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sraeli billionaire Idan Ofer has set his sights on Manhattan's office market with Quantum Pacific's acquisition of 767 Third Avenue in Midtown East for $88 million. The 40-story building, owned by Sage Realty, marks Quantum Pacific's first commercial acquisition in the borough. The Kaufman family had put the property up for sale after a $30 million renovation in 2019 was disrupted by the pandemic, leaving it roughly 50% occupied as of May.

    The Kaufmans built the property in 1981 and had never listed it for sale before this spring. Eastdil Secured's Gary Phillips and Will Silverman negotiated the deal, which has not yet closed. Financing is being arranged behind the scenes. Ofer's plans for the building are unclear, as his company did not comment on the acquisition.

    The property sits on an office corridor hit hard by hybrid work, with higher vacancy rates than other parts of Midtown. This comes as SL Green Realty undertakes a notable conversion nearby. Idan Ofer is the brother of Eyal Ofer, whose Global Holdings has been involved in New York's real estate scene, including putting the Mondrian Park Avenue hotel up for sale last year for over $150 million.