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

Firm is relocating to smaller space; Sturners now on 4-year management contracts

TRD New York /
May.May 29, 2018 04:19 PM

Norman Sturner, David Sturner, and 530 Fifth Avenue (Credit: Google Maps)

Norman Sturner’s MHP Real Estate Services is scaling back significantly, downsizing and relocating after the family firm sold a majority stake in the business to Miami-based Banyan Street Capital earlier this year.

Sturner  – along with his son, David, who took over day-to-day operations of the company earlier this year – and chief financial officer Brett Goldman are now under four-year management contracts with the new Banyan joint venture, a source close to the partnership told The Real Deal.

And MHP – founded in 1971 as Murray Hill Properties

– is moving its offices this week to 530 Fifth Avenue, departing the Stahl Organization’s 277 Park Avenue where it had been a tenant since 2009.

At 530 Fifth, MHP signed a 3.5-year sublease with Altice Media Solutions. Its new space will span about 13,000 square feet, down from 22,000 square feet at 277 Park. A source familiar with the company said MHP plans to slim down from about 35 office leasing brokers to 22.

In April, MHP announced that it sold a 60 percent stake in the company to Banyan Street in a joint venture that valued the combined business at more than $3 billion, with a property portfolio of over 15 million square feet in the Eastern region of the U.S. In New York, MHP owns 850 Third Avenue along with HNA Group, which it has been trying to sell . It also owns 180 Maiden Lane with Clarion Partners.

Sources familiar with the deal said MHP was looking for a deep-pocketed partner to help it make new acquisitions, while Banyan Street wanted to crack into the five boroughs.

Since the JV, MHP brokerHoward Rosenblum recently left to join Advisors Commercial Real Estate (formerly known as CBC Advisors), his new firm announced last week. And earlier this year, MHP “cut ties” with David Green, the company’s longtime head of brokerage.

At the time, Norman Sturner said the company needed “a more aggressive approach” and that he would be “beating the shit out of my brokers.”

Mark Maurer contributed reporting.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

arrow_forward_ios