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5 Times Square

5 Times Square is a 38-story located at the intersection of and West 42nd Street in , , . Standing 575 feet (175 meters) tall, the building was completed in 2002 as Class A office space, designed by primarily for as its initial . Originally developed by on a site owned by the Corporation, the 1.1-million-square-foot structure features a modern glass-and-aluminum facade suited to its high-visibility location above major hubs. Over the years, it has hosted prominent tenants such as , which leased 240,000 square feet in a space formerly occupied by after the latter relocated. In May 2025, , holding the long-term leasehold interest jointly with partners, announced a $95 million conversion project to transform the property into residential apartments, yielding approximately 1,250 units—mostly studios—with 313 designated as and tenant occupancy projected for 2027. This initiative, designed by and supported by state incentives, addresses persistent office vacancies in Midtown amid trends following the .

Location and Site

Geographical Position and Surroundings

5 Times Square occupies the site at 590 Seventh Avenue, on the west side of Seventh Avenue between West 41st Street and West 42nd Street, in , . This positioning places it at the southwest corner of the intersection with West 42nd Street, directly adjoining the southern edge of , a bowtie-shaped public space defined by the convergence of , Seventh Avenue, and 42nd Street. The building's footprint spans approximately 1.2 acres in the Theatre District, characterized by intense commercial activity and pedestrian volumes exceeding 330,000 daily visitors in the broader area. The structure sits above the Times Square–42nd Street/Port Authority Bus Terminal subway complex, offering subterranean connections to eight lines (1, 2, 3, 7, N, Q, R, W, and S) and the Port Authority Trans-Hudson () system via transfers, facilitating access for over 200,000 daily riders at this hub. To the east, across Seventh Avenue, lies the heart of with its illuminated billboards, pedestrian plazas, and landmarks such as , site of the annual ball drop. Immediately west and southwest are the , handling more than 230,000 intercity bus passengers daily, and the Hilton New York Times Square hotel, contributing to the district's mix of transit-oriented and hospitality infrastructure. Northward along Seventh Avenue, neighboring developments include and Eleven Times Square, modern office towers integral to the area's post-2000 revitalization, while theaters like the New Victory Theater and New 42 Studios occupy sites to the northeast, underscoring the blend of venues in the vicinity. South of West 41st Street, the surroundings transition toward denser residential and commercial blocks, with the Candler Building nearby, reflecting the gradual shift from 's tourist epicenter to Manhattan's grid-patterned urban fabric. The site's elevation aligns with Midtown's typical 33-foot (10 m) above mean , amid a landscape dominated by averaging 30–50 stories.

Infrastructure and Accessibility

5 Times Square, located at the intersection of , Seventh Avenue, and West 42nd Street in , benefits from its position directly above the Times Square–42nd Street subway station complex, providing immediate access to multiple lines including the , , , A, , , , , , , , and S shuttle. An entrance to the E train is situated at the southwest corner of Seventh Avenue and 42nd Street, adjacent to the building. The station complex, the busiest in the subway system, enables free transfers among lines from the IRT –Seventh Avenue, BMT , IRT Flushing, and IRT services. Accessibility enhancements at the station include a new and expanded entry/exit options installed in 2022, facilitating and mobility-impaired access. The building's primary office entrance on Seventh Avenue connects seamlessly to this hub, while retail storefronts along 42nd Street align with pedestrian flows near subway access points. Additional transport options encompass the , reachable in under three minutes on foot, serving intercity buses, and proximity to Penn Station (six minutes) and (nine minutes) for regional rail. Site infrastructure supports high-volume commuter traffic with 24/7 security monitoring of the building exterior and adjacent entrances by trained personnel. Internal features include renovated cabs for vertical circulation across the 38 stories, alongside nearby garages and bikeshare stations within a three-minute walk. Pedestrian infrastructure in , including widened sidewalks and streetscape improvements, enhances ground-level access amid the area's dense foot traffic.

Architecture and Design

Exterior Form and Facade

5 Times Square presents an asymmetrical tower form that dynamically responds to the intersecting street patterns of the Times Square theater district, particularly the diagonal break in Manhattan's grid caused by . Designed by (KPF), the structure employs angular planes in its massing to harmonize with the site's urban context, maximizing floor plates while preserving view corridors and adhering to zoning requirements. The facade consists of a glass curtain wall system featuring tinted reflective glass cladding, which ensures visual uniformity between window and surfaces for a sleek, modern appearance. This material choice reflects light and contributes to the building's integration with the vibrant, illuminated environment of . At the base, retail storefronts along 42nd Street and the office entrance on Seventh Avenue incorporate signage embedded into the facade, aligning with the district's graphic and commercial character as part of the 42nd Street Development Project. The tower rises 38 stories to a of 575 feet (175 meters), emphasizing verticality amid the surrounding low-rise structures.

Structural Components

Substructure and Foundations

The substructure of 5 Times Square employs a system to accommodate the site's proximity to existing lines approximately 60 feet below grade, necessitating load transfer to bedrock without interfering with underground infrastructure. High-capacity mini-caissons, consisting of 10-inch diameter shafts with 12-inch steel shells filled with high-strength and reinforcing bars, support the tower columns. These caissons were strategically placed along the 41st Street side to minimize disturbance to the adjacent structure, positioned as close as 2 feet away, with excavation conducted without blasting to protect nearby landmarks like the Theater. At the southwest corner, where axial loads are elevated due to theater adjacency, a large supplements the caisson system.

Superstructure and Load-Bearing Systems

The superstructure comprises a for the 40-story tower, reaching approximately 565 feet in height and encompassing 1,000,000 square feet of plus 100,000 square feet of . Vertical load-bearing elements include perimeter moment columns of W14 sections in ASTM A572 Grade 50 or 65 , connected by W36 girders, while columns utilize W14 sections in Grade 65 . Floor systems feature 2.5-inch normal-weight over 3-inch composite metal decks supported by W18 beams spanning to W33 girders up to 44 feet long. Lateral loads are resisted by a modified perimeter , incorporating moment-resisting frames with columns spaced at 10 feet north-south and 30 feet in east-west bays, augmented by deep W36 wind girders; lower floors employ built-up sections such as 24-by-20-inch I-shapes and 30-by-20-inch box columns. structures, including a 90-foot-span between the 8th and 9th floors using W14 sections and heavy W40/W36 girders (e.g., W36x848) at the 25th floor, enable column-free interior spaces by redistributing loads. Specialized areas, such as Con Edison vaults, incorporate slabs on W16/W21 beams designed for blast resistance. The base building structure consists of this supporting composite metal deck and slabs throughout.

Substructure and Foundations

The substructure of 5 Times Square includes two levels extending approximately 30 feet below grade, supporting the 38-story tower above. These basements accommodate utilities and parking while navigating the site's constraints from adjacent infrastructure. The foundation system combines shallow spread footings, designed for bearing capacities up to 60 tons per where soil conditions permit, with deep rock-socketed elements to address areas abutting subway tunnels. Along the 41st Street side, where the foundation wall is only 2 feet from the subway structure—itself extending 60 feet below grade—high-capacity 10-inch diameter mini-caissons were employed to transfer column loads below the subway level without imposing stresses on it. These mini-caissons feature 12-inch shells filled with high-strength concrete and reinforcing bars, socketed into Manhattan schist bedrock; their small diameter enabled precise grouping to minimize load eccentricity and permitted drilling without blasting, which was prohibited due to vibration risks near operating subways and the historic New Amsterdam Theater. At the southwest corner, where axial loads were exceptionally high and caisson installation impractical, a large pier was used instead. involved staged excavation with rock berms, bracing, and continuous vibration monitoring (limited to 2.0 inches per second) to protect nearby subway lines, including the 1, 2, 3, N, R, Q, W, and 7 trains. Load tests confirmed capacities exceeding 250 tons per caisson, up to 500 tons in verification trials, ensuring stability for the tower's vertical and lateral forces.

Superstructure and Load-Bearing Systems

The of 5 Times Square comprises a 40-story -framed tower rising approximately 565 feet, designed as a modified perimeter to resist loads and control drift. This configuration utilizes perimeter frames for primary lateral , supplemented by a mechanical core for additional rigidity. The supports roughly 1,000,000 square feet of and 100,000 square feet of retail, with loads transferred through built-up columns and trusses to accommodate the irregular site geometry above . Load-bearing elements include core columns of W14 sections in ASTM A572 65 and perimeter columns of W14 built-up sections in ASTM A572 50 , with heavier built-up I-shapes (up to 24 inches by 20 inches) and columns (up to 30 inches by 20 inches) at lower levels to handle concentrated loads. Floor systems feature with 2.5-inch slabs over 3-inch metal decks, supported by W18 beams and W33 girders. trusses play a critical role in load distribution: a second-floor perimeter truss with W36 girders and 6x6x0.75-inch angles spans the base; an 8th-to-9th-floor truss covers a 90-foot to redirect "bustle" column loads; and a 25th-floor system employs W40 and W36 girders (maximum W36x848) for intermediate transfers, enabling column-free interior spaces. The framing, engineered by , incorporates high-strength concrete and reinforcing bars in composite elements, analyzed via multi-tool software like SAP90 and ETABS for three-dimensional modeling of complex geometries. This design prioritizes rentable floor area by positioning lateral resistance at the perimeter, minimizing interior obstructions while meeting seismic and wind criteria.

Interior Layout and Features

The interior spaces of 5 Times Square consist primarily of Class-A office floors spanning from the second level to the 38th story, with typical layouts emphasizing open-plan configurations to accommodate flexible tenant customizations. These floors feature high ceilings, including double- and triple-height volumes in select areas, which enhance natural light penetration and support collaborative work environments. The building's core houses mechanical systems and vertical circulation, with 18 passenger elevators providing efficient access across its 1.1 million gross square feet. A dedicated 32,000-square-foot amenity floor, designed by the , occupies a prominent level and includes lounges, fitness facilities, and communal areas intended to integrate work and leisure for occupants. Adjacent to this is a 32,000-square-foot conference center equipped with state-of-the-art audiovisual technology, modular rooms accommodating groups from 10 to 154 people, and premium furnishings for professional gatherings. Sustainability elements, such as energy-efficient and , are incorporated throughout the interior to minimize operational environmental impact. The ground-level retail base transitions into the office lobby via a glass-enclosed entrance, featuring polished stone and modern fixtures that align with the building's overall aesthetic of functionality and engagement. During its primary tenancy periods, interiors supported high-density uses like financial trading floors for occupants such as , with reinforced structural slabs capable of bearing heavy equipment loads up to 150 pounds per square foot.

Development and Construction

Initial Planning and Proposals

The development of 5 Times Square emerged as part of the broader revitalization of in the late 1990s, following the successful construction of adjacent office towers at 3 and 4 Times Square by . In early 1999, proposed a 37-story office tower on the site at 5 Times Square, designed specifically as a build-to-suit for (E&Y), which sought to consolidate its national operations in a new 1 million-square-foot facility. The proposal included E&Y occupying approximately 800,000 square feet initially, with the building featuring Class-A office space, retail at the base to engage pedestrian traffic, and integration with the area's subway infrastructure. To secure E&Y's commitment and prevent relocation outside , the project required significant public , leading to negotiations for subsidies totaling up to $301 million, including breaks and abatements, which drew criticism from economists and planners for potentially distorting in a high-profile location. By July 1999, the Giuliani administration and state officials approved a $20 million package, comprising direct grants and benefits, to anchor the development and support Times Square's transformation from a declining into a modern commercial hub. The architectural firm (KPF), led by William Pedersen, was selected to design the asymmetrical tower, emphasizing its response to the site's triangular geometry at the intersection of , 7th Avenue, and 42nd Street. The formal agreement was announced on August 16, 1999, with E&Y signing a 20-year , paving the way for in fall 1999 and positioning the project as one of City's largest speculative office developments at the time, contributing to nearly 4 million square feet of new alongside neighboring towers. This planning phase aligned with zoning incentives under the 42nd Street Development Project, which facilitated density bonuses and public improvements to encourage private investment in underutilized sites.

Construction Timeline and Methods

Construction of 5 Times Square began in 2000 and was completed in 2002. The project involved site preparation and excavation in the early stages, with foundation work addressing the site's location on Manhattan Schist adjacent to active subway lines, necessitating careful methods to avoid blasting. Steel erection progressed using a modified perimeter tube system, incorporating transfer trusses to manage column loads and spans, with the structure reaching its full 40-story height by the completion date. The foundation system employed high-capacity mini-caissons, consisting of 10-inch diameter shells filled with high-strength and reinforcing bars, driven to depths to support the tower's loads without disturbance to nearby . A large pier was installed at the southwest corner to handle elevated axial demands near the New Amsterdam Theater. The utilized ASTM A572 Grade 50 and 65 sections, including W14 columns spaced at north-south and 30 feet east-west in center bays, paired with W36 perimeter girders forming the tube-like frame for lateral stability. Key structural features included multiple transfer trusses: a second-floor perimeter with W36 girders and diagonals; an eighth-to-ninth-floor spanning 90 feet to redirect column forces; and a 25th-floor system with heavy W40 and W36 girders supporting 12 columns. construction featured composite systems of 2.5-inch normal-weight concrete over 3-inch metal decks, supported by W18 beams and W33 girders with shear connectors for composite action. Steel detailing incorporated to accommodate complex geometries, and column designs accounted for differential shortening through lengthening adjustments. Erection was performed by Helmark Steel Inc., emphasizing precision in and to ensure load transfer integrity.

Completion and Early Operations

The 37-story office tower at 5 , developed by on a site assembled from multiple parcels in , achieved substantial completion in May 2002 following construction that commenced in late 1999. The project encompassed approximately 1.1 million square feet of leasable office space above a base featuring retail and public areas, with the structure designed to integrate with the surrounding urban fabric while providing modern amenities such as high-speed elevators and energy-efficient systems. Upon opening, the building was 100% pre-leased to (), which had signed a 20-year agreement in August to occupy the entire facility as its national headquarters. relocated thousands of employees from prior locations, utilizing the space for core operations in auditing, tax advisory, and , with an effective rent of approximately $50 per square foot reflecting the premium positioning in . Initial occupancy proceeded smoothly, supported by the developer's coordination with city incentives that had facilitated the site's assembly and approvals, enabling the tower to contribute to Times Square's revitalization as a hub for firms. Early operations from 2002 to 2005 focused on stabilizing tenancy under EY's presence, with the firm leveraging the building's proximity to hubs and visibility for client interactions and internal efficiency. managed property services, including maintenance and security, while reporting full occupancy and on-schedule performance in financial disclosures. No major operational disruptions were noted in the initial phase, though the economic recovery influenced broader leasing dynamics in the district. By mid-decade, the asset's success underpinned its valuation, leading to a long-term leasehold sale in for $1.28 billion, signaling strong early performance amid a recovering commercial market.

Office Era and Tenancy

Major Occupants in the 2000s

Upon its completion in 2002, 5 Times Square became the U.S. headquarters for Ernst & Young (EY), a multinational professional services firm, which occupied the vast majority of the building's 1.2 million square feet of Class A office space. EY had signed a 20-year lease for nearly the entire structure in 1999, prompting Boston Properties to commence construction that year as the lead developer. This arrangement relocated EY from its prior base at 787 Seventh Avenue, where it had operated since 1989, and anchored the property during the early 2000s economic rebound following the September 11 attacks. EY's dominance as the sole major tenant persisted through the decade, with public records indicating occupancy exceeding 90% of leasable area into the 2010s, reflecting the firm's long-term commitment and the building's purpose-built design for corporate headquarters functions. No other prominent subtenants or multi-tenant configurations were documented for 5 Times Square during 2002–2009, underscoring its role as a single-occupier tower amid Times Square's office market stabilization. The lease's credit quality contributed to the property's resale in 2006 by Boston Properties to AVR Realty for an undisclosed sum, maintaining operational continuity under new ownership.

Tenancy Shifts in the 2010s and Early

During the , 5 Times Square maintained near-full occupancy, primarily anchored by Ernst & Young's () long-term lease that encompassed the majority of the building's since its 2002 opening. , which had initially committed to the entire 1.7 million square-foot structure for 20 years, continued as the dominant tenant, with the property achieving 100% occupancy by 2016 and lease maturities weighted toward April 2022. Secondary office users included , occupying 95,235 square feet at a base rent exceeding $7.5 million annually, alongside limited retail tenants. Ownership transitions in the mid-2010s, including a 2014 resale to a group led by David Werner and subsequent involvement of RXR Realty, prompted proactive leasing strategies to diversify tenancy ahead of EY's impending departure. By late 2020, RXR invested in upgrades such as enhanced amenities and infrastructure improvements to attract new occupants, resulting in leases to firms including TD Securities, TD Bank, the Carlyle Group, and law firm McDermott Will & Emery, elevating occupancy to 70.1% following a key deal. These efforts reflected a shift from reliance on a single anchor tenant toward a multi-tenant model, though the building's location in Times Square faced broader market headwinds from remote work trends emerging in 2020. The early 2020s marked a pivotal downturn with EY's full exit in 2022, relocating to newer facilities in Hudson Yards and leaving approximately 917,745 square feet of office space vacant. This departure exacerbated vacancy rates, rendering much of the tower underutilized amid persistent post-pandemic challenges in Manhattan's office sector, where demand for central business district space declined due to hybrid work policies and economic uncertainty. Despite prior diversification, the loss of the anchor tenant underscored vulnerabilities in lease structures tied to pre-2020 norms, with subsequent leasing activity limited and focused on smaller retail or short-term uses.

Market Challenges Post-2020

Following the , 5 Times Square saw its office vacancy rate surge from 0% in 2019 to 89.3% by 2022, remaining elevated at 77% through 2024 amid persistent leasing difficulties. This approximately 1 million square feet of vacated space represented roughly 20% of the total negative net absorption in the surrounding submarket over the period. The broader Times Square South submarket vacancy rate climbed from 11.3% in Q4 2019 to 25.2% by Q3 2024, exceeding rates in comparable Manhattan areas like Hudson Yards. Negative net absorption across Times Square totaled -4.8 million square feet from 2020 to 2024, driven by tenant relocations—such as 1.6 million square feet shifting to Hudson Yards and 846,000 square feet to the World Trade Center area—rather than new demand. Key causal factors included the pandemic's acceleration of remote and work arrangements, which empirically reduced and lease renewal rates nationwide, with Manhattan's overall vacancy doubling from pre-2020 levels of around 10% to 17-22% by 2024. Times Square's identity as an and hub further diminished its appeal for traditional users seeking modern, amenity-rich environments. These dynamics led to a 3.1% decline in Times Square office market values from fiscal year 2020 to 2025, contrasting with growth in submarkets like Hudson Yards and Long Island City, and pressured property owners through lower rents and extended vacancy durations.

Residential Conversion Initiative

Project Announcement and Financing

The residential conversion project for 5 Times Square was publicly announced on May 22, 2025, by New York Governor Kathy Hochul and Mayor Eric Adams, marking one of the largest office-to-housing transformations in Midtown Manhattan. The initiative, spearheaded by RXR Realty—a joint venture partner with Apollo Global Management and SL Green Realty—plans to repurpose approximately 1 million square feet of vacant office space into up to 1,250 apartments, primarily studios, while retaining over 37,000 square feet of retail space on lower floors. RXR Chairman and CEO Scott Rechler emphasized the project's alignment with market-driven responses to post-pandemic office vacancies exceeding 20% in Midtown, positioning it as a pragmatic reuse of a 38-story structure originally completed in 2002. Financing for the conversion was secured through a $561 million construction loan obtained by the RXR-led joint venture in June 2025 from a consortium of lenders, building on a prior $1.3 billion mortgage recapitalization of the property in late 2024. The project benefits from New York State's 2024 housing reforms, including expanded tax abatements under the Office Conversion Program, which provide up to 45 years of property tax relief for qualifying conversions of Class A office buildings over 100,000 square feet, contingent on delivering a minimum percentage of affordable units. Approval by the Empire State Development board followed shortly after the announcement, enabling construction to commence by late 2025 and targeting initial occupancy in 2027, with the overall effort projected to generate around 1,400 jobs during the build phase.

Architectural Adaptations and Sustainability Measures

The conversion of 5 Times Square, a 38-story office tower originally designed by in 2002, preserves the existing and structural core, leveraging the and concrete slabs—which are in good condition—to minimize major modifications. Floor plates are deemed compatible for residential layouts, requiring no significant structural alterations beyond potential adjustments to egress stair widths to comply with residential codes, contingent on sprinkler system installation. Interior adaptations include the complete removal of existing office build-outs to accommodate up to 1,250 dwelling units across approximately 900,000 square feet, with an additional 37,311 square feet repurposed for retail space at the base. risers, currently located in the building core, will likely necessitate repositioning to support residential kitchen and bathroom distributions. Building systems will undergo substantial overhauls to transition from commercial to residential use, including full alterations to HVAC, electrical, and plumbing infrastructure tailored for individual unit demands rather than open-plan office ventilation and power loads. , the firm overseeing the , emphasizes that such conversions avoid the embodied carbon of new construction while adapting systems for long-term habitability, with construction slated to begin by late 2025 and complete in 2027. These changes prioritize functional reconfiguration over aesthetic overhauls, retaining the tower's 575-foot height and footprint. Sustainability measures center on the environmental benefits of , which circumvents the high carbon emissions associated with and ground-up development, potentially yielding significant lifecycle savings as noted in broader office-to-residential analyses. The building's pre-conversion Energy Efficiency Rating of 99 (an A grade under New York City's Local Law 33 of 2018) provides a strong baseline, with planned upgrades to insulation, mechanical systems, and potentially envelope enhancements to optimize residential energy performance. Environmental assessments identified no Recognized Environmental Conditions from historical storage, limiting remediation needs and supporting efficient retrofitting. , the lead developer, frames the project within its sustainability commitments, including low-emitting materials where feasible, though specific green certifications like for the residential phase remain unconfirmed as of approval in May 2025.

Affordable Housing Integration and Incentives

The residential conversion of 5 Times Square incorporates 313 permanently affordable rental units within its total of up to 1,250 apartments, representing approximately 25% of the housing stock. These units are distributed throughout the mixed-income development in the repurposed office tower, without separate entrances or segregated sections, to foster integration among market-rate and affordable residents. The affordability targets households at levels such as 60% or 130% of the area median income, aligning with standard New York City inclusionary zoning practices for such incentives, though exact tiers for this project follow the 467-m program's options. This affordable housing component qualifies the project for substantial tax abatements under Section 467-m of the New York Real Property Tax Law, enacted via the 2024 state budget to encourage office-to-residential conversions amid post-pandemic vacancy challenges. The program provides 100% property tax exemptions for 25 to 35 years, with the duration scaled to the extent of affordability commitments—such as the 25% permanent affordable threshold here—making the economics feasible for developers RXR Realty and partners. Without these incentives, high construction and retrofitting costs in a prime Midtown location would likely deter inclusion of affordable units, as market-rate rents alone (averaging over $4,000 monthly in the area) insufficiently offset the conversion's $500+ million investment. The 467-m framework also amends prior restrictions, such as lifting the Multiple Dwelling Law's 12:1 cap for residential use, allowing fuller utilization of the building's 33.4 FAR while mandating the affordable set-aside for maximum benefits. This incentive structure prioritizes conversions with verified affordability over purely market-driven projects, as evidenced by the program's requirement for at least 90% pre-conversion non-residential occupancy and binding affordability agreements enforced by the Department of Housing Preservation and Development.

Economic Rationale and Urban Impacts

The conversion of 5 Times Square addresses the economic challenges posed by a 77% vacancy rate in the building as of early 2025, reflecting broader post-pandemic declines in office demand that have left significant Midtown Manhattan inventory underutilized and unable to generate sufficient rental income relative to holding costs. By repurposing approximately 1 million square feet into up to 1,250 residential units—including 313 permanently affordable apartments for households earning no more than 80% of the area median income—the project capitalizes on strong demand for housing in New York City, where supply shortages have driven up rents and exacerbated affordability issues. Financial viability is supported by state incentives enacted in , such as the expansion of the 467-a tax abatement program to office conversions and the removal of restrictions, which qualify the project for up to 35 years of relief in exchange for the component. Developers , in partnership with and SL Green, secured $561 million in financing in June 2025, with conversion costs estimated at around $500 per gross offset by these abatements and the potential for higher residential yields compared to distressed office rents. CEO emphasized that regulatory reforms have doubled projections for citywide office-to-residential conversions to 40 million over the next five to ten years, positioning such projects as adaptive responses to persistent office oversupply rather than speculative ventures. In terms of urban impacts, the initiative introduces a residential population to the Times Square core, promoting a mixed-use district that retains 37,000 square feet of ground-level and fosters 24-hour vibrancy through increased foot and neighborhood activation, as underused towers have contributed to subdued street life in recent years. It is projected to create 1,400 construction jobs beginning late 2025 and 830 permanent direct and indirect positions, bolstering in a key commercial hub while aligning with transit access to reduce vehicle dependency. As part of a larger wave—encompassing 15.2 million gross square feet across 44 projects citywide, yielding about 17,400 apartments—the conversion helps absorb over one-third of occupancy losses in lower-tier markets since late , potentially stabilizing values and local economies strained by vacancy. Fiscal trade-offs include substantial tax expenditures, with analogous Manhattan conversions carrying a present-value cost of $5.6 billion for 12.2 million gross square feet, driven largely by abatements on income-restricted units and resulting in $5.1 billion in foregone revenue over time. Proponents, including city and state officials, contend that these incentives are justified by the housing production's role in averting deeper from vacant structures, though independent analyses underscore the reliance on public subsidies to bridge the gap between office and residential retrofit .

Controversies and Critiques

Development and Zoning Disputes

The residential conversion of 5 Times Square required an amendment to the General Project Plan (GPP) established under the 42nd Street Development Project, a public benefit framework from the 1990s Times Square revitalization that designated the site for commercial and entertainment uses within the Special Midtown District (MID) zoning. The MID district, governed by New York City Zoning Resolution Article VIII, Chapter 1, prioritizes high-density office and retail development while imposing controls on bulk, open space, and signage to maintain the area's commercial character; residential conversions in such districts typically demand discretionary approvals due to prohibitions on as-of-right residential uses in C6 zoning overlays. Developers , along with partners and , pursued ESDC authorization in early 2025, submitting an existing conditions report evaluating the 38-story structure's structural integrity, floor plates, and underutilization post-Ernst & Young's 2022 departure. The amendment process involved public review and testimony, including supportive statements from advocates emphasizing the project's alignment with state goals amid 20%+ Midtown vacancy rates. ESDC approved the GPP modification unanimously on May 22, 2025, incorporating 2024 state tax credits under the Office-to-Residential Conversion Program, which waive certain property taxes for 25-40 years and permit density bonuses exceeding prior MID limits—enabling up to 1,250 units where earlier constrained residential floor area to under current proposals. Although the approval proceeded without litigation or documented community opposition—contrasting with historical Times Square challenges in the —the project underscores tensions in adapting MID to post-pandemic realities, where rigid mandates hinder despite of persistent oversupply. Critics of such amendments, including real estate analysts, argue they erode fiscal revenue from high-value taxes (estimated at $100 million+ annually for similar towers pre-vacancy) without guaranteed net urban benefits, though proponents cite causal links to shortages driving rents 30% above national averages. No site-specific variances were contested, reflecting streamlined state processes under Governor Hochul's 2024 incentives, but the reliance on GPP overrides highlights ongoing causal disconnects between legacy and economics.

Conversion Economics and Opportunity Costs

The conversion of 5 Times Square from office to residential use involves estimated hard and soft costs of $95.1 million for transforming the office portions into approximately 1,250 apartments across a 1.1-million-square-foot building, significantly lower than the $550 to $725 per square foot typically required for new residential construction in Manhattan's core. This cost advantage stems from leveraging the existing structure, avoiding full demolition and foundation work, though challenges include retrofitting for residential standards like natural light, ventilation, and unit layouts, with general conversion expenses averaging $500 per gross square foot across similar NYC projects. A $561 million construction loan secured by RXR Realty and partners in June 2025 underscores the scale of financing needed, supported by projected residential net operating income exceeding distressed office yields in a market where post-pandemic office sale prices have fallen 45% to $276 per gross square foot. Economic viability hinges on tax incentives under the 467-m program, providing up to 35 years of abatements in exchange for 25% affordable units (313 at 5 Times Square), which developers cite as essential to offset conversion gaps and achieve returns comparable to the 8% threshold for new projects. Without such subsidies, analyses for conversions like this often show negative gaps due to upfront capital outlays and lower initial residential rents (e.g., studios dominating at 84% of units here, limiting average rents to around $2.19 per in comparable cases). Residential use promises steadier cash flows from long-term leases amid NYC's , potentially absorbing over a third of pandemic-era vacancy losses wide, but critics from the 's argue these incentives—totaling $5.6 billion in across 44 projects—represent an of $5.1 billion in forgone tax revenue, particularly excessive in areas like Midtown where market demand might enable conversions absent abatements. Opportunity costs include retaining the building for office purposes, where persistent high vacancies (over 20% in Times Square submarket) and subdued rents yield inferior returns to residential, though a potential office market rebound—tied to economic recovery—could retroactively diminish conversion gains if hybrid work trends reverse. Alternative commercial repurposing, such as hotels or entertainment venues suited to Times Square's tourism, might capture higher transient revenues but faces greater cyclical risks and zoning hurdles compared to residential's baseline stability. From a public fiscal perspective, the shift trades potential higher office-era property taxes for subsidized residential output, with abatements delaying full revenue recovery until 2060 or later, potentially straining city budgets if conversions cluster without proportional economic multipliers like job creation. Proponents counter that idle office space incurs holding costs and depreciation without income, making conversion a pragmatic response to causal market dislocations from remote work, though empirical data on long-term NOI stabilization remains limited as most projects, including this one slated for 2027 occupancy, are nascent.

Environmental and Social Trade-Offs

The conversion of 5 Times Square from office to residential use presents environmental benefits through , which avoids the higher embodied carbon emissions associated with and new —potentially 50-75% less than ground-up —while enabling retrofits for improved in a building already rated A under New York City's Local 33. Such projects in could collectively reduce by up to 54% by 2050 compared to continued office operations or vacancy, as underutilized "brown" offices maintain baseline energy consumption for systems like HVAC despite low occupancy. However, trade-offs include short-term disruptions, such as waste generation and emissions from extensive alterations to HVAC, plumbing, and structural elements required for residential compliance, with no identified physical barriers but substantial reconfiguration needed. Socially, the project adds approximately 1,250 dwelling units, including 313 income-restricted affordable apartments at or below 80% of area median income, directly addressing New York City's housing shortage by repurposing 918,000 square feet of underutilized office space into primarily studios and one-bedrooms. This enhances residential density in Midtown Manhattan, potentially increasing 24-hour neighborhood vitality in Times Square, a district historically dominated by daytime commercial activity. Yet, these gains come at the expense of forgoing office space recovery, which could support higher-wage jobs and broader economic activity; citywide, such conversions contribute to a projected $5.1 billion drop in property tax revenue over time due to residential valuations and abatements like those under Industrial and Commercial Incentive Board policy 467-m, with 5 Times Square qualifying for benefits tied to its 717,000 square feet of Phase 1 conversion. The high cost per affordable unit—estimated at $1.4 million in tax expenditures—raises questions about fiscal efficiency, particularly in prime locations where office reuse might yield greater long-term public returns without subsidies, potentially straining municipal budgets and diverting resources from unsubsidized housing elsewhere.

Broader Significance

Architectural and Engineering Innovations

The residential conversion of 5 Times Square highlights strategies that capitalize on the building's original engineering, originally designed by in 2002 as a 38-story steel-framed tower rising 575 feet. Its structural system, featuring wide-span floor plates with slab spacing and column arrangements conducive to flexible partitioning, enables residential layouts without modifications to the core or envelope, reducing construction timelines and costs compared to full demolitions. Gensler's redesign integrates up to 1,250 units—primarily studios and one-bedrooms—across approximately 917,000 square feet of former , preserving over 37,000 square feet of ground-level and select areas in a mixed-use configuration. This approach leverages the tower's angular form, aligned with Broadway's geometry for optimal light and views, to stack residential floors above commercial bases, minimizing vertical circulation disruptions. Engineering adaptations focus on internal systems overhauls: new risers are drilled through existing slabs, corridors are reconfigured for privacy and access efficiency, and HVAC is upgraded to all-electric systems compatible with residential demands, enhancing energy performance without structural interventions. These measures address typical office-to-residential challenges, such as inadequate domestic water distribution and for living spaces, while the site's proximity to 12 lines informs transit-oriented engineering for resident mobility. The project's scale—converting a 75% vacant tower since 2022—sets a precedent for engineering retrofits in dense urban cores, where slab-to-slab heights (originally optimized for open-plan offices) now support stacked kitchens and bathrooms via targeted MEP rerouting, avoiding the need for floor-raising or shear wall additions common in less compatible structures. Construction, slated to begin in late 2025 and phase-complete by 2027, underscores the feasibility of such innovations for underutilized skyscrapers.

Contributions to New York City's Redevelopment

The redevelopment of 5 Times Square exemplifies adaptive reuse strategies in response to post-pandemic office vacancies, transforming a 38-story, 1.1-million-square-foot underutilized commercial structure into up to 1,250 residential units, thereby injecting new housing supply into Midtown Manhattan's dense urban core. Announced on May 22, 2025, by Mayor Eric Adams and Governor Kathy Hochul, the project converts approximately 917,745 square feet of vacant office space, addressing a key bottleneck in New York City's housing production amid chronic shortages. This initiative leverages state-approved tax incentives and a lifted floor-area ratio (FAR) cap to enable high-density residential conversion without requiring zoning variances, setting a precedent for repurposing similar aging office towers citywide. By incorporating 313 permanently affordable units—representing about 25% of the total—the project advances inclusionary goals within a high-value location, potentially stabilizing neighborhood demographics and countering displacement pressures from unchecked market-rate development. Positioned on Seventh Avenue between 41st and 42nd Streets at the southern edge of , the conversion activates dormant vertical space, fostering 24-hour residential occupancy that bolsters street-level vitality and supports ancillary retail and services in an area historically reliant on daytime commercial traffic. Proponents, including the Regional Plan Association, equate the housing output to the equivalent of five blocks of brownstones, underscoring its scale in augmenting citywide inventory without sprawling into peripheral zones. Economically, the project aligns with by mitigating vacancy rates exceeding 20% in Midtown Class A offices as of early 2025, redirecting capital from maintenance of empty floors toward productive residential use and generating sustained revenue post-conversion. It contributes to broader paradigms, such as those piloted under State's 2024 housing measures, by demonstrating feasibility for large-scale conversions in transit-rich nodes, thereby reducing pressure on sites and promoting over suburban expansion. This approach causally links surplus office stock to housing deficits, enhancing overall without necessitating new land acquisition.

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