Douglas Durst

Is there a single “good” sign you see in a distressed property that makes you want to buy it?

A leased building is a beautiful building.

Let’s talk about office. Is the worst over?

It was never as bad as the headlines made it out to be. Many office buildings have experienced robust leasing over the past four years. I think the sun is rising on the rest of the industry as well.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again? What would stop you?

When they bring back a real tax abatement, we will build again.

Which market (including NYC) are you most fearful of?

The only thing we have to fear is fear itself.

What’s going to be your biggest expense in 2025?

The completion of 20 and 30 Halletts Point in Queens.

How’s the financing climate for new development and redevelopment — hot, cold or just right? 

Frigid.

What are your predictions for the mayor’s City of Yes, especially given the controversies within the Adams administration?

Many aspects of the City of Yes are incredibly important, including zoning changes to allow for more housing. We need to build more housing to solve the availability and affordability crises. And a stronger housing market supports a stronger office market.

Do you still like Eric Adams? (Did you ever like him?)

Yes.

Lightning Round:

Your social media of choice?
LinkedIn.

AI: Helpful in CRE or a fad?
Is AI asking this question?

Last movie you saw in a theater?
“Dune: Part Two.”

You’re going on a six-month expedition into the Amazon rainforest. What’s your last meal before you get on the plane?
Pasta at Rosemary’s at 825 Third Avenue.

Tesla or BMW?
Jody Durst’s 1980 Toyota Land Cruiser.

Will interest rates be below or above 4 percent on July 1, 2025?
Definitely below.

If you could partner with one person in the business on a property, who would it be?
My grandkids.

What are you tired of talking about?
Return to office. Office has returned!