The long-gestating conversion of 845 Third Avenue in Midtown East is seeing progress in the form of a Department of Buildings filing.
An executive at Rudin filed plans to turn the 21-story Manhattan office into a 411-unit apartment building, the Commercial Observer reported. The property would include units on the second through 21st floors.
The project filing also reveals a plan for 9,100 square feet of retail space on the ground floor. Residential amenities would include a party room, a gym, a spa, a sauna, a plunge pool, media rooms and coworking spaces.
The conversion is expected to carry a $41.7 million price tag. The architect of record is CetraRuddy Architecture.
“Our adaptive reuse project will serve as an important next chapter for a building the Rudin family developed more than 60 years ago, and add desperately needed new apartments to New York City’s housing supply,” a Rudin spokesperson told the Observer.
The conversion has been mooted at Rudin for years. As of early 2024, the 1963-built property had more than 100,000 square feet of available space and hasn’t seen a lease signed in almost 24 months.
The firm didn’t immediately act on its conversion plan because the project didn’t pencil out, but the calculus changed with the City of Yes rezoning, which allowed for added floors.
Rudin is considering another conversion at 355 Lexington Avenue, where tenants have been put on alert for the possible loss of their offices. The Rudins also sold 55 Broad Street to Silverstein Properties and Metro Loft Management for a residential conversion in July 2023.
Over a year ago, the third generation of Rudins turned over day-to-day management of the company to Bill’s kids, Samantha and Michael. They’ve each been tasked with their own oversights, but are co-leading conversions.
— Holden Walter-Warner
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