Quantum Pacific buys stake valued at $79.9M in Rudin’s 845 Third conversion in Midtown East
845 Third Avenue (Credit - Google)
Idan Ofer’s Quantum Pacific Group through the entity QP Prime 845 Third LLC acquired a 77.56 percent interest from Rudin Management through the entity 845 Third Jv LLC valued at $79.9 million for office building (O4) at 845 Third Avenue in Midtown East, Manhattan.
The deal closed on October 31, 2025 and was recorded on November 20, 2025. The property has 321,452 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $248 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.)
A spokesperson for Rudin Management declined to comment.
Quantum Pacific has been actively buying stakes in conversions, including 101 Greenwich Street and 767 Third Avenue.
• Metro Loft Management pays $88M for 767 Third in Midtown East (January 16, 2025)
In September, Rudin Management submitted a major alteration application to convert the 21-story, 321,452-square-foot office and retail building at 845 Third Avenue in Midtown East, Manhattan, into a residential and retail building with 411 apartments. The plan was filed with the New York City Department of Buildings on September 12, 2025 under job number M01277486. The project is described in the filing as: Alt-CO being filed for the conversion of a commercial building to a residential use per article 1 chapter 5.
Paul Mandel of Rudin Management filed the plans. The architect is CetraRuddy Architecture. The initial cost given in this application is $41.67 million.
Rudin Management constructed the building which opened in approximately 1963.
The plans call for residential amenities such as a party room, gym, spa, sauna, plunge pool, and media rooms in the basement; a co-working space for residents and retail on the first floor; and apartments on floors two to 21, ranging from 25 units on the lower floors to 11 units on the 21st floor.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Quantum Pacific Group purchased two properties in two transactions for a total of $88 million and has no record it sold any properties over the past 24 months.
The seller Rudin Management had not purchased any other properties and sold five properties in two transactions for a total of $178.1 million over the same time period. The 321,452-square-foot property generated revenue of $19.6 million or $61 per square foot, according to the most recent income and expense figures.
The property
The office building in Midtown East has 321,452 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 110 feet deep with a total lot size of 21,100 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 $102.7 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.
Development
On the lot, there is one active major alteration construction project, M01277486, for a 411-unit, 317,217 square-foot R-2 building. The project was submitted by Rudin Management and filed by Paul Mandel with plans filed September 12, 2025 and it has not been permitted yet.
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 $3.8 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 17.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 439,523 square feet of the 544,341 square feet. The largest owner is Rudin Management, followed by Ksl Capital Partners and then Gatsby Enterprises.
There are no active new building construction projects on this tax block.
The majority, or 60 percent of the 544,341 square feet of built space are office buildings, with hotel buildings next occupying 16 percent of the space.
The seller
The PincusCo database currently indicates that Rudin Management owned at least 26 commercial properties with 2,074 residential units in New York City with 10,768,623 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $832.3 million in debt, with top three lenders as JPMorgan Chase, PGIM Real Estate, and New York Life Insurance Company respectively. Within the portfolio, the bulk, or 68 percent of the 10,768,623 square feet of built space are office properties, with elevator properties next occupying 30 percent of the space. They are all located in Manhattan.
The buyer
The PincusCo database currently indicates that Rudin Management owned at least 26 commercial properties with 2,074 residential units in New York City with 10,768,623 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $832.3 million in debt, with top three lenders as JPMorgan Chase, PGIM Real Estate, and New York Life Insurance Company respectively. Within the portfolio, the bulk, or 68 percent of the 10,768,623 square feet of built space are office properties, with elevator properties next occupying 30 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Quantum Pacific Group owned at least two commercial properties in New York City with 686,506 square feet and a city-determined market value of $157.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.
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