News
OPPORTUNITY: DISTRESS
January 13, 2010
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| New commercial development is difficult, if not impossible, but there are opportunities in distress, says Durst Org/Durst Fetner Residential president Jody Durst (right), who joined DFR CEO Hal Fetner at YMWREA’s monthly luncheon yesterday at the University Club. They’re looking for half-completed and loan note deals, in particular. On the multifamily side, people are looking to move back to NYC, but job creation is paramount to residential success, Hal notes. Jody adds that now’s not a time for reinvention, but restructuring, like focusing on current residents (DFR owns and manages over 1.6k units, including The Epic and The Helena). |
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| The speakers with YMWREA’s new board: (standing) Time Equities’Michael Rudder, Cushman & Wakefield’s Glenn Tolchin, Centric Real Estate Advisors’ Lindsay Ornstein, Newmark Knight Frank’s Brandl Frey, C&W’s David Berke, NKF’s Alison Coffey, (seated) Vornado’s Glen Weiss, and NKF’s Robin Fisher. The duo discussed projects such as DFR’s 1212 Fifth Ave. development with Mount Sinai, and building a school on the site Durst owns on W. 57th between 11th and 12th Avenues. Hal says DFR is looking to quadruple its portfolio of the next five years, especially expansion in the outer boroughs. |
