Empire State Development (“ESD”), in partnership with the City of New York, is facilitating the office to residential conversion of 5 Times Square (the “Project”). Located on the west side of Seventh Avenue between 41st and 42nd Street, the building was originally purposed as a build-to-suit office building for Ernst & Young in 2002, but has since been left mostly vacant by their departure in 2022. The Project is located within the 1981 42nd Street Land Use Improvement Project General Project Plan, as amended through November 2006 (the “GPP”). The GPP was planned to revitalize approximately 13 acres in midtown Manhattan surrounding West 42nd Street between Broadway and Eight Avenue. ESD seeks to modify the GPP to enable the Project. 

5 Times Square is among the first to utilize landmark reforms to address the housing crisis put in place by Governor Hochul and the NYS legislature in the FY 2025 Enacted Budget. Among these include the lifting of the 12 FAR cap for residential use and the 467-m tax incentive for office to residential conversion projects. The Project will provide up to 1,250 dwelling units, 25% of which will be permanently affordable to families whose household income does not exceed a weighted average of 80% AMI.