Manhattan investment sales market’s too expensive: Durst

New York /
May.May 31, 2011 11:54 AM

Douglas Durst, chairman of the Durst Organization, said he has no current plans to acquire any more buildings in Manhattan because prices are not corresponding with value. “During the recent recession… prices just never came down to a level that we were comfortable with,” Durst said in an interview in the Wall Street Journal. “And now they’re rising again.” As for his recent investment in 1 World Trade Center, Durst said his firm was wanted on the project to manage the building once completed because the project’s developer, the Port Authority of New York & New Jersey, has a poor reputation with office towers. He said in addition to the 1.2 million square feet being leased by Conde Nast and the China Center, the government agency General Services Administration is in talks to lease 600,000 square feet. That would leave 1.2 million vacant square feet in the 3 million-square-foot, 104-story tower. Still, Durst doesn’t think there’s too much competition from other Financial District office space belonging to developer Larry Silverstein — who is co-developing 1 World Trade with the Port Authority — because of the contrasting move-in dates for the buildings and the distinct height of the available space in 1 World Trade Center. [WSJ]


Related Articles

arrow_forward_ios
Powerful New York real estate firms and families, including Douglas Durst and Bill Rudin, have donated money to Eric Adams (Getty / Photo Illustration by The Real Deal)
Eric Adams’ cup runneth over with real estate cash
Eric Adams’ cup runneth over with real estate cash
Robert Durst (Getty)
Robert Durst convicted of murder
Robert Durst convicted of murder
One World Trade Center with Constellation Agency co-founders Diana Lee and Matt Woodruff (iStock, Constellation Agency)
Constellation Agency leases 21st floor of One WTC
Constellation Agency leases 21st floor of One WTC
NYC landlords feel that the city's new energy efficiency grades aren't accurately reflecting what's going on at their buildings. (iStock)
Energy efficiency grades: motivation or nuisance?
Energy efficiency grades: motivation or nuisance?
Robert Durst testifying  on August 9th (Getty)
At his murder trial, Robert Durst denies killing Susan Berman
At his murder trial, Robert Durst denies killing Susan Berman
Clockwise from top left: Charles Cohen, Douglas Durst and 657 West 57th Street Avenue (Getty, Google Maps)
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
From left: One WTC, Douglas Durst, Donald and Steven Newhouse (iStock, Getty)
Condé Nast pays back rent at One WTC, ending standoff with Durst
Condé Nast pays back rent at One WTC, ending standoff with Durst
Robert Durst at the trail in May earlier this year (Getty)
Robert Durst “too sick to continue” murder trial, defense claims
Robert Durst “too sick to continue” murder trial, defense claims
arrow_forward_ios

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

Loading...