After news emerged last week that the Durst Organization was looking to purchase the large parcel of land at 1800 Park Avenue in Harlem from developer Ian Bruce Eichner’s Continuum Company, the New York Post sat down with the head of Durst, Douglas Durst, to talk about the project.
The deal hasn’t closed yet, but is expected to in the next few weeks. Eichner’s firm had planned for two 32-story mixed-use buildings at the site, which would have brought 682 apartments to the neighborhood. The foundation was laid too, but the funds ran out, and earlier this year the Durst Organization purchased $100 million in distressed debt on the property. Instead of going through a foreclosure procedure, Durst and Continuum decided to cut a deal for an undisclosed sum.
Douglas Durst told the Post that his firm is studying Eichner’s plan, but hasn’t decided whether it will keep it or go with something completely different. Though he did mention that a significant portion of Durst’s project would have affordable housing, and he expressed a preference for the low-rise character of the surrounding neighborhood.
Via NY Curbed
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