Durst Organization

The Durst Organization is one of the oldest family-run commercial and residential real estate companies in New York City. Established in 1915,[1] the company is owned and operated by the third generation of the Durst family. As of 2014, it owns and manages more than 8.5 million square feet of Class A office space in Midtown Manhattan and over 1 million square feet of luxury residential rentals.[2] It is a member of REBNY.[3]

Early history

In 1902, Jewish immigrant Joseph Durst arrived in the United States from Gorlice, Galicia, Austria-Hungary with three dollars to his name. He found work as a tailor in New York City, and in 1912, he became a full partner in a dress manufacturer, Durst & Rubin.

Using the profits from his business, Durst bought his first building in 1915: The Century Building at one West 34th Street. In 1926, he acquired the original Temple Emanu-El at 5th Avenue and 43rd Street,[2] from Benjamin Winter, Sr.[4][5] the largest synagogue building in the United States at the time; it was demolished in 1927 to make room for commercial development.[6] In 1927, he formed the Durst Organization.[7]

More purchases included:

Shift to development and construction

In the 1950s, the Durst Organization shifted from primarily real estate management to new construction and development. They assembled the parcels for and completed the following buildings, all of which it still owns:

In 1974, Joseph Durst died and his son Seymour Durst took control of the company during the real estate crash of the 1970s.[8]

In 1992, Seymour Durst retired and his son Douglas Durst took control of the company. Seymour died in 1995.

One World Trade Center development

In 2010, the Durst Organization bid on and won the right to invest $100 million in the One World Trade Center Development, becoming a co-developer with the Port Authority of New York and New Jersey.[10] Its contract with the Port Authority gives the company a $15 million fee and a percentage of “base building changes that result in net economic benefit to the project.” The specifics of the signed contract give Durst 75 percent of savings up to $24 million and stepping down thereafter (to 50 percent, 25 percent and 15 percent) as the savings increased.[10]

Since the company joined the project, design changes include:

The Port Authority has approved all the revisions. Patrick Foye, the new executive director of the Port Authority states: “I think they’ve been few and minor.”[10] Douglas Durst, the chairman of the Durst Organization, commenting on the changes: "We didn’t make the changes to save money...The changes were made in order to construct the building.”[10]

See also

References

  1. "Company Overview of The Durst Organization Inc.". Businessweek. Retrieved 2 April 2013.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 The Durst Organization: Timeline retrieved July 8, 2012
  3. http://www.rebny.com/content/rebny/en/directory/member-firms.html
  4. The San Bernardino County Sun: "N. Y. Church Site Sold for $7,000,000 for Skyscraper Use" December 15, 1926 | Temple Emanu-El, at the north-cast corner of Forty-third street, conceded to be one of the most Valuable parcels of real estate of Its size In the world, has been sold to Joseph Durst, vice president of the Capital National bank, at a valuation of $7,000,000, almost $370 a square foot. Mr. Durst plans to erect a 40-story office building on the site when he gains possession In May, 1928. The temple was purchased from the congregation last January by Benjamin Winter, real estate dealer, for $6,500,000.
  5. The Museum of the City of New York: "Temple Emanu-El" by Lauren Robinson October 11, 2011
  6. The Museum of the City of New York: "Temple Emanu-El" by Lauren Robinson October 11, 2011
  7. New York Times: "Seymour B. Durst, Real-Estate Developer Who Led Growth on West Side, Dies at 81" By ALAN S. OSER May 20, 1995
  8. Daniels, Lee A. (November 8, 1991). "Chronicle". The New York Times. Retrieved 2008-10-06.
  9. Leap into residential market
  10. 1 2 3 4 5 6 7 New York Times: "1 World Trade Center Is a Growing Presence, and a Changed One" By DAVID W. DUNLAP June 12, 2012
  11. New York Post: "World Trade Center offers warm welcome" By Steve Cuozzo May 24, 2012
  12. 1 2 3 4 Wall Street Journal: "Pointed Spat Over World Trade Spire - Developer's Plan to Alter Top of New Tower Arouses Architects' Ire By ELIOT BROWN] May 10, 2012
  13. Wall Street Journal: "A Beacon Diminished" By JAMES PANERO September 10, 2013
  14. Transportation Nation: "Patrick Foye Named New Executive Director of NY-NJ Port Authority" By Jim O'Grady October 19, 2012

External links

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