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About Merchants’ National Properties (MNPP)

The Parent Company

Merchants’ National Properties, Inc., a Delaware corporation, was incorporated on December 3, 1928. That year, MNPP acquired its first seventeen properties for $3,523,400.

Today, MNPP is involved in all phases of real estate management, development, and rental. The company’s properties are located throughout the continental United States and include shopping centers, office buildings, and other commercial real estate. In 2006 MNPP acquired Marx Realty & Improvement, Inc., MNPP’s management, and development subsidiary.

The Chairman of the Board of Directors is James M. Better. The other board members are Craig M. Deitelzweig, Leonard Gruenberg Jr., James Magowan, Mark Magowan, Matthew Maguire, Richard Schosberg, James A. Stern, and John Usdan.


Annual Dividends Per Share
2022 70.00
2021 65.00
2020 50.00
2019 50.00
2018 47.50
2017 40.00



james m. better, chair

Mr. Better has been a director of Merchants’ National Properties since 2002 and has served as Chairman since May 2010 and as a Member of the Dollar Land Associates, LLC Board of Managers since 2010. He is an Operating Partner of Kohlberg & Company, LLC, a private equity investment firm and the Chairman and Chief Executive Officer of Nellson Nutraceuticals, LLC, a Kohlberg portfolio company. Previously, Mr. Better was a Managing Director of Celerant Consulting, an operationally focused consultancy, and a General Partner of Capricorn Holdings, LLC, a private equity investment firm. Mr. Better is a graduate of Williams College and Stanford University’s Graduate School of Business.

Craig m. deitelzweig

Craig joined Marx Realty as its President and CEO in 2017 and has been responsible for growing the company as well as streamlining the company’s strategy by focusing on value-add office investments in three core markets: New York City, Washington D.C. and Atlanta. Craig is also charged with repositioning Marx’s entire portfolio as well as growing the Marx team and profitability. Over his 25-year career, Craig has vast experience in every aspect of the real estate industry and believes in a very hands-on approach. Prior to Marx, he held senior roles at both private equity and private development companies, including redeveloping over 50 assets in major markets across the country with a particular emphasis on NY and DC. Craig’s projects have received various awards from industry groups such as NAIOP, BOMA, Globe St., Crain’s, Washington Business Journal and AIA. He has been interviewed as a thought and innovation leader in several features in the Wall Street Journal, CNN, Bloomberg and on CNBC, and was selected as one of the Real Estate Forum’s Best Bosses of 2019. Under Craig’s leadership, Marx was selected to Crain’s Best Places to Work in 2020 and 2021. Craig was named to the 2020 and 2021 Commercial Observer’s Power 100 List. Craig previously practiced law in the real estate and litigation departments at Skadden before transitioning to the business side of the industry.

Craig graduated Cum Laude from Tulane University’s Freeman School of Business (where he currently serves on the Executive Committee of the Advisory Board) and earned a J.D. at Fordham University’s School of Law. Craig serves on the Mixed-Use Council of the Urban Land Institute as a ULI mentor and on the Strategic Advisory Council of Shadow Ventures, a venture capital firm specializing in PropTech investments.

Leonard S. gruenberg, jr.

Mr. Gruenberg has been a director of Merchants’ National Properties, Inc. since 2006. He was formerly a Managing Director of Bear, Stearns & Co and JP Morgan Securities. He was previously a member of Dollar Land Associates, LLC Board of Managers and attended the University of Arizona.

james magowan

Mr. Magowan has been a director of MNP since May 2017.  He serves as Managing Director of Private Equity with responsibility for private capital transactions in real assets and operating companies at Arboreal Capital LLC. He recently served as Co-Founder and Interim CEO of Arboreal B.V., a Netherlands company, focused on biodiverse, permanent reforestation in the tropics.  Previously, Mr. Magowan has served as Managing Director at Sutter Securities, an Owner at Security Research Associates, and as Director at Johnson Capital (Walker & Dunlop).  Mr. Magowan is an investor in early-stage companies in decarbonization and financial inclusion. Mr. Magowan is a graduate of Harvard University and holds an MBA from IMD International.

MARK magowan

Mr. Magowan has been a director of Merchants’ National Properties, Inc. since 2004, and was the Chairman from 2007 to 2010. He is President of The Vendome Press, a graduate of Harvard College and Oxford University. Mr. Magowan is the President of the Magowan Family Foundation and the Hellen Plummer Foundation.


Mr. Schosberg, a graduate of Cornell University, has been a director of MNP since 2017 and is Chair of the Audit Committee and a member of the Governance Committee. He has also been a director of many of the Marx Corporations for more than a decade. Richard is President of the Take2/Take The Lead Thoroughbred Retirement Program Inc. and Vice President of the New York Thoroughbred Horsemen’s Association, Inc. He chairs committees on governance, worker safety and housing, as well as thoroughbred aftercare and legislative issues.


Mr. Stern has been a Director of Merchants’ National Properties, Inc. since 2012. He is the Founder and Chairman of The Cypress Group, a NY based private equity firm and family office. He was previously a member of the Dollar Land Associates, LLC Board of Managers. Prior to founding Cypress in 1994, Mr. Stern was a managing director of Lehman Brothers and a member of the Firm’s Executive Committee. He serves or has served on the boards of Cinemark USA, Infinity Broadcasting, Lear Corporation, OHA Investment Corporation, RP Scherer Corporation, Two Harbors Investment Corporation., and Wesco International. Mr. Stern is Chairman Emeritus of Tufts University and served as Chairman from 2003-2013. He is a board member of several charitable organizations including The Jewish Museum, WNET and The Cancer Research Institute.

john usdan

Mr. Usdan has been a director of Merchants’ National Properties, Inc. since 1998. He is the CEO of Midwood Investment & Development, a company originally started by his grandfather in 1925. He has amassed 3.5 million feet of real estate in 10 states and the District of Columbia. Mr. Usdan’s philanthropic interests are primarily focused on education and the arts. He is a Trustee Emeritus of Wesleyan University, a Trustee of Brooklyn Academy of the Arts, Board President of the Usdan Center and a member of the Hastings Center Board of Directors. Previously Mr. Usdan served as Chairman of the Board of Brandeis International Business School, Board President at Bronx House, Chair of Wesleyan’s Capital Campaign and on Ascena Board of Directors.


Mr. Maguire has been a director of Merchants’ National Properties, Inc. since 2019. Matthew K. Maguire is President of Loeb Partners Realty LLC. He has over twenty years experience in commercial real estate. At Loeb, Mr. Maguire has been responsible for the asset management of an approximately 3.2 million square foot portfolio of major office properties, as well as identifying acquisition opportunities for the firm. Prior to joining Loeb in 2005, Mr. Maguire was Senior Vice President of the NYC Economic Development Corporation, where he served as the City’s lead negotiator of discretionary incentives for job creation and office construction and was responsible for development and implementation of the City’s post-9/11 business recovery and redevelopment efforts. He has a master’s in public policy from the Kennedy School of Government at Harvard University and is a graduate of Dartmouth College.



  • Leonard S. Gruenberg, Jr. (Chair)
  • Richard Schosberg
  • Mark Magowan
  •  Matthew Maguire
  • James M. Better, ex officio


  • Richard Schosberg (Chair)
  • Mark Magowan
  • Matthew Maguire
  • James M. Better, ex officio


  • James Magowan
  • James Stern
  • John Usdan
  • James M. Better, ex officio


2022 Marx Corporations Annual Meeting | June 8, 2022 at 10:00 am ET