After 10 years out of the Downtown market, MHP Real Estate Services has jumped back into it full throttle with the January purchase of 180 Maiden Lane.
The Manhattan-based commercial real estate broker, property manager and owner paid $470 million along with Clarion Partners for the 1.2-million-square-foot Class A office tower. And now the new owners are embarking on a $28 million renovation of the 41-story glassy building, with its panoramic views of New York Harbor.
It was a cold, brisk morning but on the 29th floor of 180 Maiden Lane, the sun was shining and the views were stunning at Commercial Observer‘s breakfast panel to discuss Downtown Manhattan. Some of the big players of the industry showed up and spoke including Howard Hughes Exec Vice President Christopher Curry, Jack Resnick & Sons President (and Resnick grandson) Jonathan Resnick, CBRE Global Brokerage Chair Stephen Siegel and MHP Real Estate President and Chief Executive Officer Norman Sturner. It was moderated by Fried Frank‘s Jonathan Mechanic.
2014 Owners Magazine
It was a who’s who of the commercial real estate industry this morning at Commercial Observer’s Downtown East Breakfast Panel, featuring Christopher Curry of the Howard Hughes Corporation, Jonathan Resnick of Jack Resnick & Sons, Stephen Siegel of CBRE and Norman Sturner of MHP Real Estate Services, and the assembled real estate pros reached a consensus: Lower Manhattan has enormous potential and demand in the area will only increase for years to come.
The theme of the panel, which was hosted at MHP Real Estate Services and Clarion Partners’ 180 Maiden Lane with expansive views of the Brooklyn Bridge and the frozen East River, was the demand for Lower Manhattan real estate and capitalizing on some of the still-untapped potential in the area. All of these New York real estate luminaries agreed: this is not your grandfather’s Lower Manhattan.
Commercial Observer’s Owners Magazine panel this morning at 7 World Trade Center drew several of the headline personalities who are remaking Lower Manhattan.
And, since people with boldfaced names rarely refrain from saying bold things, we’ve collected five observations from the movers and shakers in attendance.
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.
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
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.
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
“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