In a significant move against New York's housing crisis, 5 Times Square is set to be converted from an office building into a residential tower featuring 1,250 apartments, including 313 affordable units. This project is emblematic of the city's shift from office to residential spaces driven by post-pandemic changes in work habits. Scheduled for completion by 2027, it will see a transformative use of space in the bustling Times Square area, facilitated by favorable legislative reforms and advantages like considerable property tax breaks.
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 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.
It's made possible by a suite of legislative upgrades, including a juicy 90% property tax break for 30 years and the removal of outdated residential density caps.
Rents are expected to average about $2,174, less than half the typical Midtown one-bedroom going for over $4,500, per StreetEasy.
#housing-crisis #new-york-city #office-to-residential-conversion #real-estate-development #affordable-housing
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