The Observer: There was a lengthy gap between when the unofficial deal with Condé Nast leaked to the press more than a year ago and when the deal actually became official earlier this month. What transpired between then and now?
Mr. Durst: There were significant issues that needed to be worked out, and significant negotiations that took place. Condé certainly wasn’t going to tell us two years ago, before a deal had been structured, that they were going to come down. Obviously, they needed to ensure that it was under business terms that they could agree with, and that it was in the best interest of their company and employees to go down there.
They did a tremendous amount of due diligence between then and now, and there were, as I said, significant deal terms and issues that needed to be addressed.
How will the Dursts contain their excitement this week? A scant 36 hours after we crowned Messrs. Douglas and Jody the kings of New York real estate, we learn that they’ve signed 22,000 square feet of new leases.
Yes, dear reader, the home of the national debt clock at 1133 Sixth Avenue has one new tenant Read More
Movers and Shakers
Back when we first got a glimpse of Dutch architect Bjarke Ingel’s new apartment project for Durst Fetner, it immediately became the most exciting new project in at least a generation. Though seen only in comic-book form and as a fleeting still from a flythrough video (see below), the building at 57th Street Read More
Two years ago, in the months before the fall of Lehman Brothers, when New York’s economic lily was still contentedly gilded, crafting a list of real estate’s biggest machers was pretty easy: Moguls X, Y and Z had done deals A, B and C, and the business of real estate ticked along.
Then came the Read More
Former Esquire owner Christopher Whittle‘s plans for a Durst-developed, for-profit private school on the far, far West Side, which were hobbled by the collapse of financing, are back on track now that Mr. Whittle has found new funding for the project.
Douglas Durst revealed the project’s resumption to the Commercial Observer‘s Jotham Sederstrom in an Read More
Commercial Observer: What have you been up to since stepping down as co-president?
Douglas Durst: I’m starting to step away and attend less meetings and come in a little later and that’s been terrific. My father taught me that you go for cocktails and then you have somebody say ‘I just saw him over there,’ Read More