The Durst Organization, a 111-year-old New York real estate company, has appointed Lucas Durst, 36, as Chief Financial Officer (CFO). He thus follows in the footsteps of previous generations, taking on a senior position in the family business. Lucas Durst is the son of Jody Durst, the company's President, and a cousin of Douglas Durst, the firm's Chairman.
Lucas Durst joined the company as an Associate over a decade ago. In recent years, he has been instrumental in leading numerous refinancings with Commercial Mortgage-Backed Securities (CMBS) for various office and residential towers owned by the company. These transactions included significant projects that underscore the financial strength of The Durst Organization's portfolio.
Significant Refinancings Under Lucas Durst's Leadership
Among the most important refinancings led by Lucas Durst are:
- —A USD 1.3 billion refinancing for 151 West 42nd Street, the 48-storey H&M Tower in Midtown.
- —A USD 450 million refinancing for SVEN, a 71-storey residential tower in Long Island City, Queens.
- —A USD 250 million refinancing for 1155 Avenue of the Americas, a 42-storey office tower in Midtown.
Jody Durst, the company's President, explained that capital markets for commercial real estate have changed rapidly in recent years. He stressed that Lucas Durst has led some of the largest and most complex transactions in the company's history. His leadership as CFO will solidify the company's position in terms of financial strength.
Continuity and Vision at Durst
Lucas Durst stated that while it is a new title, it is not necessarily a new role, as he worked closely with former CFO Ira Marx, who recently retired after 38 years with the company. He sees his task as continuing to work closely with the company's management and implementing their vision. Durst highlighted that the company never questioned New York City as an investment approach, nor its prime office and residential spaces in the city. Even during the COVID-19 pandemic, when others might have retreated, The Durst Organization firmly adhered to its principles.
Durst thanked several mentors who prepared him for this appointment, particularly former CFO Marx, but also Controller Ed Riccio and Senior Vice President of Accounting Bill Culkin. He aimed to absorb as much knowledge about commercial real estate as possible and praised the excellent in-house team of professionals, led by Riccio and Culkin. His ability to anticipate problems before they even arise was also commended by Andrew Thornfeldt, Managing Director at Chatham Financial, who described Lucas Durst as the right CFO.
As a descendant of the family leaders who founded the company in 1915 by Joseph Durst and his wife Rose Durst, Lucas Durst strives for balance to meet the high standards of previous generations. He emphasised that it is about taking one day at a time, never becoming too euphoric or too despondent. For him, this means being 'contrarian, staying the course, and investing in what you know and believe in'.
