Murray Hill Properties announced that Norman Sturner has made the decision to retire from his position as chairman of Murray Hill Properties (MHP), the company he co-founded in 1971.
Over the course of his long and illustrious career, that has spanned five decades, Mr. Sturner has bought and sold more than 150 properties valued at more than $10 billion.
Mr. Sturner was born in the Bronx and grew up in Bayside, Queens, attending Bayside High School where he met the love of his life, Harriet Katz when they were teenagers. He worked as a short-order cook and was accepted to St. John’s University at 16 years old. He graduated St. John’s with a degree in accounting. After school, he first worked as a certified public accountant and then moved on to become one of the largest mutual fund dealers in the country, owning a seat on the Philadelphia-Baltimore-Washington stock exchange. In 1971, he and his business partner and dear friend, Neil Siderow, purchased a building on the verge of default for $70,000, which led to additional purchases which launched his career in real estate investment.
Mr. Sturner has provided visionary leadership for the company. During his tenure, MHP has grown from a boutique real estate syndicator into a market leader in the NYC commercial real estate market.
“The privilege of being able to work side-by-side with my father for the past 25 years has been enriching and enlightening to say the least,” said David Sturner, president and CEO of MHP. “From humble beginnings to a NYC real estate icon is a dream come to reality for a truly deserving man. My father has the gift of understanding what it takes to surpass any hurdles thrown his way and will always find a way to conclude a transaction. Building MHP from the ground up and growing it into a full-service operating company with a stellar track record and reputation over the past 50 years is a testament to the man he is and the legacy he leaves for the next generation.”
Mr. Sturner’s career culminated with the merger he and David orchestrated with Miami-based Banyan Street Capital, creating a $3B powerhouse that encompasses 12 million square feet of commercial and retail space spanning from NYC to Miami.
“Norman has been an invaluable resource to Banyan during its entry into the New York marketplace – no one else knows as much about the Manhattan office market,” said Rudy Touzet, founder and CEO of Banyan Street Capital. “We are incredibly grateful to Norman, not only for the company he built, but for the time he spent with us, and we are especially thankful he will continue to be an advisory resource going forward.”
“It’s been nearly 50 years since I started on this road with a dream to make my mark on NYC. I want to thank the thousands of people I have had the pleasure to know and work with over these many years,” said Norman Sturner. “It has been a wonderful experience that has brought so much joy into my life. So now, as I take leave of MHP, with its glorious history and shining reputation, I am proud to leave the Company under the leadership of my son, David, and know that he and Rudy will accomplish great things together at Banyan Street.”
In addition to leading MHP, Mr. Sturner is an approved receiver by The New York State Office of Court Administration (OCA), a member of the Real Estate Board of New York (REBNY), a member of the Association for a Better New York (ABNY), vice president of the executive committee of the Realty Foundation of New York, and a mentor to the Young Jewish Professionals Real Estate Network and the Jewish Braille Institute. As a member of the Board of Directors of the Grand Central Partnership since 1999 Mr. Sturner was Chairman of the Partnership during the final restoration of Grand Central to its former glory and was recently honored for the sixth year in a row by The Commercial Observer as one of the 100 most powerful people in New York real estate.