Durst Buys 42nd St. Maidman Property for $12.5 Mil

NEW YORK CITY-The Durst Organization yesterday purchased the 22-story tower at 113 W. 42nd St. for a reported $12.5 million. Industry sources say the deal effectively puts to rest a long-running, high-profile feud between Developer Douglas Durst and the buildings former owner, the Maidman Family.

The property, which is located on the north side of 42nd street, midway between Sixth Avenue and Times Square, has been the missing centerpiece in Durst’s plan to develop a 1.5 million-sf office building adjacent to Durst’s 4 Times Square. The Maidmans had planned to build an apartment hotel on the 2,200-sf parcel, a plan Durst vehemently opposed. The two sides reportedly reached an agreement this week and closed the sale within 24 hours with no contract.

“Although the Maidman family was considering a renovation, they graciously decided that in the interest of furthering new office development in New York City, it was preferable to facilitate our completion of the mid-block assemblage,” Durst says in a prepared statement.

Durst says a decision on proceeding with the project will be made shortly. Demolition could begin in the summer, with occupancy in the new tower ready by sometime in 2005. Fox & Fowle has been retained as architects.