Last month, the very public spat between billionaire media mogul Barry Diller and real estate heavyweight Douglas Durst got ugly.
Diller, who has accused Durst of secretly blocking his $200 million park project on the Hudson River by funding a lawsuit, took aim at his arch enemy at Vanity Fair’s New Establishment Summit. Diller called the Durst family a “killing machine,” a reference to Douglas’ brother Robert, who has allegedly been involved in several murders. He later apologized for the comments.
But the display was a glimpse into just one of the feuds playing out in New York City’s real estate world. There are many more, and in the cover story for our November issue, The Real Deal unpacks some the city’s famous clashes that have pitted mogul against mogul.
Meanwhile, we hear from tax accountants, attorneys and industry sources on the ways property investors work the tax code to their advantage. We also examine concerns held by some Vornado shareholders that there’s no clear succession plan in place for when CEO Steven Roth — who is now pushing 75 — finally calls it quits. With buyers now holding the cards in New York City’s residential market, we look how the balance of power has shifted. There’s also a peek inside the drama filled resurrection of 425 Park Avenue.
Elsewhere in the issue, there are stories on a new city proposal regarding air-rights fees in the Theatre District, a look at what could happen if German lending giant Deutsche Bank topples, the behind-the-scenes of the top New York investment team’s arrival at Cushman & Wakefield, and how landlords are struggling to cope with the threat of climate change.
Finally, in our Closing interview, Wells Fargo multifamily finance exec Alan Wiener talks about the scandal at the company, growing up in the North Bronx and his belief that Donald Trump is akin to a “leader of a circus.”
To read the November issue of The Real Deal, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Miriam Hall