Norman Sturner
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Norman Sturner | |
|---|---|
| Born | September 6, 1940 |
| Education | B.A. St. John’s University |
| Known for | co-founder and CEO of Murray Hill Properties |
| Spouse | Harriet Sturner (m. 1959) |
| Children | Andrew Sturner David Sturner |
Norman Sturner (born September 6, 1940) is an American real estate developer and co-founder and CEO of Murray Hill Properties.[1]
Sturner was born in the Bronx, New York[1][2] to a Jewish family and grew up in Bayside, Queens where he attended Bayside High School. He worked as a short-order cook when he was a teenager and entered college at the age of 16.[1] He is a graduate of St. John's University[3] where he majored in accounting.[2] After school, he first worked as an accountant.[2] and then moved on to become one of the largest mutual fund dealers in the country and owned a seat on the Philadelphia-Baltimore-Washington stock exchange. In 1971, he and his business partners, Neil Siderow[2][4] an owner of a life insurance agency, and Michael Green, purchased a building on the verge of default for $70,000 which led to additional purchases and began their career in real estate investment.[5]
Sturner focuses solely on commercial real estate in Manhattan; handling all aspects of development except construction - which is outsourced.[5] His strategy historically has been to purchase undervalued commercial properties in Manhattan[6] and improve them (typically upgrading lobbies and elevators) to attract a better class of tenants.[5] His firm has acquired and sold more than 150 properties with a value of more than US$10 Billion.[3] Sturner is a great believer in New York City stating: "New York is an island which cannot be moved anywhere and lose its value."[7]
Sturner was named a member of the Commercial Observer's “Power 100” in New York City. Sturner is an approved receiver by the New York State Office of Court Administration (OCA), is a member of Real Estate Board of New York (REBNY), is a member of the Association for a Better New York (ABNY), and serves as vice president of the executive committee of the Realty Foundation of New York.[6]