Durst, Fetner split ways

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

TRD 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

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Durst Organization chairman Douglas Durst in a coworking space

Durst Ready: Developer to launch flexible office space arm

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension

733 Third Avenue and Durst Organization president Jordy Durst (Credit: Google Maps and Durst Organization)

Tax firm EisnerAmper relocating large East Side office

One Bryant Park (Credit: The Durst Organization)

Bank of America leads $1.6B refi for tower named after it at One Bryant Park

4 World Trade Center and The Durst Organization president Jonathan Durst (Credit: Google Maps)

Durst inks 55K sf of leases at 4 Times Square

Douglas Durst and the NYC ferry on the East River (Credit: Curbed NY)

Durst wants to extend East River ferry service to UES

With Condé Nast’s old space re-leased, Durst lands $900M refi in Times Square