Norman Sturner and 450 Lexington Avenue (building photo source: PropertyShark)

Over
the last six years, Murray Hill Properties has grown in prominence and
now runs $265 million worth of high net-worth real estate funds,
co-founder Norman Sturner
told the Observer. Sturner built his business in 1971 together with
Neil Sidrow, and they have bought and sold over 150 buildings in the
last 40 years. “If I ever had seller’s remorse, it was one property:
450 Lexington Avenue,” Sturner told the Observer. He also just
completed capitalization at 1412 Broadway and approved two leases
there, both in excess of $40 a foot. Sturner believes that persistence
plays a crucial role in success. “The ability to keep your focus on
what it is that you want is extremely important, and it doesn’t matter
whether you’re a broker, an investment sales owner, a property owner or
anyone,” he said.”If you think you’re right, do it. Don’t let go. Do
not go quietly into the night.” [NYO]

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To the investors hoping to score one of Dubai’s prized Manhattan properties as the beleaguered city-state struggles to climb out of its $59 billion debt hole, analysts are saying: not so fast. In order to sell any of its five Manhattan properties, Dubai World, the government’s holding company, would be taking a big hit, which might not be wise. The Knickerbocker Hotel building, which the company bought for $300 million in 2006, is half-empty and worth “nothing,” one source told the Post’s Steve Cuozzo. “They’re going to take a huge hit if they sell,” said Dan Fasulo, managing director at Real Capital Analytics. “They’re going to get wiped out.” Dubai World may also be underwater at 450 Lexington Avenue, where the company has a 99-year leasehold, purchased in 2006 for $600 million. Meanwhile, the W Hotel Union Square, bought for $285 million in 2005, was scheduled for a Dec. 8 foreclosure auction. [Post]