Durst Selling 675 Third Avenue as Potential Office-to-Resi Conversion
By Isabelle Durso November 14, 2024 4:39 pm
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The Durst Organization is putting its office building at 675 Third Avenue up for sale as a potential office-to-residential conversion — the latest landlord to join a recent wave of conversions in New York City.
Durst plans to sell its 32-story Midtown East building for around $100 million, according to The Real Deal, which first reported the news.
And, like many other developers in the city, Durst is offering its 340,000-square-foot tower as a candidate for a residential conversion, as it is in “one of the most central locations in New York City,” a spokesperson for Durst told Commercial Observer.
Newmark (NMRK)’s Adam Spies, Adam Doneger, Douglas Harmon, Marcella Fasulo and Avery Silverstein are handling the sale process, according to sources. The brokers did not immediately respond to requests for comment.
Completed in 1966, Durst’s building between East 42nd and East 43rd streets is home to tenants such as financial management firm Elite Financial Solutions and law firm Binder & Schwartz.
While it’s unclear exactly why Durst put its office tower up for sale, the firm is following several other landlords who have recently offloaded office properties to developers considering the option of residential conversion.
That includes the Rudin family’s sale of 80 Pine Street to Bushberg Properties for a conversion and the Kaufman family’s deal with Vanbarton Group at 77 Water Street for another project. The Kaufmans also recently struck a deal with Quantum Pacific to sell 767 Third Avenue as a possible conversion, as CO previously reported.
Not to mention, SL Green Realty also has plans to convert its 25-story office building at 750 Third Avenue into 543 residential units, TRD reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
