthouse Lutnick and his wife have just purchased comes replete with 16 rooms, a library, five working fireplaces, and a private elevator, all at the cost of $51,840 a month in terms of maintenance. Though initially priced at $125 million, the asking price of the luxury penthouse was reduced to $95 million in 2013,  and down to $63 million when there appeared to be a lack of prospective buyers.  

According to Daily Mail, Lutnick purchased the property from Barbara Zweig, the widow of Martin Zweig, a stock investor and financier who died in 2013 at the age of 70. Zweig himself had purchased the property in 1999 for $21.5 million.

By: Asher Schlesinger