The Durst Organization Explained
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. Durst is the owner, manager, and builder of 13 million square feet of premier Manhattan office towers. The Durst residential portfolio has 3,400 units across 3 million square feet. Durst is recognized as a world leader in the development of high-performance and environmentally advanced buildings where people live, work, and thrive. It is a member of the Real Estate Board of New York (REBNY).[2] Forbes magazine estimates the Durst family fortune at $8.1 billion.[3]
Early history
In 1902, Jewish immigrant Joseph Durst arrived in the United States from Gorlice, Galicia, Poland 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,[4] from Benjamin Winter Sr.[5] [6] 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:
- In 1929, the first residential building, a 15-story building at Fifth Avenue and 85th Street;
- In 1936, the Park Hill Theater and store in Yonkers, New York;
- In 1944, 205 East 42nd Street.
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 1958, a 29-story building at 200 East 42nd Street (655 Third Avenue);
- In 1961, the 24-story 733 Third Avenue;
- In 1966, the 32-story, 201 East 42nd Street (675 Third Avenue).
- In 1968, they purchased Henry Miller's Theatre (the theater was later demolished—although the facade was preserved—to build the Bank of America Tower) and the entire block facing Broadway between 44th and 45th Streets;
- In 1969, the 40-story 825 Third Avenue;
- In 1970, the 45-story 1133 Avenue of the Americas;
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 1984, the 41-story 1155 Avenue of the Americas;
- In 1989, the 26-story 114 West 47th Street;
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.[11] Its contract with the Port Authority gave 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.
Since the company joined the project, design changes include:
- The 185-foot base of the tower, the corners of which were originally designed to slope gently upward, has been squared off. In addition, instead of being clad in panels of prismatic glass, it will be covered in "hundreds of pairs of 13-foot vertical glass fins set against horizontal bands of eight-inch-wide stainless-steel slats."
- The spire, originally intended to be enclosed with a decorative shell (known as a radome) described as a "sculptural sheath of interlocking fiberglass panels" will instead remain an unclad spire. As such, the height of the tower may be officially reduced by the Council on Tall Buildings and Urban Habitat from a symbolic 1,776 feet to the height of the roof at 1,368 feet. Douglas Durst, the chairman of the Durst Organization, indicates that the change will save $20 million.[12] [13] The tower's architect, Skidmore, Owings & Merrill, has strongly criticized the move. Steve Childs, the lead designer has stated: "Eliminating this integral part of the building's design and leaving an exposed antenna and equipment is unfortunate...We stand ready to work with the Port on an alternate design." After coming onto the project in 2010, The Durst Organization had proposed eliminating the radome to save costs but was rejected by the Port Authority's previous executive director, Chris Ward. Patrick Foye, Ward's September 2011 replacement,[14] has changed the Port Authority's position. Douglas Durst later declared: "(the antenna) is going to be mounted on the building over the summer. There's no way to do anything at this point."
- The plaza to the west of the building facing the Hudson River, which is at an elevation to Vesey Street to the North and West Street to the West, was supposed to have stainless steel steps reaching down to the streets. Instead it will be a terrace, set apart by a blocklong landscaped planter. In addition, the Port Authority has removed a skylight set into the plaza which was designed to allow natural light into the observation deck lobby below ground.
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.” 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.”
See also
- National Debt Clock, created by Seymour Durst.
- Robert Durst (1943–2022), the estranged son of Seymour and brother of current CEO of The Durst Organization, Douglas Durst.
Notes and References
- Web site: Company Overview of The Durst Organization Inc.. https://archive.today/20130410163536/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=6540698. dead. April 10, 2013. Businessweek. 2 April 2013.
- Web site: Member Firms.
- Web site: Durst family. Forbes.
- http://www.durst.org/about/timeline.php The Durst Organization: Timeline
- https://www.newspapers.com/newspage/49232241/ The San Bernardino County Sun: "N. Y. Church Site Sold for $7,000,000 for Skyscraper Use"
- Lauren Robinson.The Museum of the City of New York: "Temple Emanu-El", nytimes.com. October 11, 2011.
- Alan S. Oser. New York Times: "Seymour B. Durst, Real-Estate Developer Who Led Growth on West Side, Dies at 81", nytimes.com. May 20, 1995
- News: Chronicle. Daniels. Lee A.. November 8, 1991. The New York Times. 2008-10-06.
- Web site: Queens Plaza Park. July 11, 2019. The Skyscraper Center. CTBUH. live. https://web.archive.org/web/20190202012241/http://www.skyscrapercenter.com/building/queens-plaza-park/30457. February 2, 2019.
- News: Durst's LIC Clock resi tower gets new look. The Real Deal. April 5, 2018.
- http://cityroom.blogs.nytimes.com/2012/06/12/1-world-trade-center-is-a-growing-presence-and-a-changed-one/ New York Times: "1 World Trade Center Is a Growing Presence, and a Changed One" By DAVID W. DUNLAP
- https://www.wsj.com/articles/SB10001424052702304543904577394473619775032 Wall Street Journal: "Pointed Spat Over World Trade Spire - Developer's Plan to Alter Top of New Tower Arouses Architects' Ire
- https://www.wsj.com/articles/SB10001424127887324432404579053244111977258?KEYWORDS=world+trade+center Wall Street Journal: "A Beacon Diminished" By JAMES PANERO
- http://transportationnation.org/2011/10/19/patrick-foye-named-new-executive-director-of-ny-nj-port-authority/ Transportation Nation: "Patrick Foye Named New Executive Director of NY-NJ Port Authority" By Jim O'Grady
