Durst Looks To Sell Historic Front Street Portfolio, Asking $87M
Seven buildings spanning nearly a full block on the historic Front Street strip in Manhattan's South Street Seaport District are on the sales market.
A joint venture of The Durst Organization and Zuberry Associates has retained Avison Young to sell 213-217 Front St., 214 Front St. and 36 Front St./24 Peck Slip, which combine for 15 retail units and 95 residential units. The owners are seeking $87M for the portfolio, according to a release.
The buildings are part of the 11 landmarked properties in the Seaport that Durst restored more than a decade ago, winning the developer five awards between 2006 and 2008 for its preservation efforts. Many of the buildings were damaged and the tenants were forced to vacate after Hurricane Sandy.
"Front Street doesn’t fit in with our portfolio of large-scale, highly-amenitized buildings," a Durst Organization spokesperson told Bisnow in a statement. "We are focused on our existing portfolio and identifying new large-scale, ground up development opportunities."
The listing is the latest example of Durst, one of the preeminent real estate dynasties in New York, adjusting to a more difficult outlook for commercial landlords in 2023.
Last month, the developer confirmed to Bisnow that it paused its planned construction of a 25-story multifamily building in Philadelphia. In May, Durst also sold its stake in a development project in Long Island City after a years-long battle for control of the site with developer Bruce Teitelbaum.
Durst isn't the only New York real estate family reacting to a slowing market amid the threat of a recession. The Chetrit Group is reportedly looking to offload an 8,600-unit national multifamily portfolio as it faces a default on a $481M acquisition loan.
