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To Download a PDF of an Interview with Howard M. Lorber, President NEWYORKCITY Making Companies Great An Interview with Howard M. Lorber, President and Chief Executive Offi cer, Vector Group Ltd. EDITORS’ NOTE Howard M. Lorber right people. If one is lucky enough in How important is the cultural fit in has been with Vector Group and its their career to fi nd a few great people, regard to acquiring a new company? diversifi ed interests since 1994. In then they are doing well. I have been I was very impressed by Teles’ manage- addition to his role at Vector Group, able to do that over the years. ment, and the reactions we have received after he was President, Chief Operating Are you primarily interested announcing the acquisition have been fantastic. Offi cer, and a Director of New Valley in growing your current compa- After having spoken to a few of the brokers at Corporation from November 1994 nies or fi nding new opportunities? Teles, I think their culture fi ts in perfectly with until its merger with Vector Group I am not looking for any acquisi- that of Douglas Elliman. in December 2005. Chairman tions in different lines of business at Will you touch on the transformation of the Board of Directors since this time. We have been investing in of Nathan’s and what you were able to do 1987, Chief Executive Offi cer from real estate, and I am investing with with that brand? November 1993 to December 2006 developers who I trust and admire. The key there was a great brand name – it and currently Executive Chairman Howard M. Lorber Is it hard to separate yourself is very well known given the actual size of the of Nathan’s Famous, Inc.; a con- within the real estate industry company, which was quite small. It was started sultant to Vector Group and Liggett Group from and how do you differentiate in the space? by a family that took it public. We took it pri- January 1994 to January 2001; a director of We are different – we do things differ- vate in the late ’80s and changed it around – we United Capital Corp. since May 1991; a direc- ently and we are much more entrepreneurial. went into franchising and branded products, not tor of Prime Hospitality Corp. from May 1994 We are the fourth largest residential real estate just restaurants, and took it public again in the until its acquisition by Blackstone Group LP in company in the country and we are only in early ’90s. November 2004; Vice Chairman of the Board of six states – the fi rst three are big national fran- It is now more of a licensing, brand- Ladenburg Thalmann Financial Services since chise operations. ing, and franchising company than a res- May 2001; a member of the Board of Directors With the impact Douglas Elliman taurant company. We have very profitable of Morgans Hotel Group Co. from March 2015 has had in New York, are there opportuni- licensing deals for supermarket sales, and we until November 2016, and Chairman from ties to expand to other markets? are the number-one premium-selling frank in May 2015 to November 2016; and a director of The advantage of where we are – New the Tri-State area. Clipper Realty Inc. since July 2015. Lorber holds York and the suburbs around New York, such The old Nathan’s had a few big stores, but a Bachelor of Arts degree, a Master of Science as the Hamptons, Westchester and Fairfield generally, hot dogs are not considered meals, degree in Taxation, and an Honorary Doctorate County as well as South Florida, California, so there was not a lot of dinner business being from Long Island University, where he is also a Aspen/Snowmass and Boulder, is that many done. It is a lunch product or something to eat trustee. owners in these markets are buying or plan to on-the-go, like in an airport. buy houses in the future in the other markets When you bring in the right manage- COMPANY BRIEF Through their subsidiar- we service. ment, how engaged do you remain and is it ies, Liggett Group LLC and Vector Tobacco Inc., Geographically, it might not be perfect, but hard to step back? Vector Group Ltd. manufactures and markets it is pretty much the same type of clients that we It is always hard to step back when I see high quality tobacco products in the United are used to dealing with. something I do not like, but if that happens, States. Vector Group also owns New Valley LLC, We will probably end up in a few other mar- I have a conversation about it. I have tried to which in turn controls Douglas Elliman Real kets – we might like to add Boston at some have an open-door policy so people can come Estate. point. We went to Los Angeles because we saw to me when something comes up. opportunity in ground-up, high-rise construction. The interesting part of Douglas Elliman is Will you discuss the history and heritage of Douglas Elliman himself actually promoted that I happen to love the real estate business, so Vector Group? vertical living in New York City more than 100 it does not feel like work. I like to know what Vector Group was the successor company years ago. He was telling wealthy New Yorkers the agents are thinking. A lot of agents have to both Western Union and the Liggett and living in mansions to try living in big, beautiful coaches and I decided to also have one to help Myers tobacco company. apartment buildings. me understand what our agents are thinking so The two companies were merged through As you explore other markets, are you I could work better with them. I am eager to corporate shells and it became Vector Group. looking to acquire fi rms? learn every day. I make mistakes, but I try not At that point, we bought Douglas Elliman – one We started from scratch in LA, Miami, to repeat them. thing they all had in common is that they and in some suburban markets on the East Are you surprised to see the real were all companies that had a long history and Coast. The only one we took over was in Aspen estate development that is happening great brand names, but not great management. because we found a boutique high-end com- throughout New York? What do you look for when it comes to pany with a good market share. In California, I was not born and raised in New York management? we just purchased Teles Properties, which gives City – I was born and raised in the Bronx and It is always easy to find money to buy us over 500 new agents and 21 offi ces from then New Jersey. I raised my children in Long almost anything. What is really hard to fi nd is the Carmel to Coronado. Island. VOLUME 40, NUMBER 4 POSTED WITH PERMISSION. COPYRIGHT © 2017 LEADERS MAGAZINE, INC. LEADERS 13 Ever since I have lived here full time, I have a they want to spend, so developers have to be Since our inception, the Mount Sinai Health System has innovation and improved outcomes, and our team approach to completely different view than I did before. I used smart in their design. to wonder how people raised their children in the What interested you in becoming challenged the boundaries of medicine through groundbreaking personalized patient care. We look forward to continuing our city. Now, it’s just the opposite – the city has so Chairman of the U.S. Holocaust Museum? research, which has led to improved methods of diagnosing and groundbreaking work and giving our patients the best possible much to offer and certain things we do not have My grandmother and grandfather were treating human disease. That’s why we are so proud to have been care, particularly when they are at their worst. For you. For life. to worry about, like our children driving. Greek Jews born in Thessaloniki. Greece had I still do not understand why the markets 100,000 Jews and 50,000 of them lived in this recognized by U.S. News & World Report, which named The in the suburbs have not returned to their pre- area of Greece. Mount Sinai Hospital to the Honor Roll of Best Hospitals in recession highs. They are a great value, so I would Ninety-five thousand of those 100,000 America. The Mount Sinai Hospital is one of only a handful of not be surprised to see a shift back to them. Jews were killed. In Thessaloniki, 48,000 of the Over the past few years, we have seen people 50,000 were taken to Auschwitz and murdered. hospitals on the U.S. News Honor Roll. Six of our specialties 1-800-MD-SINAI starting in the city, having a few kids, and then Luckily, my grandparents were able to ranked among the top 20, validating our commitment to mountsinai.org moving to the suburbs. They then move back come to the United States years before World It is always easy to to the city once the kids get older and move War II. I remember my grandmother telling me out. Today, they are not moving out so quickly. that my grandfather died so young because he There are still many people who do not had lost his will to live as a result of every single fi nd money to buy want the hassle of commuting and who have relative and every person he knew having had decided that their children are going to get been murdered.
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