The Durst Organization

Last updated

The Durst Organization
Company type Private
Founded1915;109 years ago (1915)
Founders Joseph Durst
Headquarters One Bryant Park, New York City, New York, United States
Key people
Douglas Durst (chairman)
Jonathan Durst (president)
Website www.durst.org

TheDurst Organization is one of the oldest family-run commercial and residential real estate companies in New York City. Established in 1915, [1] the company is owned and operated by the third generation of the Durst family. Durst is the owner, manager, and builder of 13 million square feet of premier Manhattan office towers. The Durst residential portfolio has 3,400 units across 3 million square feet. Durst is recognized as a world leader in the development of high-performance and environmentally advanced buildings where people live, work, and thrive. It is a member of the Real Estate Board of New York (REBNY). [2] Forbes magazine estimates the Durst family fortune at $8.1 billion. [3]

Contents

Early history

In 1902, Jewish immigrant Joseph Durst arrived in the United States from Gorlice, Galicia, Austria-Hungary with three dollars to his name. He found work as a tailor in New York City, and in 1912, he became a full partner in a dress manufacturer, Durst & Rubin.[ citation needed ]

Using the profits from his business, Durst bought his first building in 1915: The Century Building at One West 34th Street. In 1926, he acquired the original Temple Emanu-El at 5th Avenue and 43rd Street, [4] from Benjamin Winter Sr. [5] [6] the largest synagogue building in the United States at the time; it was demolished in 1927 to make room for commercial development. [6] In 1927, he formed The Durst Organization. [7]

More purchases included:

Shift to development and construction

In the 1950s, The Durst Organization shifted from primarily real estate management to new construction and development. They assembled the parcels for and completed the following buildings, all of which it still owns:

In 1974, Joseph Durst died and his son Seymour Durst took control of the company during the real estate crash of the 1970s. [8]

In 1992, Seymour Durst retired and his son Douglas Durst took control of the company. Seymour died in 1995.

One World Trade Center development

In 2010, The Durst Organization bid on and won the right to invest $100 million in the One World Trade Center Development, becoming a co-developer with the Port Authority of New York and New Jersey. [11] Its contract with the Port Authority gave the company a $15 million fee and a percentage of “base building changes that result in net economic benefit to the project.” The specifics of the signed contract give Durst 75 percent of savings up to $24 million and stepping down thereafter (to 50 percent, 25 percent and 15 percent) as the savings increased. [11]

Since the company joined the project, design changes include:

The Port Authority has approved all the revisions. Patrick Foye, the new executive director of the Port Authority states: “I think they’ve been few and minor.” [11] Douglas Durst, the chairman of The Durst Organization, commenting on the changes: "We didn’t make the changes to save money...The changes were made in order to construct the building.” [11]

See also

Related Research Articles

4 Times Square is a 48-story skyscraper at Times Square in the Midtown Manhattan neighborhood of New York City. Located at 1472 Broadway, between 42nd and 43rd Streets, the building measures 809 ft (247 m) tall to its roof and 1,118 ft (341 m) tall to its antenna. The building was designed by Fox & Fowle and developed by the Durst Organization. 4 Times Square, and the Bank of America Tower to the east, occupy an entire city block.

<span class="mw-page-title-main">Larry Silverstein</span> American businessman

Larry A. Silverstein is an American businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home.

<span class="mw-page-title-main">Bank of America Tower (Manhattan)</span> Office skyscraper in Manhattan, New York

The Bank of America Tower, also known as 1 Bryant Park, is a 55-story skyscraper in the Midtown Manhattan neighborhood of New York City. It is located at 1111 Avenue of the Americas between 42nd and 43rd Streets, diagonally opposite Bryant Park. The building was designed by Cookfox and Adamson Associates, and it was developed by the Durst Organization for Bank of America. With a height of 1,200 feet (370 m), the Bank of America Tower is the eighth tallest building in New York City and the tenth tallest building in the United States as of 2022.

<span class="mw-page-title-main">Bush Tower</span> Office skyscraper in Manhattan, New York

The Bush Tower is a skyscraper in the Midtown Manhattan neighborhood of New York City, just east of Times Square. Designed by Frank J. Helmle and Harvey Wiley Corbett of the firm Helmle & Corbett, the building occupies a plot at 130–132 West 42nd Street between Broadway and Sixth Avenue.

<span class="mw-page-title-main">One World Trade Center</span> Skyscraper in Manhattan, New York

One World Trade Center, also known as One World Trade, One WTC, and formerly called the Freedom Tower during initial planning stages, is the main building of the rebuilt World Trade Center complex in Lower Manhattan, New York City. Designed by David Childs of Skidmore, Owings & Merrill, One World Trade Center is the tallest building in the United States, the tallest building in the Western Hemisphere, and the seventh-tallest in the world. The supertall structure has the same name as the North Tower of the original World Trade Center, which was destroyed in the terrorist attacks of September 11, 2001. The new skyscraper stands on the northwest corner of the 16-acre (6.5 ha) World Trade Center site, on the site of the original 6 World Trade Center. It is bounded by West Street to the west, Vesey Street to the north, Fulton Street to the south, and Washington Street to the east.

<span class="mw-page-title-main">330 West 42nd Street</span> Office skyscraper in Manhattan, New York

330 West 42nd Street, also known as the McGraw-Hill Building and formerly the GHI Building, is a skyscraper in the Hell's Kitchen neighborhood of Manhattan in New York City. Designed by Raymond Hood and J. André Fouilhoux in a mixture of the International Style, Art Deco, and Art Moderne styles, the building was constructed from 1930 to 1931 and originally served as the headquarters of McGraw-Hill Companies. The 485-foot-tall (148 m) building contains 33 stories.

<span class="mw-page-title-main">Times Square Tower</span> Office skyscraper in Manhattan, New York

Times Square Tower, also known as 7 Times Square, is a 48-story office skyscraper at the southern end of Times Square in the Midtown Manhattan neighborhood of New York City. Located on the city block bounded by Broadway, 42nd Street, Seventh Avenue, and 41st Street, the building measures 724 feet (221 m) tall. The building was designed by David Childs of Skidmore, Owings & Merrill and developed by Boston Properties. The site is owned by the New York City Department of Citywide Administrative Services, though Boston Properties and Norges Bank have a long-term leasehold on the building.

<span class="mw-page-title-main">Candler Building (New York City)</span> Office skyscraper in Manhattan, New York

The Candler Building is a skyscraper at the southern end of Times Square in the Midtown Manhattan neighborhood of New York City. Located at 220 West 42nd Street, with a secondary address of 221 West 41st Street, the 24-story building was designed by the firm of Willauer, Shape and Bready in the Spanish Renaissance style. It was constructed between 1912 and 1913 for Coca-Cola Company owner Asa Griggs Candler. The Candler Building was one of the last skyscrapers built in New York City before the 1916 Zoning Resolution, which required setbacks. It is listed on the National Register of Historic Places (NRHP).

<span class="mw-page-title-main">National Debt Clock</span> Debt display in Manhattan, New York

The National Debt Clock is a billboard-sized running total display that shows the United States gross national debt and each American family's share of the debt. As of 2017, it is installed on the western side of One Bryant Park, west of Sixth Avenue between 42nd and 43rd Streets in Manhattan, New York City. It was the first debt clock installed anywhere.

Seymour Bernard Durst was an American real estate investor and developer. He created the National Debt Clock.

SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet, and is reported to be "New York City’s largest office landlord".

<span class="mw-page-title-main">Pershing Square Building</span> Office skyscraper in Manhattan, New York

The Pershing Square Building, also known as 125 Park Avenue or 100 East 42nd Street, is a 25-story office building in Midtown Manhattan in New York City. It is located on the eastern side of Park Avenue between 41st and 42nd streets, across from Grand Central Terminal to the north and adjacent to 110 East 42nd Street to the east.

<span class="mw-page-title-main">Eleven Times Square</span> Commercial skyscraper in Manhattan, New York

Eleven Times Square is an office and retail tower located at 640 Eighth Avenue, at the intersection with West 42nd Street, in the Times Square and West Midtown neighborhoods of Manhattan, New York City. The 40-story, 1,100,000-square-foot (102,193 m2) tower rises 601 feet (183 m), making it the 131st tallest building in New York City. The structure is directly east of the Port Authority Bus Terminal and immediately north of The New York Times Building.

<span class="mw-page-title-main">3 Times Square</span> Skyscraper in Manhattan, New York

3 Times Square, also known as the Thomson Reuters Building, is a 30-story skyscraper at Times Square in the Midtown Manhattan neighborhood of New York City. Located on Seventh Avenue between 42nd and 43rd Street, the building measures 555 feet (169 m) to its roof and 659 feet (201 m) to its spire. The building was designed by Fox & Fowle and developed by Rudin Management for news-media company Reuters. The site is owned by the New York City Economic Development Corporation, though Rudin and Reuters have a long-term leasehold on the building.

<span class="mw-page-title-main">Douglas Durst</span> American real estate investor and developer (born 1944)

Douglas Durst is an American real estate investor and developer. He has been the president of The Durst Organization since 1992.

<span class="mw-page-title-main">Pershing Square, Manhattan</span> Plaza in Manhattan, New York

Pershing Square is a public plaza in Manhattan, New York City, located where Park Avenue and 42nd Street intersect in front of Grand Central Terminal. The main roadway of Park Avenue crosses over 42nd Street on the Park Avenue Viaduct, also known as the Pershing Square Viaduct. Two service roads, one northbound and one southbound, connect 42nd Street with the main roadway of Park Avenue, at 40th Street.

Joseph Durst was an American real estate developer, founder of the Durst Organization, and patriarch of the Durst family.

Benjamin Winter Sr. was a real estate developer in New York City and founder of Winter Incorporated. Winter served as president of the American Federation of Polish Jews.

Hill West Architects is a New York City based architecture firm which works on the planning and design of high-rise residential and hospitality buildings, retail structures and multi-use complexes. They have participated in the design of prominent structures in the New York City metropolitan area. The firm was founded in 2009 by Alan Goldstein, L. Stephen Hill and David West.

<span class="mw-page-title-main">Sven (development)</span> Residential skyscraper in Queens, New York

Sven is a residential building located at 29-59 Northern Boulevard in the Long Island City neighborhood of Queens, New York City. At 762 feet (232 m) tall, Sven is the second-tallest building in Queens behind Skyline Tower, as well as one of the tallest buildings in New York City outside of Manhattan.

References

  1. "Company Overview of The Durst Organization Inc". Businessweek. Archived from the original on April 10, 2013. Retrieved April 2, 2013.
  2. "Member Firms".
  3. "Durst family". Forbes.
  4. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 The Durst Organization: Timeline Archived 2015-12-25 at the Wayback Machine retrieved July 8, 2012
  5. The San Bernardino County Sun: "N. Y. Church Site Sold for $7,000,000 for Skyscraper Use" December 15, 1926 | "Temple Emanu-El, at the north-cast corner of Forty-third street, conceded to be one of the most Valuable parcels of real estate of Its size In the world, has been sold to Joseph Durst, vice president of the Capital National bank, at a valuation of $7,000,000, almost $370 a square foot. Mr. Durst plans to erect a 40-story office building on the site when he gains possession In May, 1928. The temple was purchased from the congregation last January by Benjamin Winter, real estate dealer, for $6,500,000."
  6. 1 2 Lauren Robinson. The Museum of the City of New York: "Temple Emanu-El", nytimes.com. October 11, 2011.
  7. Alan S. Oser. New York Times: "Seymour B. Durst, Real-Estate Developer Who Led Growth on West Side, Dies at 81", nytimes.com. May 20, 1995
  8. Daniels, Lee A. (November 8, 1991). "Chronicle". The New York Times. Retrieved October 6, 2008.
  9. "Queens Plaza Park". The Skyscraper Center. CTBUH. Archived from the original on February 2, 2019. Retrieved July 11, 2019.
  10. "Durst's LIC Clock resi tower gets new look". The Real Deal. April 5, 2018.
  11. 1 2 3 4 5 6 7 New York Times: "1 World Trade Center Is a Growing Presence, and a Changed One" By DAVID W. DUNLAP June 12, 2012
  12. 1 2 3 4 Wall Street Journal: "Pointed Spat Over World Trade Spire - Developer's Plan to Alter Top of New Tower Arouses Architects' Ire By ELIOT BROWN] May 10, 2012
  13. Wall Street Journal: "A Beacon Diminished" By JAMES PANERO September 10, 2013
  14. Transportation Nation: "Patrick Foye Named New Executive Director of NY-NJ Port Authority" By Jim O'Grady October 19, 2012