----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

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**FORM      10-Q**

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| **x** |   | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|-------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

**FOR      THE QUARTER ENDED September 30, 2007.**

| ** ̈** |   | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

**COMMISSION      FILE NUMBER:**

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**NRDC      ACQUISITION CORP.**

**(Exact      name of registrant as specified in its charter)**

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|                                                                                                |   |                                                                      |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **Delaware**                                                                                        |   | **26-0500600**                                                            |
| **(State                or other jurisdiction of****incorporation                or organization)** |   | **(I.R.S.                Employer****Identification                No.)** |

**3      Manhattanville Road**

**Purchase,      New York  10577**

**(Address      of principal executive office)**

**(914)      272-8067**

** (Registrant’s      telephone number,      including area code)**

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** TABLE      OF CONTENTS**

|                                                        |         |                                                                                                                                                                           |         |   |
|-------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|
|                                                        |    | **Page**                                                                                                                                                                       |
| **PART                    I – FINANCIAL INFORMATION** |    |                                                                                                                                                                           |
|                                                        |         |                                                                                                                                                                           |
| **Item 1.**                                            |         | **Financial                    Statements**                                                                                                                                    |    | 3      |
|                                                        |         |                                                                                                                                                                           |
|                                                        |         | Balance                    Sheet (Unaudited) as of September 30, 2007                                                                                                          |    | F-1    |
|                                                        |         | Statement                    of Operations (Unaudited) for the period from July 10, 2007 (date                    of                    inception) through September 30, 2007  |    | F-2    |
|                                                        |         | Statement                    of the Stockholders’ Equity (Unaudited) for the period from July 10, 2007                    (date of inception) through September 30, 2007 |    | F-3    |
|                                                        |         | Statement                    of Cash Flows (Unaudited) for the period from July 10, 2007 (date                    of                    inception) through September 30, 2007  |    | F-4    |
|                                                        |         | Notes                    to Financial Statements                                                                                                                               |    | F-5    |
|                                                        |         |                                                                                                                                                                           |
| **Item 2.**                                            |         | **Management’s                    Discussion and Analysis of Financial Condition and Results of                    Operations**                                          |    | 3      |
|                                                        |         |                                                                                                                                                                           |
| **Item 3.**                                            |         | **Quantitative                    and Qualitative Disclosures about Market Risk**                                                                                              |    | 5      |
|                                                        |         |                                                                                                                                                                           |
| **Item 4.**                                            |         | **Controls                    and Procedures**                                                                                                                                 |    | 6      |
|                                                        |         |
| **PART                    II – OTHER INFORMATION**    |    |                                                                                                                                                                           |
|                                                        |         |                                                                                                                                                                           |
| **Item 1.**                                            |         | **Legal                    Proceedings**                                                                                                                                       |    | 6      |
|                                                        |         |                                                                                                                                                                           |
| **Item 1A.**                                           |         | **Risk                    Factors**                                                                                                                                            |    | 7      |
|                                                        |         |                                                                                                                                                                           |
| **Item 2.**                                            |         | **Unregistered                    Sales of Equity Securities and Use of Proceeds**                                                                                             |    | 8      |
|                                                        |         |                                                                                                                                                                           |
| **Item 3.**                                            |         | **Defaults                    upon Senior Securities**                                                                                                                         |    | 9      |
|                                                        |         |                                                                                                                                                                           |
| **Item 4.**                                            |         | **Submission                    of Matters to a Vote of Security Holders**                                                                                                     |    | 9      |
|                                                        |         |                                                                                                                                                                           |
| **Item 5.**                                            |         | **Other                    Information**                                                                                                                                       |    | 9      |
|                                                        |         |                                                                                                                                                                           |
| **Item 6.**                                            |         | **Exhibits**                                                                                                                                                                   |    | 9      |
|                                                        |         |
| **SIGNATURES**                                              |    | 10                                                                                                                                                                             |

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** PART      I – FINANCIAL      INFORMATION**

** Item 1.      Financial      Statements.**

** Item 2.      Management’s Discussion and Analysis      of Financial Condition and Results of Operations.**

**Forward-Looking      Statements**

**Management’s      Discussion And Analysis Of Financial Condition And Results Of      Operations**

**Overview**

**Critical      Accounting Policies**

***Cash      and cash equivalents***

***Loss      per common share***

***Use      of estimates***

***Income      taxes***

***Deferred      offering costs***

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**Subsequent      Events**

|   | • |   | may                significantly reduce the equity interest of our                stockholders; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------|

|   | • |   | will                likely cause a change in control if a substantial number of our shares                of                common stock or voting preferred stock are issued, which may affect,                among                other things, our ability to use our net operating loss carry forwards,                if                any, and may also result in the resignation or removal of one or                more of                our present officers and directors;                and |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | may                adversely affect prevailing market prices for our common                stock. |
|--------|---------|--------|---------------------------------------------------------------------------------------------------|

|   | • |   | default                and foreclosure on our assets if our operating revenues after a business                combination are insufficient to pay our debt                obligations; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | acceleration                of our obligations to repay the indebtedness even if we make all                principal                and interest payments when due if we breach the covenants contained                in any                debt securities, such as covenants that require the satisfaction                or                maintenance of certain financial ratios or reserves, without a waiver                or                renegotiation of such covenants; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • |   | an                obligation to immediately repay all principal and accrued interest,                if                any, upon demand to the extent any debt securities are payable on                demand;                and |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | our                inability to obtain additional financing, if necessary, to the extent                any                debt securities contain covenants restricting our ability to obtain                additional financing while such security is outstanding, or to the                extent                our existing leverage discourages other potential                investors. |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | approximately                $1,200,000 of expenses for due diligence of prospective target businesses,                including fees for market research or consultants used to perform                due                diligence, if any and reimbursement of out-of-pocket due diligence                expenses incurred by our management                team; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | approximately                $1,000,000 of legal, accounting and other non-due diligence expenses                including structuring and negotiating a business                combination; |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | approximately                $180,000 of expenses for office space, administrative and support                services                to NRDC Capital Management, LLC; |
|--------|---------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | approximately                $70,000 of legal and accounting fees relating to SEC reporting                obligations; and |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • |   | approximately                $250,000 of miscellaneous expenses (potentially including deposits                or down                payments for a proposed business combination), premiums for key man                life                insurance for our chairman, chief executive officer and secretary                and                premiums and director and officer liability insurance premiums and                reserves. |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

** Item 3.      Quantitative and Qualitative      Disclosures about Market Risk.**

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** Item 4.      Controls and      Procedures.**

** PART      II – OTHER      INFORMATION**

** Item 1.      Legal      Proceedings.**

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** Item 1A.      Risk      Factors.**

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** Item 2.      Unregistered Sales of Equity      Securities and Use of Proceeds.**

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** Item 3.      Defaults upon Senior      Securities.**

** Item 4.      Submission of Matters to a Vote of      the Security Holders.**

** Item 5.      Other      Information.**

** Item 6.      Exhibits.**

| 3.1    | Amended                  and Restated Certificate of Incorporation  **                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                           |
| 3.2    | By-Laws                  *                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                           |
| 4.1    | Specimen                  Unit Certificate ***                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                           |
| 4.2    | Specimen                  Common Stock Certificate **                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                           |
| 4.3    | Specimen                  Warrant Certificate ***                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                           |
| 4.4    | Form                  of Warrant Agreement entered into by and between Continental Stock                  Transfer & Trust Company ***                                                                                                     |
|   |                                                                                                                                                                                                                                           |
| 10.1   | Form                  of Letter Agreement between the Registrant and NRDC Capital Management                  LLC                  and all of the directors and executive officers of the Registrant                  ***                      |
|   |                                                                                                                                                                                                                                           |
| 10.2   | Letter                  of Agreement between the Registrant and William L. Mack                  ****                                                                                                                                          |
|   |                                                                                                                                                                                                                                           |
| 10.3   | Letter                  of Agreement between the Registrant and Robert C. Baker                  ****                                                                                                                                          |
|   |                                                                                                                                                                                                                                           |
| 10.4   | Letter                  of Agreement between the Registrant and Richard A. Baker                  ****                                                                                                                                         |
|   |                                                                                                                                                                                                                                           |
| 10.5   | Letter                  of Agreement between the Registrant and Lee S. Neibart                  ****                                                                                                                                           |
|   |                                                                                                                                                                                                                                           |
| 10.6   | Letter                  of Agreement between the Registrant and Michael J. Indiveri                  ***                                                                                                                                       |
|   |                                                                                                                                                                                                                                           |
| 10.7   | Letter                  of Agreement between the Registrant and Edward H. Meyer                  ***                                                                                                                                           |
|   |                                                                                                                                                                                                                                           |
| 10.8   | Letter                  of Agreement between the Registrant and Laura Pomerantz                  ***                                                                                                                                           |
|   |                                                                                                                                                                                                                                           |
| 10.9   | Letter                  of Agreement between the Registrant and Vincent Tese                  ***                                                                                                                                              |
|   |                                                                                                                                                                                                                                           |
| 10.10  | Letter                  of Agreement between the Registrant and Ronald W. Tysoe                  ***                                                                                                                                           |
|   |                                                                                                                                                                                                                                           |
| 10.11  | Form                  of Investment Management Trust Agreement by and between the Registrant                  and                  Continental Stock Transfer & Trust Company ****.                                                        |
|   |                                                                                                                                                                                                                                           |
| 10.14  | Form                  of Registration Rights Agreement among the Registrant NRDC Capital                  Management LLC and certain directors of the Registrant                  ***                                                          |
|   |                                                                                                                                                                                                                                           |
| 10.16  | Private                  Placement Warrant Purchase Agreement between the Registrant and                  NRDC                  Capital Management LLC ****                                                                                    |
|   |                                                                                                                                                                                                                                           |
| 10.17  | Form                  of Right of First Offer Agreement between Registrant and NRDC Capital                  Management LLC, NRDC Real Estate Advisors LLC and NRDC Equity Advisors                  LLC                  ***                  |
|   |                                                                                                                                                                                                                                           |
| 10.18  | Letter                  of Co-Investment Agreement between Registrant and NRDC Capital                  Management                  LLC ****                                                                                                   |
|   |                                                                                                                                                                                                                                           |
| 10.19  | Form                  of Letter Agreement between the Registrant and Apollo Real Estate                  Advisors                  L.P.****                                                                                                    |
|   |                                                                                                                                                                                                                                           |
| 31.1   | Certification                  of Chief Executive Officer and Principal Financial Officer pursuant                  to                  Rule 13a-14 of the Securities Exchange Act of 1934, as                  amended                        |
|   |                                                                                                                                                                                                                                           |
| 32.1   | Certification                  of Chief Executive Officer and Principal Financial Officer pursuant                  to                  Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.                  1350                         |
|   |                                                                                                                                                                                                                                           |
| *      | Previously                  filed in connection with NRDC Acquisition Corp.’s registration statement                  on Form S-1 (File No. 333—144871) filed on July 26,                  2007                                    |
|   |                                                                                                                                                                                                                                           |
| **     | Previously                  filed in connection with amendment No. 1 to NRDC Acquisition Corp.’s                  registration statement on Form S-1 (File No. 333-144871) filed                  on                  September 7, 2007  |
|   |                                                                                                                                                                                                                                           |
| ***    | Previously                  filed in connection with amendment No. 2 to NRDC Acquisition Corp.’s                  registration statement on Form S-1 (File No. 333-144871) filed                  on                  September 27, 2007 |
|   |                                                                                                                                                                                                                                           |
| ****   | Previously                  filed in connection with amendment No. 3 to NRDC Acquisition Corp.’s                  registration statement on Form S-1 (File No. 333-144871) filed                  on October                  10, 2007   |

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** SIGNATURES**

|                                  |   |                                  |   |                                         |
|---------------------------------------|--------|---------------------------------------|--------|----------------------------------------------|
| Date:                December 3, 2007 |   | NRDC                ACQUISITION CORP. |
|                                  |   |                                  |
|                                  |   | By:                                   |   | /s/                  Richard A. Baker        |
|                                  |   |                                  |   | Richard                A. Baker              |
|                                  |   |                                  |   | Chief                Executive Officer       |
|                                  |   |                                  |   | (Principal                Financial Officer) |

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** NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Balance      Sheet**

**September      30, 2007**

**(unaudited)**

|                                                                                                                                                  |         |   |    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|---------|--------|
| **Assets**                                                                                                                                            |    |   |    |   |
|                                                                                                                                                  |    |   |    |   |
| Current                assets:  Cash                                                                                                        |    | $      | 130,589 |   |
| Deferred                offering costs                                                                                                                |    |   | 496,717 |   |
|                                                                                                                                                  |    |   |    |   |
| Total                assets                                                                                                                           |    | $      | 627,306 |   |
|                                                                                                                                                  |    |   |    |   |
| **Liabilities                and Stockholders’ Equity**                                                                                         |    |   |    |   |
|                                                                                                                                                  |         |
| Current                liabilities:                                                                                                                   |    |   |    |   |
| Accrued                expenses                                                                                                                       |    | $      | 731     |   |
| Accrued                offering costs                                                                                                                 |    |   | 402,306 |   |
| Note                payable to affiliate                                                                                                              |    |   | 200,000 |   |
|                                                                                                                                                  |    |   |    |   |
| Total                current liabilities                                                                                                              |    |   | 603,037 |   |
|                                                                                                                                                  |    |   |    |   |
|                                                                                                                                                  |         |
| Commitments                and contingencies                                                                                                          |    |   |    |   |
|                                                                                                                                                  |         |
| Stockholders’                equity:                                                                                                            |    |   |    |   |
| Preferred                stock, $0.0001 par value, 5,000 shares authorized; none issued or                outstanding                                 |    |   | — |   |
| Common                stock, $0.0001 par value, 106,000,000 shares authorized; 10,350,000                shares                issued and outstanding |    |   | 1,035   |   |
|                                                                                                                                                  |         |
| Additional                paid-in capital                                                                                                             |    |   | 23,965  |   |
|                                                                                                                                                  |         |
| Deficit                accumulated during the development stage                                                                                       |    |   | (731)   |   |
|                                                                                                                                                  |    |   |    |   |
| Total                stockholders’ equity                                                                                                       |    |   | 24,269  |   |
|                                                                                                                                                  |    |   |    |   |
| Total                liabilities and stockholders’ equity                                                                                       |    | $      | 627,306 |   |
|                                                                                                                                                  |    |   |    |   |

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** NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Statement      of Operations**

**For      the period from July 10, 2007 (inception) through September 30,      2007**

**(unaudited)**

|                                                                         |         |   |       |   |
|------------------------------------------------------------------------------|--------------|--------|------------|--------|
| Formation                and operating costs                                 |    | $      | 731        |   |
|                                                                         |    |   |       |   |
| Net                Loss                                                      |    |   | (731)      |   |
|                                                                         |    |   |       |   |
| Basic                and diluted net loss per share                          |    | $      | (0.00)     |   |
|                                                                         |    |   |       |   |
| Weighted                average shares outstanding — basic and diluted |    |   | 10,350,000 |   |
|                                                                         |    |   |       |   |

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** NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Statement      of Stockholders’ Equity**

**For      the period from July 10, 2007 (inception) through September 30,      2007**

**(unaudited)**

|                                                               |   |                            |   |                                 |    |                                                                            |   |    |                              |   |    |   |   |   |   |   |
|--------------------------------------------------------------------|--------|---------------------------------|--------|--------------------------------------|---------|---------------------------------------------------------------------------------|--------|---------|-----------------------------------|--------|---------|--------|--------|--------|--------|--------|
|                                                               |   | **Common                Stock** |   | **Additional****Paid-In****Capital** |    | **Deficit****Accumulated****During                the****Development****Stage** |   |    | **Stockholders’****Equity** |   |
|                                                               |   | **Shares**                      |   | **Amount**                           |    |                                                                            |   |    |                              |   |    |   |
| Initial                capital from founding stockholders for cash |   | 10,350,000                      |   | $                                    | 1,035   |                                                                            | $      | 23,965  |                              | $      | — |   |   | $      | 25,000 |   |
| Net                loss                                            |   | —                         |   |                                 | — |                                                                            |   | — |                              |   | (731)   |   |   |   | (731)  |   |
|                                                               |   |                            |   |                                 |    |                                                                            |   |    |                              |   |    |   |   |   |   |   |
| Balance                at September 30, 2007                       |   | 10,350,000                      |   | $                                    | 1,035   |                                                                            | $      | 23,965  |                              | $      | (731)   |   |   | $      | 24,269 |   |
|                                                               |   |                            |   |                                 |    |                                                                            |   |    |                              |   |    |   |   |   |   |   |

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** NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Statement      of Cash Flows**

**For      the period July 10, 2007 (inception) through September 30,      2007**

**(unaudited)**

|                                                                                                     |         |    |                |   |   |
|----------------------------------------------------------------------------------------------------------|--------------|---------|---------------------|--------|--------|
| Cash                flows from operating activities                                                      |    |    |                |   |   |
| Net                loss                                                                                  |    | $       | (731)               |   |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |    |    |                |   |   |
| Changes                in:                                                                               |    |    |                |   |   |
| Accrued                Expenses                                                                          |    |    | 731                 |   |   |
|                                                                                                     |    |    |                |   |   |
| Net                cash used in operating activities                                                     |    |    | —   |   |   |
|                                                                                                     |    |    |                |   |   |
| Cash                flows from financing activities                                                      |    |    |                |   |   |
| Proceeds                from note payable to affiliate                                                   |    |    | 200,000             |   |   |
| Proceeds                from sale of units                                                               |    |    | 25,000              |   |   |
| Payment                of offering costs                                                                 |    |    | (94,411)            |   |   |
|                                                                                                     |    |    |                |   |   |
| Net                cash provided by financing activities                                                 |    |    | 130,589             |   |   |
|                                                                                                     |    |    |                |   |   |
| Net                increase in cash                                                                      |    |    | 130,589             |   |   |
|                                                                                                     |         |    |                |
| Cash                — beginning of period                                                          |    |    | —             |   |   |
|                                                                                                     |    |    |                |   |   |
| Cash                — end of period                                                                |         |    |                |   |   |
|                                                                                                     | $            | 130,589 |                |   |
|                                                                                                     |         |    |                |   |
| Non-cash                financing activities:Accrual                of offering costs                    |    |    |                |   |
|                                                                                                     | 402,306      |
|                                                                                                     |         |
|                                                                                                     |         |    |                |
|                                                                                                     |         |    |
|                                                                                                     |    |    |                |   |   |

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** NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Notes      to Financial Statements**

**Note      1 — Organization and Nature of Business Operations**

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**NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Notes      to Financial Statements — (Continued)**

**Note      2 — Summary of Significant Accounting Policies**

| **[a]** |   | **Cash                and cash equivalents:** |
|---------|--------|-----------------------------------------------|

| **[b]** |   | **Loss                per common share:** |
|---------|--------|-------------------------------------------|

| **[c]** |   | **Use                of estimates:** |
|---------|--------|--------------------------------------|

| **[d]** |   | **Income                taxes:** |
|---------|--------|----------------------------------|

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**NRDC      ACQUISITION CORP.**

**(a      development stage company)**

**Notes      to Financial Statements — (Continued)**

| **[e]** |   | **Deferred                offering costs:** |
|---------|--------|---------------------------------------------|

**Note      3 — Initial Public Offering**

**Note      4 — Note Payable to Affiliate and Related Party      Transactions**

**Note      – 5  Commitments**

**Note      6 — Common Stock**

**Note      7 — Preferred Stock**