NEW YORK | 5 Times Square Redevelopment | FT | 38 FLOORS

[NYguy]

https://commercialobserver.com/2025/05/5-times-square-conversion-housing/

State Gives Green Light for 5 Times Square Conversion Into 1,250 Units


By Isabelle Durso
May 22, 2025

A state agency has given the green light for a major office-to-residential conversion in Times Square.

The Empire State Development (ESD) board of directors, which runs the state’s economic development corporation, voted Thursday to allow the transformation of the 38-story office tower at 5 Times Square into a mixed-use development with as many as 1,250 housing units, 313 of which will be permanently affordable. There will also be more than 37,000 square feet of retail space, according to an announcement.

The confirmation of the project comes after Apollo Global Management, SL Green Realty and RXR — which co-own the property through a long-term leasehold with the city — filed plans in December to convert the 1.1 million-square-foot office building into a residential and commercial property with a new address of 592 Seventh Avenue, as Commercial Observer previously reported.

In addition to residential floors, the developers’ plans included coworking spaces, a party room, tenant recreation rooms and storage units, CO reported.

The ESD’s Thursday vote also approved an amendment to the 42nd Street Development Project — the three-decade-long push from the city to revitalize a 13-acre section of the neighborhood which wrapped up in 2010 — that will enable the conversion of 5 Times Square, which currently sits at 77 percent vacant, the announcement said.

Construction on 5 Times Square — which is expected to create approximately 1,400 construction jobs and 830 permanent direct and indirect jobs — is set to begin during the third quarter of 2025, with the first phase anticipated to be completed in 2027, according to the announcement.

[NYguy]

https://www.nytimes.com/2025/05/22/nyregion/5-times-square-conversion.html

A Times Square Office Tower Will Be Converted Into Apartments
The 38-story building in the heart of Midtown Manhattan will be turned into 1,250 apartments.


By Mihir Zaveri
May 22, 2025

A struggling office tower in the heart of Midtown Manhattan is set to be converted into a residential building with 1,250 apartments, in one of the most notable examples of how New York City’s economic center has evolved after the coronavirus pandemic.

The board that runs New York State’s economic development corporation voted on Thursday to approve the conversion of the 38-story building, 5 Times Square, which has been mostly empty since 2022.

The converted building will mostly have studio apartments and is likely to open to tenants in 2027, state officials said. One-quarter of the 1,250 units will be designated as “affordable” and rent, on average, for around $2,174 a month. (The typical asking rent in April on a new lease for a one-bedroom Midtown apartment was at least $4,500, according to data from the real estate company StreetEasy.)

The vote on Thursday is another symbol of Midtown’s transformation and reflects how commercial areas and downtowns across the United States are continuing a rocky rebuild after the pandemic upended traditional work patterns. Many wondered if Midtown — and, as a result, New York City’s economy — would ever rebound.

But state and city officials are framing the vote as another example of a broader transformation. Nearby, the former headquarters of Pfizer are being turned into 1,600 apartments. A building in the financial district that once housed JPMorgan Chase, The National Enquirer and The New York Daily News is becoming 1,320 apartments.

The 5 Times Square building, which was built between 1999 and 2002, was “intended to be a commercial keystone in Times Square,” according to state documents.

The building sits between 41st and 42nd Streets along 7th Avenue and was first developed in 2002. It has been mostly empty since its main tenant, the auditing firm EY, moved its U.S. headquarters in 2022 to a newer Manhattan development on the West Side.

Today, it is nearly 80 percent vacant, according to state officials.

[NYguy]

We watched this building rise here on the forum. Time flies.

[NYguy]

Mayor's and Governor's statements...


https://www.nyc.gov/office-of-the-mayor/...ing-transformation-5-times-square-create

The project’s location at Seventh Avenue between West 41st and West 42nd Streets offers unparalleled access to 12 subway lines and regional transit connections, exemplifying Mayor Adams and Governor Hochul’s commitment to transit-oriented development that reduces car dependency and promotes sustainable urban living. The conversion will maintain Times Square’s iconic character through street-level retail and building signage while creating a true mixed-income community in Manhattan’s central business district.

The 5 Times Square project represents an important advancement in New York’s approach to solving its housing crisis. With its original construction at 33.35 FAR — nearly three times the previous residential cap — the building showcases how recent policy changes can significantly impact housing creation.

Combining the removal of the FAR cap with 467-m tax incentives enables converting high-density office buildings into residential use, bringing more affordable housing to prime locations. As part of a growing trend in reimagining New York City’s business districts, projects like 5 Times Square have the potential to create thousands of new homes in high-opportunity areas. Both Mayor Adams and Governor Hochul’s innovative policies are transforming underutilized office space into vibrant, mixed-income communities with direct access to jobs, transit, and amenities across the city and state.

https://www.governor.ny.gov/news/governo...ce-housing-transformation-5-times-square

5 Times Square will repurpose nearly 1 million square feet of office space while preserving more than 37,000 square feet of retail space. The project will create up to 1,250 new homes — a mix of 1,050 studio and 200 one-bedroom units — with equal access to building amenities for all residents. The project will include over 300 permanently affordable homes for New Yorkers earning up to 80 percent of the Area Median Income (AMI).

The conversion addresses the building's high office vacancy rate of 77 percent, transforming an underutilized property into much-needed housing. Construction is anticipated to begin in Q3 of 2025, with the first phase anticipated to be completed in 2027. The building’s configuration allows for a mixed-use program that can accommodate both residential and the existing commercial occupancy. The project is expected to create approximately 1,400 construction jobs and 830 permanent direct and indirect jobs. The project will also comply with the State MWBE and SDVOB policies, with an overall 30 percent MWBE participation goal.

The project's location at Seventh Avenue between 41st and 42nd Streets offers unparalleled access to 12 subway lines and regional transit connections, exemplifying Governor Hochul and Mayor Adams’ commitment to transit-oriented development that reduces car dependency and promotes sustainable urban living.

The 5 Times Square project represents an important advancement in New York's approach to solving its housing crisis. The original construction of the building is at 33.35 FAR — nearly three times the previous residential cap of 12 FAR. This means that the new development approved today would not have been possible without the Governor’s action in the FY25 Enacted Budget to change 60-year-old state laws and lift the 12 FAR cap in New York City.

Combining the removal of the FAR cap with 467-m tax incentives enables the conversion of high-density office buildings into residential use properties, bringing more affordable housing to prime locations. As part of a growing trend in reimagining New York City's business districts, projects like 5 Times Square have the potential to create thousands of new homes in high-opportunity areas.

[NYguy]

https://www.archpaper.com/2025/05/gensler-5-times-square-housing/

Gensler to convert 5 Times Square, the former Ernst & Young headquarters, into housing





By Daniel Jonas Roche
May 23, 2025

Ernst & Young built 5 Times Square in 2002 for its headquarters, with Kohn Pedersen Fox (KPF) as the design architect, but the corporation vacated the premises in 2022. The vacancy rate has hovered around 75 percent ever since. Now, Gensler is converting 5 Times Square into a residential property fitted with 1,250 market rate and affordable homes.

5 Times Square rises 575 feet in a 38 story envelope. Governor Hochul affirmed that, of the new 1,250 units, 313 of those will be affordable, or roughly a quarter’s worth. No changes need be made to the building envelope, city officials shared, because the floor plates are already “well-suited” for residential purposes.

“Confronting a decades-long housing crisis requires creating new housing in every neighborhood at an accelerated pace—even here at the ‘Crossroad of the World’ in Times Square,” Mayor Adams said in a statement. “The transformation of 5 Times Square from an underutilized office building into 1,250 new homes capitalizes on hard-fought Adams and Hochul administration victories while fulfilling my plan to build 100,000 new homes in Manhattan over the next decade.”

5 Times Square totals approximately 1 million square feet. Of that number, over 900,000 square feet will be converted into residential space, while about 40,000 square feet will remain retail. The initiative is part of Mayor Adams’s Manhattan Plan, which seeks to add 100,000 new homes in Manhattan in the next decade.

Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión, Jr. called 5 Times Square’s conversion “a game-changer for Times Square and Midtown, paving the way for the future of urban growth.”

Construction should begin by the end of 2025 and complete in 2027.

https://secretnyc.co/5-times-square-office-to-housing-conversion/

5 Times Square has had a 77% office vacancy rate. This conversion project will repurpose almost one million square feet of underutilized space, while setting aside more than 37,000 square feet for retail operations. Of the 1,250 new homes that will be created, 1,050 will be studios and 200 units will be one-bedrooms. All residents will have equal access to the building’s amenities.

In addition to all of the new apartments, the conversion project will generate 1,400 construction jobs and 830 both direct and indirect jobs. Construction will commence in Q3 of 2025. Phase one is projected to finish in 2027.

[NYguy]

MAY 26, 2025

[NYguy]

https://www.bisnow.com/new-york/news/dea...sion-progresses-the-ny-deal-sheet-129891

RXR Lands $575M For 5 Times Square Conversion


June 24, 2025
Ciara Long

There’s movement happening at — and underneath — 5 Times Square.

After getting the green light to move ahead with a partial residential conversion, RXR Realty, Apollo Global Management and SL Green are now several steps closer to making it happen.

The office building at 5 Times Square was decked out with a splashy amenity floor last winter, following an expensive upgrade to its trophy office space that RXR financed with a $1.2B loan — backed by $300M in sponsor equity — in 2022.

But by last August, owners were floating the 39-story building as a partial residential conversion. It was approved to be turned into 1,250 residential units, of which 313 would be permanently affordable.

RXR signed two separate loan agreements this week, both with Corebridge Institutional Investments: a $561M project loan agreement and a $13.6M security instrument. RXR, which ground-leases the 1.1M SF tower, also signed a deed Tuesday with the city for the land underneath, adding an $8M payment as part of the transaction, according to an RXR spokesperson.

[NYguy]

JANUARY 17, 2026

[NYguy]

https://www.pincusco.com/apollo-rxr-slg-...square-conversion-to-1224-in-new-filing/

Apollo, RXR, SLG up resi units at 5 Times Square conversion to 1,224 in new filing


January 20, 2026