Sturner skirts foreclosure at 1180 Sixth

From left: 1180 Sixth Ave., Norman Sturner, president of Murray Hill Properties, and Howard Michaels of the Carlton GroupHoward Michaels has saved the day at 1180 Sixth Avenue, bringing in an anonymous Chinese investor to bail out the owners before a planned foreclosure auction by mezzanine debt holder Shorenstein Properties, according to the Post. Norman Sturner’s Murray Hill Properties and the Carlyle Group had defaulted on their mortgage payments in January after buying the 23-story property, between 46th and 47th streets, for $300 million at the height of the market. Shorenstein filed to foreclose late last month. Meanwhile, Sturner tapped Michaels, of the Carlton Group, to help him hold onto the 400,000-square-foot tower by reportedly seeking out $245 million in capital. Details of the agreement with the new investor aren’t known, but Murray Hill Properties will be retained to manage and lease the building. [Post, 2nd item]