Durst closes on final parcel needed for Hallets Point megaproject

Developer paid $15 million for waterfront property; deal was supposed to close in Sept.

TRD New York /
February 11, 2015 12:59 PM

Douglas Durst’s Durst Organization nabbed the last parcel to move ahead with its massive Hallets Point development on the Queens waterfront, according to property records filed with the city today. Durst paid real estate investor $15 million for the parcel. 

The parcel, located at 1-02 26th Avenue in Astoria between First and Second streets, was originally supposed to close in September. Deutsch’s Astoria Equities 2000 first signed a contract with Lincoln Equities in 2007, as The Real Deal reported. Originally, Lincoln planned to buy the lot for $7.5 million.

Deutsch sued the Durst Organization and Lincoln Equities in October, claiming the developers broke the agreement. “Astoria Equities, which agreed to receive substantially less than fair market value in cash… because it also would be receiving and equity interest… would be forced to ‘cash out,'” the complaint stated.

The Durst Organization took control of the project in October 2014, when it bought three parcels at the site for $130 million from New Jersey-based Lincoln Equities.

The 2.5 million-square-foot Hallets Point project will include 2,400 market-rate and affordable units and is slated to cost about $1.5 billion.

 

Related Article

arrow_forward_ios
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

arrow_forward_ios