Dillard’s Board Member Sells New York Apartment for $12.25 million

N.Y. Home Sale

Here’s something ripped from the pages of The New York Observer: An eight-bedroom apartment on the 16th floor of a Park Avenue address in New York sold for an eye-popping $12.25 million.

The seller was none other than Frank Mori, a member of the Dillard’s Inc. board of directors, the Observer reports.

The apartment boasts views of Central Park and its own elevator, according to the paper. The luxury pad started out at $15 million when it was listed in the fall of 2010, the paper said.

Mori, 71, has been a director of Dillard’s since 2008. And during that time, he has served as co-chief executive of Takihyo LLC, a private investment firm headquartered in New York. He used to be CEO of Donna Karan International and Anne Klein & Co.

Dillard’s said in its proxy statement that Mori has “the broad knowledge and perspective of a fashion vendor combined with overseas sourcing and manufacturing experience.”

It also said that he owned 14,202 shares of Dillard’s stock, valued at about $928,000 as of last week. And his gig as a director last year paid $75,000 in cash and $79,335 in stock.