GlobeSt.com: The redevelopment of the city's waterfront and waterways is a hot topic among developers and policy-makers. As President of New York Water Taxi, what economic opportunities do you see along the waterfront?

Durst: We believe that New York's waterways are an underutilized resource. We think there is tremendous opportunity in waterborne transportation around New York Harbor. However, we have shifted the focus of the Water Taxi away from commuter and toward the tour and travel business. Public transportation is a difficult business that requires intensive partnerships with multiple city agencies and a fixed pricing structure.

We believe the network of waterfront parks that have sprouted up around New York City in the last decade including Hudson River Park, Brooklyn Bridge Park and Governors Island creating a wonderful recreational waterfront network opportunity. New York Water Taxi has a better opportunity for success due to the increased flexibility in pricing and routing that is not available in mass transit business model.

GlobeSt.com: What other transportation and infrastructure solutions do you foresee for the next 20 years throughout the five boroughs? Do you believe increasing public access to the city's waterfront will alleviate traffic and congestion?

Durst: Yes, while we have shifted our focus away commuter service, we want to expand our ferry service so that when group tours come to New York City they can leave their tour buses. New York City is a wonderful area to walk. We believe that by connecting destinations via the waterfront, we are creating an amazing recreational experience for both tourists and residents. New York City has so little green space, we need to make the most of our waterfront recreation opportunities.

GlobeSt.com: The Conde Nast deal at One World Trade is being hailed by many as the "rebirth of Downtown." Do you believe a major tenant--such as Conde Nast--can transform the Lower Manhattan market? Do you think asking rents will increase as a result?

Durst: The Conde Nast deal was transformational. It was the largest non-financial services tenant ever signed downtown. Conde establishes Downtown as the premier communication and media commercial neighborhood in the City. And as Conde proved when they moved to Times Square, others will follow and rents will rise.

GlobeSt.com: In terms of building management, has Durst's comprehensive greening of the company's operations resulted in significant cost-savings and energy efficiencies?

Durst: Absolutely, we are committed to building and operating in the most efficient and sustainable manner possible. At One Bryant Park we made a $30 million investment in a 4.6 megawatt combined heat and power plant, but it is now operating at 100% capacity and producing electricity twice as efficiently as a conventional power plant. We expect it to fully pay itself back with the next three or four years.

GlobeSt.com: As a member of the Citizens Unions, Just Food, Governors Island Alliance, Lower East Side Ecology Center and the Solid Waste Advisory Board, how does your participation in those organizations effect your real estate decisions?

Durst: They are all mutually beneficial, because they each improve quality of life in New York City. Citizen's Union improves residents civic life, Just Food provides residents opportunities to get fresh and local farm products, Governors Island Alliance helps promote the amazing work the city is doing on Governors Island, and SWAB promotes the city's commitment to reducing, recycling and reusing. That's why engagement with New York's non-profit sector is so important to my family's success.

GlobeSt.com: How has your family legacy influenced your career in commercial real estate?

Durst: Real estate is in my blood. I had many opportunities to pursue other careers, it's hard to grow up a Durst and not have a lot of exposure to New York City real estate. We have a few guiding principles that were established by my great grandfather and chief among them is to leave a place better than how you found it. I think we have done a pretty good job living up to that challenge and I'm proud of my family's contribution to New York's skyline.