Durst talks about real estate investments

August 09, 2010 06:00PM

Douglas Durst

Developer Douglas Durst’s decision last week to invest up to $300 million in One World Trade Center after originally criticizing the project is just one example of his “opportunistic, trailblazing approach” that has made him one of the city’s most successful developers, Crain’s said. In the past year, Durst, along with partner Bank of America, completed the city’s second-tallest building — One Bryant Park — and also refinanced the $1.3 billion property twice, despite the worst credit crunch in decades. His company, the Durst Organization, also lined up a $200 million credit line to purchase distressed real estate assets and has already used some of it to snap up mortgages on two Manhattan development sites. Meanwhile, Durst — who says he prefers a low-key approach to the industry — also bought a prewar property on Fifth Avenue for $42 million with a partner and plans to turn it into a condo. The Durst Organization also won praise for its redevelopment of 4 Times Square, where the company secured publisher Condé Nast as the anchor tenant. [Crain’s]