Murray Hill Props defaults on 1180 6th Ave.

TRD 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]


Related Articles

arrow_forward_ios
Lalezarian Properties principal Kevin Lalezarian and 509 Third Avenue in Manhattan

Lalezarian to build 35-story mixed-use tower in Murray Hill

Lalezarian to build 35-story mixed-use tower in Murray Hill
Moinian just landed a loan on its Park Avenue South building

Moinian just landed a loan on its Park Avenue South building

Moinian just landed a loan on its Park Avenue South building
After majority sale to Banyan, Sturner’s MHP scales back

After majority sale to Banyan, Sturner’s MHP scales back

After majority sale to Banyan, Sturner’s MHP scales back
National Cheat Sheet: LLC use in the spotlight thanks to Sean Hannity … & more

National Cheat Sheet: LLC use in the spotlight thanks to Sean Hannity … & more

National Cheat Sheet: LLC use in the spotlight thanks to Sean Hannity … & more
Inside HNA’s fast fall from grace

Inside HNA’s fast fall from grace

Inside HNA’s fast fall from grace
St. Lucia ambassador forced to leave infested apartment: lawsuit

St. Lucia ambassador forced to leave infested apartment: lawsuit

St. Lucia ambassador forced to leave infested apartment: lawsuit
Northwood scores $237M loan to buy HNA’s 1180 Sixth

Northwood scores $237M loan to buy HNA’s 1180 Sixth

Northwood scores $237M loan to buy HNA’s 1180 Sixth
Clothing manufacturer inks 11-year lease at 1407 Broadway

Clothing manufacturer inks 11-year lease at 1407 Broadway

Clothing manufacturer inks 11-year lease at 1407 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...