Clockwise: Durst Fetner Residential’s Hal Fetner, 855 Sixth Avenue, Baruch Singer, Yitzhak Tessler of Tessler Development and Douglas Durst of Durst Organization
From the August issue: For the owners of distressed properties, it’s a harrowing ride to stabilization. Note sale, foreclosure, bankruptcy or recapitalization, there is no easy path from financial trouble to stable footing. And while some savvy investors have seized control of valuable New York City properties, many owners and lenders have lost billions of dollars through distressed real estate sales and restructurings since the financial crisis began. This month The Real Deal examines five deals and how they unfolded. In the third part of the series, we look at 855 Sixth Avenue, a development site just a few blocks south of Herald Square where Durst Fetner Residential stepped in and is preparing to erect a 500,000-square-foot building — 300,000 of which will be devoted to 350 rental units (80 percent market rate and 20 percent “affordable”). There will also be a 325-key, 130,000-square-foot hotel, and 90,000 square feet of retail. Click here to read the story.
