Office to Rental Conversion Hits Times Square
As Midtown office towers struggle with vacancy, RXR Realty, Apollo Global Management, and SL Green are turning one of Times Square’s most iconic buildings into a 1,250-unit residential hub. Designed by Gensler, the 38-story project at 5 Times Square will help meet NYC’s housing shortage while proving the financial and policy case for adaptive reuse at scale. With affordable housing baked in and major incentives in play, the conversion sets a new bar for landlords hunting returns in a shifting market.

From Office Anchor to Residential Engine
5 Times Square, once home to Ernst & Young, is now under major construction to shed its commercial identity. The tower, located between West 41st and 42nd Streets, will retain its 37,311 square feet of retail, keeping street-level revenue flowing during the transition. Streaming company Roku still occupies top-floor space and will remain during renovations. Phase one is set to deliver in 2027.