{"id":203995,"date":"2026-04-20T23:28:22","date_gmt":"2026-04-20T23:28:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/203995\/"},"modified":"2026-04-20T23:28:22","modified_gmt":"2026-04-20T23:28:22","slug":"idan-ofer-bets-on-office-to-residential-conversions","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/203995\/","title":{"rendered":"Idan Ofer Bets On Office-To-Residential Conversions"},"content":{"rendered":"

Within New York City real estate circles, Idan Ofer has long been \u201cthe other\u201d uber-wealthy billionaire Ofer brother. But Israel\u2019s richest man has recently been making a name for himself turning old office buildings into apartments.<\/p>\n

Idan is the younger brother of Eyal Ofer, whose Global Holdings has long been an investor in New York real estate and owns properties like 1250 Broadway<\/a> and 99 Park Avenue.<\/p>\n

But over the past year Idan, 70, appears to be making his first foray into Big Apple real estate. The founder of Quantum Pacific has partnered<\/a> to transform<\/a> four Manhattan buildings<\/a> into at least 1,400 rentals \u2014 and his dealmaking doesn\u2019t show any signs of slowing down.<\/p>\n

Their father was Sammy Ofer, a Romanian who immigrated to Israel and built a shipping empire in the 1960s with a fleet of tankers and cruise liners. When he died in 2011<\/a> at the age of 89, Sammy had a reported net worth of $10.3 billion.<\/p>\n

His life wasn\u2019t without controversy. The Ofers were one of about 20 families who controlled a quarter of Israel\u2019s publicly listed companies, and were criticized for being a part of the country\u2019s powerful elite.<\/p>\n

The family was also dogged by allegations that it did business with Iran. After their father died, the brothers split up the family business by dividing the assets and picking out of a hat as their mother watched.<\/p>\n

\u201cWe literally reached in and grabbed an envelope<\/a>,\u201d Idan told Bloomberg in a rare interview in 2017. \u201cAnd that\u2019s it. It was peaceful, no drama.\u201d<\/p>\n

Eyal got stakes in Israel\u2019s Mizrahi Tefahot Bank, a portfolio of global real estate and a stake in Royal Caribbean Cruises.<\/p>\n

Idan came away with control of Israel\u2019s largest public holding company and investments in several tech companies.\u00a0<\/p>\n

The older brother had a knack for real estate and grew his portfolio. But Idan had said real estate didn\u2019t really interest him and instead focused on areas like power plants and the automotive sector.<\/p>\n

He\u2019s also big into sports, with stakes in the Spanish soccer team Atletico de Madrid and the Portuguese soccer club FC Famalicao. Last week his company bought a Spanish-based sailing team for an estimated $60 million.\u00a0<\/p>\n

Despite his early aversions to property, Idan has placed some big real estate bets in the past year.<\/p>\n

Last year he teamed up with Metro Loft Management\u2019s Nathan Berman on 767 Third Avenue, an office building they\u2019re converting into 337 apartments. They\u2019re also converting 101 Greenwich Street into 614 units and last week went into contract to buy 1 Whitehall Street for $100 million.<\/p>\n

Berman told The Real Deal he expects more deals in the pipeline with Quantum, highlighting \u201ctheir ability to move decisively, make smart decisions and have the wherewithal to do many more of these.\u201d<\/p>\n

Idan\u2019s foray into real estate is even crossing paths with his brother\u2019s partners.<\/p>\n

Eyal teamed up with the Rudin family in 2011 to convert the former St. Vincent\u2019s Hospital in Greenwich Village into condos. And now, Idan is partnering with Rudin on converting the office building at 845 Third Avenue<\/a> into 411 apartments.<\/p>\n

Idan told Bloomberg in 2017 \u2014 a time when his brother was proving more successful at business \u2014 that tracking his portfolio didn\u2019t interest him.<\/p>\n

\u201cBut I\u2019m used to it,\u201d said Idan, whose net worth Forbes pegs at $35.5 billion, slightly edging out his brother by about $1 billion. \u201cAnd I\u2019m not a speculator. Having a background in shipping makes me comfortable with cyclical things.\u201d<\/p>\n

\tRead more
\n\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"Quantum\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Idan Ofer, Nathan Berman nab 101 Greenwich loan<\/p>\n

\t\t\t<\/a>
\n\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"Nathan\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Nathan Berman to convert 767 Third Ave office to resi<\/p>\n

\t\t\t<\/a>
\n\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\"Quantum\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Quantum Pacific, Metro Loft land bridge loan for 845 Third Ave conversion<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Within New York City real estate circles, Idan Ofer has long been \u201cthe other\u201d uber-wealthy billionaire Ofer brother.…\n","protected":false},"author":2,"featured_media":203996,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9082,9,56,63,65,64],"class_list":{"0":"post-203995","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-commercial","9":"tag-new-york","10":"tag-ny","11":"tag-nyc","12":"tag-nyc-headlines","13":"tag-nyc-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/203995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=203995"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/203995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/203996"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=203995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=203995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=203995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}