From the September issue: Norman Sturner is the co-founder and CEO of Murray Hill Properties, which has bought and sold $10 billion worth of commercial real estate since its 1971 inception, and manages over 5 million square feet of office space. The company’s holdings include 1414 Avenue of the Americas at 58th Street, which Ian Schrager is turning into a luxury hotel. Sturner talked to The Real Deal about marrying young, starting college at 16, shedding two out of three homes in order to travel and the qualities of his success: luck and perseverance. [more]

Ian Schrager and 1414 Avenue of the Americas

Hotel developer Ian Schrager plans to turn the current Class B office
tower 1414 Avenue of the Americas into a luxury hotel. Building owner
Norman Sturner said that through expiring leases, the building will be
virtually empty by 2010, when $100 million in development work could
start. The 18-story building, at 58th Street, was built as a hotel and
its penthouse roof deck is where rock group Kiss sometimes held
parties. Sturner and investor David Werner bought the building in 2007
for $120.5 million, and planned to empty it out for residential or
hotel development. But as room rates and hotel occupancy drop, does
the city need another hotel? “You can get a room, and on selected
nights get it for $100, and I never thought I’d see that rate again,”
said John Fox of PKF Consulting. “Given where the market is right now,
we probably don’t need [another hotel].” [more]