Khashoggi Misses $2 Billion Pierre Deadline, Sinking Lutnick-Backed Purchase
Updated
Updated · The New York Times · Oct 14
Khashoggi Misses $2 Billion Pierre Deadline, Sinking Lutnick-Backed Purchase
1 articles · Updated · The New York Times · Oct 14
Summary
Tuesday’s missed deposit deadline killed Motasem Khashoggi’s proposed $2 billion purchase of the Pierre, ending a two-year fight over the landmark New York co-op.
Khashoggi had pitched a full renovation that would have required all residents to sell their apartments and leave the century-old building.
The collapse hands a reprieve to longtime residents who opposed the plan, which had been advanced by a small group on the co-op board.
Howard Lutnick — President Trump’s commerce secretary and the Pierre penthouse owner — had helped find Khashoggi and shape the bid.
The failed deal leaves the Pierre’s future unresolved as engineering studies cite leaks, corroded pipes and outdated fire-safety systems requiring major repairs.