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**5 Times Square to Undergo Major Office-to-Residential Conversion**
The Empire State Development board has approved a significant amendment to the 42nd Street Development General Project Plan, allowing for the transformation of underutilized office space at 5 Times Square into a mixed-use residential development. This redevelopment will introduce 1,250 new homes to the area, including 313 units designated as affordable housing.
Originally constructed in 2002 as the headquarters for Ernst & Young—which vacated the premises in 2022—the 5 Times Square property now has a new future as part of New York City’s broader initiative to reinvigorate Midtown. The project will be part of the Adams administration’s Office Conversion Accelerator and is supported by recent policy changes, including the elimination of the 12 “floor-to-area ratio” (FAR) cap for residential developments and the launch of the 467-m tax incentive program, which encourages the conversion of outdated office spaces into housing solutions.
“5 Times Square is a game-changer for Times Square and Midtown, paving the way for the future of urban growth,” said Adolfo Carrión, Jr., Deputy Mayor for Housing, Economic Development, and Workforce. “By converting underutilized office space into over a thousand new homes, including hundreds of affordable units, we’re reimagining central business districts as vibrant, mixed-use communities that foster both residential life and economic opportunity.”
This flagship redevelopment signals a broader shift in urban planning strategy for New York City, emphasizing housing, sustainability, and community over traditional commercial real estate use.
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