Lucas Durst Named Chief Financial Officer at the Durst Organization – Commercial Observer
The fourth generation of the Durst family is now in position to lead the Durst Organization.
Commercial Observer can first report that Lucas Durst, formerly director of finance at the firm, has been appointed chief financial officer of the Durst Organization. Lucas Durst is the son of Jody Durst, president of the firm, and cousin of Douglas Durst, the firm’s chairman.
Durst, 36, first joined the firm over a decade ago as an associate and has since distinguished himself in recent years by spearheading numerous commercial mortgage-backed securities refinancings for several of the firm’s office and residential towers.
These deals include a $1.3 billion refi at 151 West 42nd Street, the 48-story H&M Tower in Midtown; a $450 million refi at SVEN, a 71-story residential tower in Long Island City, Queens; and a $250 million refi at 1155 Avenue of the Americas, a 42-story office tower in Midtown.
“Over the last few years, we have seen a rapidly changing capital markets environment for commercial real estate, and Lucas spearheaded some of the largest and most complex transactions in the company’s history,” said Jody Durst. “His stewardship as chief financial officer will reinforce the company’s position of financial strength.”
Lucas Durst told CO that while “it’s certainly a new title, it’s not necessarily a new role,” as he’s been working closely beside former CFO Ira Marx, who recently retired after 38 years with the company.
“My job is to continue to work closely with senior leadership and just be a partner to execute their vision,” said Lucas. “We never wavered on New York City as an investment thesis or Class A office and Class A residential space in this city. During COVID-19, when others might have turned away, we leaned in.”
Durst credited several mentors who prepared him for the appointment, giving special credence to former CFO Marx, but also Durst controller Ed Riccio, and senior vice president of accounting Bill Culkin.
“I’ve tried to soak up as much commercial real estate knowledge as I could,” he said. “Internally, we just have a great team of professionals led by [Riccio and Culkin].”
Others in the industry have taken notice of Durst, who was selected as one of Commercial Observer’s Power Young Professionals in 2020, at the tender age of 30.
“The best thing about working with Lucas is the problems that never happen,” said Andrew Thornfeldt, managing director at Chatham Financial. “I’ve worked with Lucas across dozens of financings, and that foresight is exactly what makes him the right CFO.”
Durst told CO that as the fourth generation of family leaders at the company, which was founded 1915 by Joseph Durst and his wife Rose Durst, he strives to find an equilibrium to the pressure of meeting the standards set by those who came before him.
“As a fourth generation of the family that has been successful for the previous three generations, it’s taking one day at a time, never getting too high, never too low,” he said. “It’s about being a contrarian, staying the course, and investing in what you know and what you believe in.”
Brian Pascus can be reached at bpascus@commericalobserver.com.
