What is Douglas Durst's Net Worth?
Douglas Durst is an American real estate investor and developer who has a net worth of $4.4 billion. Douglas Durst serves as the president of the Durst Organization, which was founded by his grandfather Joseph Durst. One of the oldest family-run residential and commercial real estate companies in New York City, it owns and manages millions of square feet of office space and luxury rentals. Durst is also prominently involved in philanthropy and environmentalism, serving as a director of various nonprofits and operating one of the largest organic farms in the state of New York.
Douglas' father Seymour took over the family business in 1974. Douglas took over in 1992. The Durst Organization owns and manages a number of New York City buildings, including 4 Times Square, Helena at 601 West 57th Street, Epic on 125 West 31st Street, the Bank of America Tower at One Bryant Park. Durst has also been involved with the New School University Center and One World Trade Center. He serves as a director for The Trust for Public Land, The New School, Project for Public Spaces, and the Roundabout Theatre Company. Durst also owns the McEnroe Farm north of Manhattan. Douglas' brother Robert Durst was charged with murder in 2001 but was acquitted. Robert was the subject of the HBO documentary "The Jinx" which ultimately resulted in his re-arrest. Speaking about his brother in January 2015 Douglas said "there's no doubt in my mind that if he had the opportunity to kill me, he would."
Early Life and Education
Douglas Durst was born on December 19, 1944 in New York City to Jewish parents Seymour and Bernice. His older brother was Robert, with whom he had a tumultuous relationship when they were kids. Robert would go on to become a family pariah and convicted murderer. When Durst was still young, his mother died after falling from the roof of the family's home. Durst was educated at the Fieldston School as a youth, and after that attended the University of California, Berkeley. He then went to New York University for two years.
Durst Organization
In 1992, Durst took over the Durst Organization from his father, who had run the real estate company since 1974. Durst's paternal grandfather Joseph founded the business in 1915. Douglas Durst's selection as heir caused great tension in the family, as older brother Robert believed he was the natural successor to his father to run the company. Robert was so upset that he estranged himself from the family; later, in 2006, he sued his family for his share of the family trust. Ultimately, a $65 million settlement was reached that froze Robert out of the Durst family wealth. Robert was later convicted in the murder of his friend Susan Berman and sentenced to life in prison.
One of the oldest family-run residential and commercial real estate companies in New York City, the Durst Organization owns and manages more than a million square feet of luxury residential rentals and over 8.5 million square feet of Midtown Manhattan office space. As the president of the company, Durst has overseen the development of a number of major buildings in the area, including the 52-story 4 Times Square, the 38-story Helena, the 57-story Epic, and the 55-story Bank of America Tower. The lattermost tower, opened in 2010, became the first high-rise commercial building in the country to receive a LEED platinum rating. Other notable buildings developed by the Durst Organization have included the New School University Center, One World Trade Center, and VIA 57 West, a pyramid-shaped residential tower located in Hell's Kitchen.
Getty
Philanthropy and Environmentalism
On the philanthropic side of things, Durst has been involved with a number of non-profit organizations, many pertaining to environmental conservation. He serves as a director of the Trust for Public Land and the Project for Public Spaces, and also operates McEnroe Farm, one of the largest organic farms in the state of New York. Among his other appointments, Durst serves as a director of the New School and the Roundabout Theatre Company, and is a trustee of the Old York Foundation, which was founded by his father to educate the public about New York City history and culture.
Leg Injury
In 1972, Durst suffered a severe leg injury when a coal-fired water heater exploded in his house in Newfoundland, Canada. About the accident, which nearly killed him, he has said it changed his entire outlook on life. Durst underwent a number of surgeries over the years to alleviate his pain before having part of his lower right leg amputated in 2015. He subsequently began walking with the help of a prosthesis.
Marriage and Kids
In 1967, Durst married Danish national Susanne, whom he had met in Denmark after he graduated from college. The couple has three children named Anita, Alexander, and Helena. Anita is the founder of the non-profit arts organization chashama, which transforms unused properties into subsidized living, working, and presentation spaces for artists. Meanwhile, both Alexander and Helena serve as vice presidents of the Durst Organization. The latter also serves as the president of New York Water Taxi and Circle Line Downtown, and sits on the boards of Just Food and the Governors Island Alliance.
Read more: Douglas Durst Net Worth
0 Comments