Durst Organization buys second vacant lot
in Harlem

Land is across from the developer's other empty site

TRD New York /
Jul.July 19, 2017 02:05 PM

The Durst Organization picked up a second vacant lot in Harlem, directly across from its land at 1800 Park Avenue.

The development firm, led by Douglas Durst, bought an L-shaped lot running from East 124th Street to the middle of East 125th Street at Park Avenue’s northeast corner from the Northern Manhattan Rehabilitation and Nursing Center, according to the New York Post. The lot, which the organization had used for parking, was priced at nearly $20 million.

Company spokesperson Jordan Barowitz told the newspaper that the company purchased the new lot in Harlem “to protect our investment across the street.”

Randy Modell and Steven Hornstock from ABS Partners Real Estate and Shimon Shkury from Ariel Property Advisors represented the seller.

Durst purchased the site across the street at 1800 Park Avenue last year from Ian Bruce Eichner for about $91 million. Eichner had planned to build a 32-story building with 682 apartments on the land, but the Durst Organization said when the sale went through that they would not move forward with this plan.

The developer bought the $10.4 million mortgage in March on multiple buildings that Joel Schreiber’s Waterbridge Capital owns at the southwest corner of Park Avenue and East 125th Street as well.

The Durst Organization also filed plans in June for a mixed-use project at 29-55 Northern Boulevard in Long Island City that would include 763 rental units, and it recently secured a $1 billion loan package from a group headed up by Citi Private Bank. [NYP]Eddie Small


Related Articles

arrow_forward_ios
Robert Durst (Photo by Alex Gallardo-Pool/Getty Images)

Pandemic pushes back Robert Durst murder trial yet again

Pandemic pushes back Robert Durst murder trial yet again
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
arrow_forward_ios

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

Loading...