David Werner, 601West pay $150M to Durst for office in Grand Central, of $165M total reported

David Werner Real Estate Investments and 601West Companies through the entity 205 East Fee Owner II LLC paid $150 million to Durst Organization through the entity Dolp 205 Properties II LLC for the office building at 205 East 42nd Street in Grand Central, Manhattan. The building is divided into 32 office condominium units. Nonprofit tenants in the building include the City University of New York and Urban Resources Institute, among others.
The deal closed on November 10, 2025 and was recorded on November 25, 2025. The 32 condo units have 403,099 square feet of built space according to a PincusCo analysis of city data. The $150 million sale price equates to a price per built square foot of $372 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Durst Organization was Alexander Durst. The signatory for David Werner Real Estate Investments and 601West Companies was David Werner . The contract date was November 10, 2025. The Promote first reported the sale in September. The price is widely reported at $165 million, but the total in Acris as of November 25 is exactly $150 million through four transactions.

To finance the purchase, the buyers borrowed $104 million from JPMorgan Chase.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer David Werner Real Estate Investments purchased 12 properties in nine transactions for a total of $669.2 million and sold one property in one transaction for a total of $275 million over the past 24 months.
The seller Durst Organization had not purchased any other properties and sold two properties in two transactions for a total of $102.8 million over the same time period.

The property

The office condo in Grand Central has 403,099 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 23,020 square feet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 205 East 42nd Street, PincusCo has identified the owners of three of the four commercial properties representing 1,261,818 square feet of the 1,403,226 square feet. The two identified owners are Metro Loft Management and David Werner Real Estate Investments.
There are no active new building construction projects on this tax block.

All properties are office.

The seller

The PincusCo database currently indicates that Durst Organization owned at least 49 commercial properties with 2,194 residential units in New York City with 9,658,393 square feet and a city-determined market value of $4 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.3 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Bank of America respectively. Within the portfolio, the bulk, or 81 percent of the 9,658,393 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that David Werner Real Estate Investments owned at least eight commercial properties with 143 residential units in New York City with 2,413,885 square feet and a city-determined market value of $748 million. (Market value is typically about 50% of actual value.) The portfolio has $100 million in debt, borrowed from Northwind Group. Within the portfolio, the bulk, or 94 percent of the 2,413,885 square feet of built space are office properties, with elevator properties next occupying 5 percent of the space. They are all located in Manhattan.

Correction: A prior version of this story, in a portion of the text but not in the headline and not in the explainer paragraphs, stated the sale price was $62.2 million.

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