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Durst eyes rare sale in Seaport district

Family looks to get $87M for Front Street apartment portfolio

Douglas Durst with 214 Front Street and 213-217 Front Street (Getty, Google Maps)
Douglas Durst with 214 Front Street and 213-217 Front Street (Getty, Google Maps)

The Dursts are looking to unload a handful of small apartment buildings in Lower Manhattan’s South Street Seaport district — an uncommon move for a family that rarely sells its properties.

The Durst Organization and its partner, Zuberry Associates, are looking to get $87 million for the seven buildings, according to marketing materials from Avison Young, which is handling the sale.

The buildings, which include 95 apartments and 15 retail units spread across more than 140,000 square feet, underwent a significant upgrade following Superstorm Sandy that included hardening against future storms.

“Properties like this in the South Street Seaport’s historic neighborhood are rarely available for sale and are incredibly unique,” Avison Young’s Alexandra Marolda said in a statement.

236 Front Street/24 Peck Slip

236 Front Street/24 Peck Slip (Google Maps)

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The buildings run along Front Street between Peck Slip and Beekman Street and include the addresses 213-217 Front Street, 214 Front Street and 236 Front Street/24 Peck Slip — which include 421a tax exemptions that expire in an average of four years. The buildings’ residential units are 89 percent occupied and the retail space is 80 percent occupied, according to Avison Young.

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The Durst Organization rarely sells its properties, though in the spring it sold its stake in a 28-acre Long Island City development site to a group of investors led by Bruce Teitelbaum.

Elsewhere in the city, the company has been butting heads with the Metropolitan Transportation Authority over an East Harlem assemblage near 125th Street where it wants to develop a large residential project.

In the Seaport neighborhood, the Howard Hughes Corporation has had its share of quarreling in court over its plan to develop an $850 million mixed-use tower at 250 Water Street.

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Durst OrganizationLower ManhattanSouth Street Seaport