Metro Loft, Quantum Pacific file plans for 337-unit office-to-resi conversion in Midtown East

Metro Loft Management , in partnership with Idan Ofer’s Quantum Pacific Group, submitted a major alteration application for the conversion of an office building at 767 Third Avenue in Midtown East, Manhattan, to an apartment building with 337 residential units. The plan was filed with the New York City Department of Buildings on July 30, 2025 under job number M01237433. It call for a renovation of the 40-story building. The project is described in the filing as: conversion of dominant occupancy of building from offices to R-2 residential. Robert Travis of Metro Loft filed the plans. The architect is Fogarty Finger.

767 Third Avenue

The property

The office building in Midtown East has 286,212 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 153 feet deep with a total lot size of 14,018 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $85 million. The most recent loan totaled $55 million and was provided by Bank Hapoalim on December 31, 2024.

Prior sales and revenue

This property was sold by Kaufman Organization for $88 million to Metro Loft Management and Quantum Pacific Group on December 31, 2024.

The 286,212-square-foot property generated revenue of $16 million or $56 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 19 million square feet of commercial and multi-family construction under development in the last two years, which represents 30 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 354,776 square feet of the 1,583,412 square feet. The two identified owners are David F. Frankel and Quantum Pacific Group. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Metro Loft Management owned at least 10 commercial properties with 2,468 residential units in New York City with 4,026,829 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $595.7 million in debt, with top three lenders as Deutsche Bank, Athene Holding, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 74 percent of the 4,026,829 square feet of built space are office properties, with elevator properties next occupying 26 percent of the space. They are all located in Manhattan.

The surrounding

Within a 400-foot radius of 773 3 Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $997,413 and one permit with a total initial cost of $1.2 million. The most recent of these two items was the permit on June 9, 2025 for a 15,991-square-foot business (COM) building with zero residential units at 216 East 49th Street. Of those six items, three were sales above $5 million totaling $191.2 million. The most recent of the three was Sovereign Partners which bought the 490,020-square-foot, 80-unit office building (O4) on 776 3rd Avenue for $177 million from Nuveen Real Estate on July 9, 2024. One of those six items was a loan which Sovereign Partners borrowed $20 million from MetLife secured by the 490,020-square-foot, 80-unit office building (O4) on 776 3rd Avenue on July 9, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.