Douglas Durst
Chairman at Durst Organization
Where is Durst going to be in 2026?
New York City.
Where is Durst going to be in 2028?
Still in New York City.
Where is Durst going to be in 2033?
Still, still in New York City.
Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.
Our $100 million loan to transform 825 Third Avenue enabled us to empty the building after a triple-net lease ended, sustainably modernize the tower, and add a spectacular amenity space. We went from 0 percent to 35 percent pre-leased within a few months. 825 Third Avenue looks and feels like a new building.
When will we know the market has stabilized? (Be specific!)
When people stop asking. And when the banks realize that the commercial real estate market is not a monolith, and there is a sector of the market — Class A and A-plus — that is doing very well.
How do you think the 2024 presidential campaign will impact the commercial real estate market?
I’m more worried about maintaining our democracy.
If you were to invest your own money in someone else’s real estate, who do you like and why?
My grandchildren.
What business advice are you most tired of hearing?
Business advice.
What’s the biggest market opportunity as we round out 2023?
New York City. But, the current environment is very challenging, especially for housing without a replacement for 421a. The governor and mayor have put forward comprehensive and impressive housing plans that I am hopeful will generate the housing we need to grow.
Have you had a lot of staff turnover?
No, and we’re moving next year into 1155 Avenue of the Americas to accommodate our growth.
Who do you like for POTUS in 2024? Biden.
Do you feel personally safe moving through NYC? Yes.
Jerome Powell: Are you a fan or critic? I will keep my opinion to myself and suggest the same for Jerome Powell regarding interest rates and the economy.
Can’t-live-without technology now? Ossur Prosthetics.
Elon Musk is …? Elon Musk.
Taylor Swift or Beyoncé? Both.
Artificial intelligence — good or bad? TBD.
Mischa’s or Nathan’s for a hot dog? Nathan’s.
Netflix or Hulu? Max.
What character are you in “Succession”? Lawrence Yee.
