Douglas Durst

Tell us about a deal that did NOT go through this year and why it didn’t happen?

421a did not happen because, unfortunately, a lot of people involved in housing policy do not think the supply and demand equation applies to New York City’s housing market. But hope springs eternal.

Have you refinanced anything in 2022? How difficult/easy was it?

Yes; not difficult but more expensive.

There’s a lot of Class B and C office in NYC. If you could lay your hands on them at a really great price, what would you do with them?

Never bet against New York, so there is a lot of opportunity in Class B and C; but we really prefer to build from the ground up. That way we get to make our own mistakes, and not have to fix other people’s.

What market outside of NYC do you like and why?

Philadelphia. Walkable, urban and dense with a lively arts, culture and restaurant scene. First-class higher education, halfway between N.Y.C. and D.C. It has a lot of upside.

There’s a midterm election this year. How closely are you following, and do you think the national political climate will have an effect in New York?

Unfortunately, I am following it very closely. A well-functioning democracy is essential for the continued growth of our business..

How many days per week are you in the office?

Five.

How many days per week are your tenants in the office?

Three to five.

NYC apartment rents have reached never seen levels. How much further can it go? How does the housing squeeze play out?

Rents will continue to rise until we put more supply on the market, or until a lot of people decide to leave.

ESG: fad or fixture?

We have been doing it for 40 years.