Nathan Berman has converted more Manhattan office space to housing than anyone alive. 845 Third Avenue is his first job for Idan Ofer.
Quantum Pacific Realty, Ofer’s real estate arm, owns it. Metro Loft Management handles design, zoning and execution. Rudin originated the conversion and recapitalized out in November 2025 when Quantum Pacific put in an $80 million equity stake alongside a $250 million construction loan from BDT & MSD Partners. BHI, the U.S. branch of Bank Hapoalim, added an $88 million bridge loan that closed March 20, 2026.
Project Scope
The 21-story building opened as an office in 1963 and runs more than 350,000 square feet between East 51st and East 52nd. The current plan is 529 apartments plus 9,100 square feet of ground-floor retail. Rudin’s original September 2025 DOB filing called for 411 units; 529 is the live number.
CetraRuddy Architecture is designing. Amenities include a party room, gym, spa, sauna, plunge pool, media rooms and coworking. No general contractor has been announced and construction dates are not public.
Why It Matters
The jump from 411 to 529 units is the whole conversion economics argument in one number. Getting 118 more apartments out of the same envelope means smaller units and a tighter core strategy, and it is what makes the math work at these debt levels.
Financing is the other signal. Three separate capital events in ten months, from three different lenders, on one conversion. Midtown East office-to-residential is now a financeable asset class rather than a thesis, and the Berman playbook is what lenders are underwriting.
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Project Team & Details
| Developer | Metro Loft Management |
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| Owner / Client | Quantum Pacific Realty |
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| Architect | CetraRuddy Architecture |
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| Status | Planned |
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| Funding Source | Private |
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