Durst Family Makes First Real Estate Play Outside NYC With Philly Waterfront Purchase
The Durst Organization, a New York City real estate dynasty, has made its first acquisition outside of its home city — a stretch of waterfront land in Philadelphia.
The Philadelphia Piers at Penn's Landing spans Piers 12, 13, 14, 15, 19 and 24 and consists of large-format food and beverage spots like Dave & Buster's, Hibachi Japanese Steakhouse and Morgan's Pier, as well as a parking structure run by DLC Management, and the Philadelphia Marine Center marina. Durst bought the plot from Brandywine Realty Trust.
The transaction comes on the heels of Mayor Jim Kenney's decision to supply $90M of city money toward a $225M proposal to cap a section of I-95 with parkland to better connect Old City and Center City to the waterfront spaces for pedestrians. Currently, only basic walking bridges and crosswalks traverse the interstate and the arterial Christopher Columbus Boulevard.
The Durst Organization said in a press release that the purchase is for a "long-term hold with significant potential," although it has no immediate plans for further development on the plot.