New York State announced approval of a conversion plan for 5 Times Square. RXR will lead the development team that will bring 1,250 apartments to the office-to-residential conversion. The 38-story building will be comprised mostly of studio apartments and is likely to open to tenants in 2027. Scott Rechler, Chairman and CEO of RXR, said that “conversions like these showed how forward-thinking policies can strengthen and reimagine neighborhoods such as Times Square.”
