It's been closed since May for renovations. You might recall the news last year that the cinema was sold to real-estate developer Charles Cohen, who plans to use it to film selections from the Cohen Film Collection, originally known as the Raymond Rohauer Film Collection, after the man who built it. Cohen acquired it in 2011.
According to Wikipedia, Cohen's realty corporation "owns more than 12 million square feet of real estate" and "specializes in 're-positioning' commercial space to increase its rental income." Cohen is also a film lover.
The Quad opened in 1972. It was New York's first four-screen cinema. It is expected to reopen in the fall.
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