Real Estate Forum Real Estate New York

"We're actively looking at the West Side for future development," Durst said. "I don't think the stadium would have been the best use for the land. It was unfortunate it was allowed to go on as long as it did. Development has been slowed down." He added that the city now needs to take a step back to review how the area should be redeveloped.

Regarding the firm's Bryant Park development, Durst expressed confidence in the lease-up program. "I don't think we'll have any trouble getting $100 per sf at the top of the building." He says his firm is in "active discussions with potential tenants" and that a marketing effort will begin next month. "By the time we finish, we'll have most of the space leased." He estimates that when completed, the development will bring in $34 million in taxes to the city.

Durst has long expressed a commitment to green building practices within the portfolio. "People either understand it or they don't. People look at it as a tree-hugging movement, but it's really about building better buildings and in the long run it will improve the value. It's just being portrayed in the wrong way."