Shorenstein files to foreclose at 1180 Sixth

1180 Sixth Avenue and Norman Sturner, president of Murray Hill PropertiesShorenstein Properties is foreclosing on its mezzanine debt at 1180 Sixth Avenue after owners Murray Hill Properties and the Carlyle Group defaulted on their mortgage payments last month, Crain’s reported. The joint venture purchased the 23-story property, between 46th and 47th streets, for $300 million in 2007, but ran into financial trouble there after the market crashed. As a result, Murray Hill Properties had recently hired the Carlton Group to help it hold onto the 400,000-square-foot tower, with chairman Howard Michaels reportedly hunting for another $245 million. It wasn’t immediately clear how much Shorenstein is owed, but the company, which has become an active buyer in the distressed real estate market over the past few years, had warned last month that it was likely to foreclose on the building. [Crain’s]