5 Times Square, once the office hub for Ernst & Young, is undergoing a significant transformation into a residential building featuring 1,250 new homes. This includes 1,050 studio and 200 one-bedroom apartments, with a portion designated as permanently affordable housing. The NYC economic development board approved the conversion plan as part of efforts to meet housing needs in the post-pandemic era. The project is led by RXR, Apollo Global Management, and SL Green, with construction anticipated to begin by the year's end.
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.
The City and State of New York have shown that, through innovative public-private partnerships, we can transform underutilized office spaces into a thriving residential community, helping to address New York's pressing housing crisis.
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