Rudin Management files conversion plans for 411 apartments at 845 Third in Midtown East
845 Third Avenue (Credit - Google)
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.
845 Third Avenue
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Sub-Cellar - 1 | FIRE PUMP, TELECOM, ARCS, FUEL OIL, SUCTION TANK, BOOSTER PUMP, MECHANICAL ROOMS. | Mechanical and/or electrical equipment room | 0 | Factory and Industrial | ||
| 2 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | SWITCH GEAR ROOM, GENERATOR ROOM, WATER METER ROOM, MECHANICAL ROOMS | Mechanical and/or electrical equipment room | 0 | Factory and Industrial | ||
| 3 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | ENGINEERING OFFICE, STAFF LOCKERS, STAFF BREAK ROOM | Apartment | 9 | Residential | ||
| 4 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | BIKE STORAGE ROOM (5 BIKES) | Apartment | 2 | Residential | ||
| 5 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | KIDS ROOM (RESIDENTIAL AMENITY) | Apartment | 5 | Residential | ||
| 6 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | LAUNDRY ROOM (RESIDENTIAL AMENITY) | Apartment | 5 | Residential | ||
| 7 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | LOUNGE ROOM, PARTY ROOM, MEDIA ROOMS, LOUNGES (RESIDENTIAL AMENITY) | Apartment | 118 | Residential | ||
| 8 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | SPA AREA (LOCKER ROOM, SAUNAS, PLUNGE POOL, ZEN GARDEN) (RESIDENTIAL AMENITY) | Apartment | 25 | Residential | ||
| 9 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | Cellar | FITNESS CENTER (RESIDENTIAL AMENITY) | Apartment | 68 | Residential | ||
| 10 | acris | 09/16/2025 07:10 AM | acris | 09/16/2025 07:10 AM | 1 | BIKE STORAGE ROOM (6 BIKES) | Apartment | 2 | Residential |
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. The most recent loan totaled $80 million and was provided by New York Life Insurance Company on December 19, 2019.
Prior sales and revenue
The 321,452-square-foot property generated revenue of $20.7 million or $64 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $50 in OATH penalties 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 $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 17.4 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.
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 Afshan Khan, followed by Gatsby Enterprises and then Ken Of The World Co.. There are no active new building construction projects on this tax block.
The owner
The PincusCo database currently indicates that Rudin Management owned at least 19 commercial properties with 1,725 residential units in New York City with 6,308,627 square feet and a city-determined market value of $2.3 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 57 percent of the 6,308,627 square feet of built space are office properties, with elevator properties next occupying 43 percent of the space. They are all located in Manhattan.
The surrounding
Within a 400-foot radius of 857 3 Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months. Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on June 10, 2025 for the $2.1 million renovation of 54,814-square-foot 54 building with zero residential units at 225 East 51st Street. Of those nine items, two were sales above $5 million totaling $337.8 million. The most recent of the two was KSL Capital Partners which bought the 88,211-square-foot, 207-unit hotel (H2) on 206 East 52nd Street and five other properties for $317.8 million from Hersha Hospitality Trust on December 27, 2023. Of those nine items, six were loans above $5 million totaling $414.2 million. The most recent of the six was Princeton International Properties in which borrowed $125.1 million from Deutsche Bank and Stateland International secured by the 304,640-square-foot, 16-unit office building (O4) on 154 East 52nd Street on April 21, 2025.
Direct link to the property’s ACRIS page and link to DOB NOW portal.