The Pierre has long stood as one of Manhattan’s most gilded properties, a Versailles-inspired tower overlooking Central Park that housed everyone from Elizabeth Taylor to Coco Chanel.
But today, its aging elevators, shabby lobby and thinning roster of power players have set the stage for a bitter fight over its future — and at the center of it is Howard Lutnick.
The billionaire bond trader-turned-Trump Commerce Secretary owns the Pierre’s penthouse, the building’s largest apartment, and, by extension, the most co-op shares. According to the New York Times, Lutnick pushed for a management shakeup two years ago, which led the board to ultimately hire Lutnick’s own firm, Newmark, to advise on upgrades.
That pivot has spiraled into late-stage talks to sell the entire property at 795 Fifth Avenue for roughly $2 billion. The prospective deal would involve funding from the Khashoggi family and management by the Dorchester Collection, owned by the sultan of Brunei.
If approved, the sale could force out famous residents, including former Disney chief Michael Eisner, designer Tory Burch and media heiress Shari Redstone. Older owners in their 80s and 90s are furious, arguing they’ve poured fortunes into renovations only to face eviction.
“To find new accommodations and go through the trauma… would seriously affect my health, well-being and finances,” longtime resident Tina Beriro, 84, wrote in an email obtained by the Times.
Lutnick, who hasn’t lived in the penthouse he bought for $44 million in 2017, is distancing himself. A spokesperson for his department said he hasn’t been involved in discussions for months and disclosed his conflicts before stepping away when Trump tapped him for his administration post.
Still, the perception lingers that Newmark — poised to reap tens of millions in fees — set the deal in motion with Lutnick’s blessing.
The outcome rests with the co-op’s shareholders. Any sale requires approval from two-thirds of its shares, meaning Lutnick’s oversized stake could prove decisive.
Supporters frame the choice as cashing out at a profitable value versus footing astronomical assessments for long-delayed repairs. Opponents fear the loss of their homes to foreign owners with controversial ties.
The building’s annual meeting is scheduled this week in the Pierre’s Cotillion ballroom, where tempers will likely be raw. For a building long synonymous with luxury, the fight may determine whether its next chapter is one of restoration or exile.
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