After five decades in the commercial real estate business, Norman Sturner is stepping down from the chairmanship of Murray Hill Properties, which he co-founded in 1971.
His son David Sturner will remain as president and CEO.
After working as an accountant and a mutual fund dealer, he purchased his first building for $70,000 in 1971 with his business partner and friend Neil Siderow. Sturner went on to buy and sell more than 150 properties worth more than $10 billion.
His career was capped by the merger that he and David orchestrated in 2018 with Miami-based Banyan Street Capital, forming a $3 billion business with 12 million square feet of commercial property across the country.
“The privilege of being able to work side-by-side with my father for the past 25 years has been enriching and enlightening to say the least,” said David Sturner in a statement. “From humble beginnings to a NYC real estate icon is a dream come to reality for a truly deserving man. My father has the gift of understanding what it takes to surpass any hurdles thrown his way and will always find a way to conclude a transaction. Building MHP from the ground up and growing it into a full-service operating company with a stellar track record and reputation over the past 50 years is a testament to the man he is and the legacy he leaves for the next generation.”
The company also let go of 16 of its office leasing brokers last week, as the city faces an unprecedented drop in office leasing during the coronavirus pandemic, The Real Deal reported. It kept on 10 other brokers who oversee leasing and asset sales.