RXR, SL Green, and Apollo Global Management plan to transform the 39-story office building at 5 Times Square into a mixed-use development featuring 942 residential units. The $1.3 billion project, designed by Gensler, includes residential, retail, and office spaces, with floors 30-39 remaining office use. Leveraging a new tax incentive, 25% of the units will be affordable. Despite Times Square’s tourist-heavy reputation, developers aim to attract tenants with amenities like coworking space, a spa, and a golf simulator. The team recapitalized the building’s debt and secured $200 million in equity to fund the conversion. Roku will retain its leased space.
RXR, SL Green
