Durst Indomitable

MORE
The Sit-Down

• The Son Rises Over The East River
• Joe Chan, Downtown Brooklyn Shopaholic
• Need $23 Million Fast? Mortgage Queen Melissa Cohn Checks Your Credit
• Sal Scognamillo Takes Patsy’s Beyond Midtown

All on one page >>

Location: You’re now one of four teams left vying for the West Side rail yards, down from five. How do you feel about your chances?

Mr. Durst: I think we have a 25 percent chance. … We think we have the best bid in terms of planning and the financial terms for the M.T.A. [the yards’ owner].

How long of a build-out would there be on the site?

The first building doesn’t start until around 2012. We don’t want to be finished before the 7 train [extension] is complete, which is now 2014, but it’s about an eight-year build-out from when we start building the first building.

Could that be slowed by economic conditions, meaning you would just build a few buildings, or do you really need a critical mass and build all of them?

You need to have critical mass. It may go slower in economic conditions, but we anticipate getting it built as quickly as possible.

What’s it been like working with Vornado Realty Trust CEO Steve Roth?

Very interesting—he keeps us on our toes.

How so?

He’s very intelligent and he [has] always asked very pointed questions.

A productive partnership isn’t always the case in development, when competitors work together, right?

That’s correct, yes.

Why do you think this has been different?

We share very similar philosophies of development and similar concepts of design.

What are those philosophies?

They’re in complete agreement with us in the environmental aspect. We’re going to build a highly environmentally responsible project; everything will get the highest possible LEED rating we can. But also, when we approach designs of buildings, both we and [Vornado] design from the inside out; that is, we make sure the building works for the occupant and then make the design decisions around the shape.

In your bid, you proposed a people mover from the rail yards to Penn Station.

People mover, you think of a moving walkway—it’s like a shuttle train.

How much would something like that cost?

I think it’s somewhere around $400 or $500 million.

And you would want to split that cost with some governmental agency?

The part that goes to the yard, we’re saying would be self-financed. We believe it makes the most sense to continue on to 12th Avenue and Javits, and that should be financed by the government.

Does it hurt the value of the site without a direct connector to Penn Station?

It’s a hard question to answer; we believe it’s an important part of the project.

Is the 7 train sufficient?

We think that you need both to completely serve the development.

Are there any restrictions on the bid that you wish you didn’t have?

There are lots of them.

Two of the original five firms didn’t follow the design guidelines. Do you think the site plan would be better without the guidelines?

I think that they could have allowed a little bit more flexibility. I think some of the ideas that Brookfield had, which were outside the design guidelines, as far as circulation, make a lot of sense.

Would you want to put a street grid in?

It is something that would make sense, but is not allowed under the zoning.

With the Bank of America tower, how successful is the project overall compared to where you thought it might be a few years ago?

We’re ahead of our pro forma. I had predicted $100 rents, and we’re getting over $150 [a square foot] on the upper floors. Next Page >