The Sit-Down

Like Father, Like Son: Murray Hill Properties’ David Sturner

David Sturner (Credit: Mike Nagle)

David Sturner’s long tenure at Murray Hill Properties began in 1995, when the full services real estate company launched its asset and project management departments. But his roots at the firm go even deeper than that: Mr. Sturner’s father, Norman Sturner, is MHP’s president and chief executive. Since coming onboard, the younger Mr. Sturner, 46, has risen in the ranks. The onetime project management specialist now also oversees operations and asset management and two years ago was named chief operating officer. Mr. Sturner spoke to The Commercial Observer about the transformation of MHP, growing up in a real estate family and the quest for fortune over fame.  Read More

Fifth Avenue Still on Top, Despite What Study Shows

Joe Sitt, of Thor Equities.

Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More

Sales Beat

509 Fifth Avenue Sold to Chabad Lubavitch for $42 Million

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According to a posting on chabad.org, Chabad Lubavitch of Midtown Manhattan closed yesterday on the purchase of 509 Fifth Avenue. The Jewish educational and social services organization, comprised of 33,000 institutions in over 75 countries, had been a tenant in the building for 16 years.

Rabbi Joshua Metzger told The Commercial Observer that a deal for the building had been long sought-after. Read More

Money Matters

Murray Hill’s $265 M. Chinese Savior

The bank was just weeks away from taking over Murray Hill’s prized 1180 Sixth Avenue when a Chinese investor stepped in to save the tower.

“We got into a tight situation in that a mezz holder, the Shorenstein Group, bought the equivalent of the B-note,” said Norman Sturner, president and CEO of Murray Hill Properties, Read More

Sturner Recapitalizes 1412 Broadway

“We are happy to report that we have concluded the purchase and recapitalization of 1412 Broadway,” began a recent email sent by Murray Hill Properties owner Norman Sturner to his investors.

This is the 400,000-square-foot, Class B garment-district building at 39th Street that Mr. Sturner and his partners bought for $177.5 million in December 2006, Read More