T
he iconic 5 Times Square office building is being transformed into a residential complex, marking a significant shift in the area's post-pandemic landscape. The 38-story tower, formerly the headquarters of Ernst & Young, will yield 1,250 new homes, with over 900,000 square feet of office space repurposed into studio and one-bedroom apartments.

    The building, which has been largely vacant at around 80%, is being redeveloped by RXR in partnership with Apollo Global Management and SL Green. The project includes setting aside a quarter of the apartments as permanently affordable housing for New Yorkers earning up to 80% of the area median income.

    Mayor Eric Adams hailed the conversion as a crucial step towards addressing the city's decades-long housing crisis, saying "we must create new housing in every neighborhood at an accelerated pace." Construction is expected to begin by the end of this year, with the first phase wrapping up in 2027.

    This project joins a growing list of office-to-residential conversions across the city, including the redevelopment of former JPMorgan Chase and Goldman Sachs headquarters. The conversion of Pfizer's former headquarters into 1,600 apartments and the overhaul of Downtown Brooklyn's 395 Flatbush Ave. Extension are also underway, highlighting the city's efforts to repurpose underutilized office spaces into thriving residential communities.