The team, including Apollo Global Management and RXR, plans to convert 5 Times Square into a mixed-use building with 942 units, marking a significant addition to NYC's housing supply.
Midtown has seen more conversions move forward amid freefalling office values, aided by a crucial tax break requiring a quarter of units to be affordable.
The ambitious plans for 5 Times Square reflect both a novel approach to urban living in a chaotic location and an eagerness to adapt to changing market conditions.
While developers are betting on the demand for housing in Times Square, others have successfully pursued mixed-use projects, merging residential and commercial spaces to attract tenants.
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