Douglas Durst

The Durst Organization is more than 100 years old. What would you say is the firm’s legacy so far?

New York City. Our buildings are tied to the city’s history and future, including the development of Third and Sixth avenues as major office districts, One Five One’s transformational role in Times Square, and One World Trade Center in the revitalization of downtown. We develop high-quality buildings and continually invest in them over time to give New Yorkers great places to live and work. With every project, we support the vitality of the city.

What about multifamily? What will that market be like in 2026 and 2027?

New York desperately needs large multifamily developments, but the state’s 485x program incentivizes the creation of small 99-unit properties.

What do you hope to see the next mayoral administration in NYC accomplish from a CRE perspective?

Equitable property tax reform and new ways to incentivize housing development.

What are the firm’s top projects at the moment, and how are they progressing?

We recently completed 20 and 30 Halletts Point, which brought 647 new apartments, a publicly accessible waterfront esplanade, and retail space to Astoria, Queens. We introduced the penthouse floors at One World Trade Center, a one-of-a-kind, top-of-house space in New York City with slab-to-slab heights over 20 feet tall, two stories of windows, and unmatched views. I’m looking forward to seeing what visionary company makes this space their own. And, at 114 West 47th Street, we have a headquarters-quality large block of space with terraces becoming available for the first time since the building was built.

Can you share anything about what Durst’s next major development project will be?

We decided not to move forward with the third phase of Halletts Point, 40 and 50 Halletts Point, because 485x does not make large new development feasible. Forty and 50 Halletts Point would have delivered 870 apartments, a quarter of them affordable, and waterfront public open space. We will move forward whenever the city or the state allows us with new incentives. We have been around for 110 years and take a long-term perspective with our properties, so stay tuned.

Are you expecting an influx of market activity in the first half of 2026 if rates continue to go down? 

As interest rates continue to come down, the market will respond favorably, especially if construction costs are also moderate.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
All friends.

Your pick for Fed chair `26?
Brian Harris.

Borrowing costs up or down by late 2026?
Down.

More excited about — interest rate cut or Taylor Swift’s engagement?
Taylor who?

Last vacation and where?
Halletts Point.

What’s your Kryptonite?
My grandkids.

How are the tariffs going to affect your Thanksgiving shopping?
I already shop local at McEnroe Organic Farm.

You appear on the kisscam at a concert. Who’s performing?
Eater Life — with my wife!

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
That’s up to Stephen. I’m looking forward to the new Momoya concept at One Bryant Park.