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In the late 1990s, the Durst Organization jump-started the revitalization of the Times Square area when it built a speculative office tower at 4 Times Square and Broadway. After breaking ground, the developer needed only six months to fully lease the building, with Conde Nast as the lead tenant.
Now, Durst's latest venture, the construction of the world-class Bank of America glass-and-steel tower at 1 Bryant Park and West 42nd Street, is helping transform the corridor's midsection. This part of the 42nd Street area is a hotbed of activity.
There's the upcoming sale of the 1 million-square-foot Verizon Building at 1095 Sixth Ave., the major refurbishing of old buildings, and the construction of several new buildings, some of which are expected to fetch staggeringly high rents, even by Manhattan standards.
Formerly untouchable
"In the last five years, you have seen major real estate families and...