Mr. Sterneck is a recognized expert in completing sophisticated financial transactions including complex public-private partnerships. He is credited with structuring the highly innovative multi-tiered construction and permanent financing packages for Harlem USA and DC USA. He has also structured and negotiated landmark tenant deals including leases that brought national tenants such as Bed Bath & Beyond, Best Buy, Barnes & Noble, Staples, the Disney Store, Old Navy and Magic Johnson Theatres to diverse urban markets. He was also responsible for the creation of the three unit condominium structure at DC USA that enabled Target to purchase its own unit.
In addition to his work as a principal, Mr. Sterneck has also been involved as an advisor on a broad range of projects and transactions. Some of his most noteworthy accomplishments include advising Beth Israel Medical Center on the acquisition of the 306,000 square-foot Zeckendorf Tower Condominium office unit from a partnership controlled by the Equitable Life Assurance Society – a monumental deal consummated during the real estate recession of the early 1990s. He also advised the Cooper Union for the Advancement of Science and Art, as the ground lessor on the extension and restructuring of the Chrysler Building ground lease, which at its completion was the largest single asset real estate transaction ever recorded in the United States.
As an integral part of the Urban Strategic Partners’ team, Mr. Sterneck leads the financial analyses and due diligence efforts and the structuring of acquisition, financing and leasing transactions. He also acts as the firm's primary liaison with its lender community and is responsible for all financial reporting to lenders and investment partners.
Prior to joining Grid Properties in 1988, Mr. Sterneck completed internships at Bear, Stearns & Co. where he specialized in equity sales and asset management and the Federal Reserve Bank of Chicago where he was an internal auditor. Mr. Sterneck graduated from a five year honors program at Northwestern University where he received a Bachelor of Art in Economics and a Masters of Management from the Kellogg Graduate School of Management. Mr. Sterneck is a member of the International Council of Shopping Centers.
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