Durst, Fetner split ways

Partnership managed thousands of rentals and was developing Bjarke Ingels-designed Far West Side "pyramid"

New York /
Jan.January 21, 2015 08:00 AM

Until late last year, real estate enthusiasts walking by one of the Far West Side’s most distinctive projects — the Bjarke Ingels-designed “pyramid” at West 57th Street – would likely have spotted the logo of developer Durst Fetner Residential, the joint venture between the Durst Organization and Sidney Fetner Associates that was spearheading the project.

Now, however, that logo is out of commission. Durst and Fetner have gone their separate ways, putting an end to a marriage that began in 2007 with a decision to jointly manage a large rental portfolio and develop major residential projects.

Hal Fetner, the erstwhile CEO of the Durst Fetner partnership, told The Real Deal that the two parties amicably parted ways effective Jan. 1. Jordan Barowitz, a spokesperson for Durst, also confirmed the news.

“They were developing together and managing a portfolio of aggregated assets,” Barowitz said. “Now, both organizations have met a critical mass in terms of the number of rental units so that it makes it more efficient to disaggregate the portfolio and manage the units on our own.”

Durst, which controls a multimillion-square-foot commercial and residential portfolio that generates nearly $300 million in annual income (according to TRD‘s last count in October 2013), will continue to develop the two major projects Durst Fetner had in the pipeline: West 57th Street, a tetrahedron-shaped 709-unit rental building designed by Danish architect Ingels, and 855 Sixth Avenue, a 570,000-square-foot, mixed-use building at West 30th Street.

Hal Fetner said that his new firm, Fetner Properties, has set up shop in the East 40s. The firm will retain an interest in 855 Sixth But Has Walked Away From West 57th Street. It’s also developing a project in Brooklyn, he said, but declined to comment further.

Fetner’s father, Sidney, began developing properties in the 1960s and built a portfolio of rentals that includes the 208-unit Chesapeake on the Upper East Side and the 421-unit Victory in Hell’s Kitchen. Durst’s residential properties include the 598-unit Helena in Hell’s Kitchen and a collection of 95 units on Front Street at the South Street Seaport.

The first property to arrive under the Durst Fetner banner was the 400-unit Epic On 31st Street near Herald Square, which Fetner had begun developing in 2005 and retains management of after the split.

Correction: Durst’s Front Street apartments are in Manhattan, not Brooklyn. A previous version of this post misstated this fact.


Related Articles

arrow_forward_ios
Durst Organization Chairman Douglas Durst, Venable LLP Chairman Stuart Ingis and 151 West 42nd Street (Getty, Venable)
Durst’s One Five One inks 158K sf lease for law firm tenant
Durst’s One Five One inks 158K sf lease for law firm tenant
Robert Durst (Getty, iStock)
Robert Durst is on a ventilator with Covid: lawyer
Robert Durst is on a ventilator with Covid: lawyer
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
arrow_forward_ios

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

Loading...