$91M Property Purchased By Donald Durst In Harlem

September 9, 2016


Douglas Durst’s company has made a big move in central Harlem, purchasing a key development site for $90,955,570 from Ian Bruce Eichner.

The deal, which just closed, gives Durst title to the southwest corner at Park Avenue and East 125th Street.

With a major real estate company that has an extensive track record in control, the long-derelict site — right next to the elevated Metro-North line — can finally be tapped for its full potential.

The empty lot stands at a crucial crossroads. While 125th Street west of Fifth Avenue has seen much new investment and development, the blocks east of Fifth lag behind.

Several other companies, including Vornado, shelved ambitious plans for the corner before Eichner’s Continuum took over a few years ago.

Eichner had planned a large, mostly residential project but couldn’t obtain construction financing, while Vornado abandoned the “Harlem Park” office development.

By submitting this form, you are consenting to receive marketing emails from: Harlem World Magazine, 2521 1/2 west 42nd street, Los Angeles, CA, 90008, https://www.harlemworldmagazine.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Eichner wanted to build nearly 700 apartments with some commercial and community space, and he had architects come up with a design.Seeing an opportunity, Durst purchased $100 million in distressed debt on the property earlier this year.

But Durst intends to create an entirely new plan. “We are starting from scratch,” Durst spokesman Jordan Barowitz said.

Durst recently told our source he would “study options” and that “any development we do in Harlem will include a significant amount of affordable housing.”


We're your source for local coverage, we count on your support. SUPPORT US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles