{"id":1004758685,"date":"2025-05-21T01:26:00","date_gmt":"2025-05-21T09:26:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004758685"},"modified":"2025-05-21T10:01:21","modified_gmt":"2025-05-21T18:01:21","slug":"commerce-secretary-lutnik-divests-from-newmark","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commerce-secretary-lutnik-divests-from-newmark\/","title":{"rendered":"Commerce Secretary Lutnick Divests From Newmark"},"content":{"rendered":"\n<p>Newmark Group has agreed to repurchase nearly 11 million shares of company Class A common stock owned by U.S. Secretary of Commerce Howard Lutnick, who is also Newmark&#8217;s former executive chairman. The repurchase represents a full divesting of Newmark stock by Lutnick.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004758718\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commerce-secretary-lutnik-divests-from-newmark\/howard_lutnick\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg\" data-orig-size=\"800,1035\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;@Daniel Torok&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Howard_Lutnick\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Howard Lutnick, U.S. Secretary of Commerce, Former Executive Chairman at Newmark. Image courtesy of U.S. Department of Commerce &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg?w=791\" height=\"1024\" width=\"791\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg?w=791\" alt=\"Howard Lutnick, U.S. Secretary of Commerce\" class=\"wp-image-1004758718\" style=\"width:350px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg?resize=232,300 232w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg?resize=768,994 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Howard_Lutnick.jpg?resize=791,1024 791w\" sizes=\"auto, (max-width: 791px) 100vw, 791px\" \/><\/a><figcaption class=\"wp-element-caption\">Howard Lutnick, U.S. Secretary of Commerce, Former Executive Chairman at Newmark. <em>Image courtesy of U.S. Department of Commerce<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The purchase price is more than $127 million, based on $11.58 per share, the closing price on May 16. The sale was to comply with Lutnick\u2019s U.S. government ethics agreement. He was sworn in as 41st Commerce Secretary in February.<\/p>\n\n\n\n<p>Newmark is making the purchases under its existing stock repurchase authorization. The deal represents only a fraction of the authorization, which will have $244.9 million remaining.<\/p>\n\n\n\n<p>Michael Rispoli, Newmark CFO, described the transaction in a statement as a \u201cunique opportunity to efficiently acquire a substantial number of shares at what we believe was a favorable price.\u201d The $11.58 price represents a drop of nearly 24 percent since six months ago, but an 8.6 percent increase compared with a year ago.<\/p>\n\n\n\n<p>During the company&#8217;s most recent earnings call, in April, Rispoli said that he is \u201creally comfortable buying back stock&#8230; And we&#8217;re pretty careful about how we manage our balance sheet and how we manage our capital.\u201d<\/p>\n\n\n\n<p>\u201cWe made some investments in the first quarter into continuing to grow the business, and you can see that in our cash flows,\u201d Rispoli said. \u201cAnd so we didn&#8217;t buy back any stock, but I think you&#8217;ll see us pivot to buying back stock as we move into the second quarter.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/whos-buying-distressed-office-buildings\/\">Who\u2019s Buying Distressed Office Buildings?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Lutnick has also agreed to transfer his Cantor Fitzgerald ownership to trusts for the benefit of his children, including Cantor Fitzgerald Executive Vice Chairman Kyle Lutnick, and Chairman &amp; CEO Brandon Lutnick. Cantor Fitzgerald will continue to be Newmark\u2019s largest and controlling shareholder.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-newmark-earnings-up-losses-decrease\">Newmark earnings up, losses decrease<\/h2>\n\n\n\n<p>Newmark posted a nearly $8.8 million loss in the first quarter of 2025 on $665.5 million in revenue, which was up year-over-year from $546.5 million. The loss represents an improvement for that metric. On an adjusted basis, Newmark made $54.3 million after taxes, or 21 cents a share. In the first quarter of 2024, the company experienced a $16.3 million loss.<\/p>\n\n\n\n<p>The company&#8217;s leasing fees were up 31 percent in the first quarter, driven by increased activity in New York City, Boston and a strong rebound in the San Francisco Bay Area, according to Newmark CEO Barry Gosin on the most recent earnings call.&nbsp;Newmark increased management and servicing revenues by over 10 percent, which reflected strong valuation and advisory growth.<\/p>\n\n\n\n<p>\u201cIf there was a perceived significant decline in interest rates, people might slow up putting things on the market,\u201d Gosin said during the call regarding the U.S. commercial real estate market.<\/p>\n\n\n\n<p>\u201cBut we haven&#8217;t really seen that,&#8221; Gosin said. &#8220;If the Fed indicated they drop interest rates by 50 basis points, you might see a change in the market because people will expect cap rates to rise in light of a decline in interest rates. But not really&#8230; the uncertainty is annoying and concerning, but things are still trading.\u201d<\/p>\n\n\n\n<p>Newmark signed a 15-year <a href=\"https:\/\/www.commercialsearch.com\/news\/newmark-expands-manhattan-hq\/\">lease renewal and expansion<\/a> at 125 Park Ave. in Manhattan in March, growing its footprint at the building to 184,239 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company is buying back his stock holdings for about $127 million.<\/p>\n","protected":false},"author":1023,"featured_media":1004758720,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21783,23891,21742],"tags":[37527,50999],"class_list":["post-1004758685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-investment","category-national","category-latest","tag-cantor-fitzgerald","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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