And the 1 WTC winner is … Durst

New York /
Jul.July 08, 2010 08:30 AM

Douglas Durst and 1 WTC

The Durst Organization has won the bidding for a stake in One World Trade Center, beating out Stephen Ross and his Related Companies for the chance to invest in the planned 1,776-foot-tall tower,
the Observer reported. The board of the Port Authority of New York
& New Jersey, which is building the tower, came to the decision at
a meeting yesterday, pending a 30-day negotiation period during which a
contract will be drafted. Durst, which is expected to invest about $100
million in the project, was once a staunch critic of the tower, having
publicly chided it as “the legacy of poor planning and decision-making
by the Pataki administration.” But Durst’s pitch was ultimately the
more traditional of the two finalists: Related’s proposal
included amenities like fitness centers, similar to those of the
company’s Time Warner Center in Columbus Circle. In a statement, Durst
president Jody Durst called the rebuilding of the World Trade Center
Site “perhaps, the most complex building project ever undertaken,”
adding, “the building is a symbol of New York’s resilience and strength
and we have tremendous confidence in its future success.” Ross
expressed disappointment following the announcement: “While we are
disappointed and thought we offered a great vision for this iconic
destination development and Lower Manhattan we wish the Port Authority
and their new partner well,” he said in a statement. [NYO]

 

Related Articles

arrow_forward_ios
Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)
Durst refinances two Midtown buildings with $1.1B CMBS loan
Durst refinances two Midtown buildings with $1.1B CMBS loan
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)
Condé Nast considers move to Gold Coast to save money
Condé Nast considers move to Gold Coast to save money
261 Madison Avenue and 205 East 42nd Street are among the closed locations. (Sapir, Durst, WeWork)
WeWork dumps several Manhattan locations
WeWork dumps several Manhattan locations
Douglas Durst (Getty)
Douglas Durst tapped to be next REBNY chair
Douglas Durst tapped to be next REBNY chair
Douglas Durst and a rendering of the project (Getty, DRWC)
Durst’s $2B Philly waterfront redevelopment project approved
Durst’s $2B Philly waterfront redevelopment project approved
President Donald Trump and Joseph Biden (Getty, iStock)
Real estate donors backing Biden over Trump
Real estate donors backing Biden over Trump
A photo illustration of Douglas Durst (iStock)
Mayor grants Durst Org its Astoria ferry wish
Mayor grants Durst Org its Astoria ferry wish
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)
Condé Nast wants out at 1WTC. Durst may not be OK with that
Condé Nast wants out at 1WTC. Durst may not be OK with that
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...