Murray Hill Props defaults on 1180 6th Ave.

New York /
Jan.January 18, 2011 05:40 PM

1180 Sixth Avenue and Norman Sturner, president of Murray Hill PropertiesMurray Hill Properties has defaulted on its loan at 1180 Sixth Avenue and has tapped real estate investment bank the Carlton Group to help save its investment, sources told Crain’s, though Norman Sturner, president of Murray Hill, denied the reports. The mezzanine debt on the 400,000-square-foot property is currently owned by Shorenstein Properties, who has told real estate executives it may foreclose. Sources say that Carlton’s chairman, Howard Michaels, is looking for about $245 million. Murray Hill purchased the 23-story tower, between 46th and 47th streets, in 2007 for $300 million, public records show. Murray Hill is charged with managing and leasing the property, although sources believe that Prudential put up most of the money. But problems at 1180 Sixth Avenue aren’t keeping Murray Hill from buying other properties. It recently bought 509 Fifth Avenue for $32 million, and also recently sold 1412 Broadway for about $152 million. (Note: correction appended) [Crain’s]


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