 5 Times Square: Office to Residential Conversion By Colin O'Leary
The iconic tower at 5 Times Square, once the bustling headquarters of Ernst & Young, is poised for a major transformation. In a bold move that reflects changing trends in urban living and work, nearly 918,000 square feet of vacant office space will be converted into residential units. The project will bring 1,250 rental apartments to the heart of Midtown Manhattan, including 313 units reserved as permanently affordable housing. This conversion is among the largest of its kind in New York City history and is being hailed as a milestone in reshaping Midtown’s commercial core into a more livable, mixed-use neighborhood. Led by RXR in partnership with Apollo Global Management and SL Green Realty, the redevelopment is part of a broader push to adapt underutilized office buildings into much-needed housing. Gensler, a global architecture and design firm, is behind the redesign. The conversion is made possible through policy changes under the “New” New York Action Plan and the Midtown South rezoning initiative, which lifted zoning and floor area restrictions to encourage conversions. Additionally, the project will benefit from the 467-m tax incentive, which is designed to support residential construction in former commercial buildings. The new building will offer a mix of units geared toward singles and young professionals, with 1,050 studios and 200 one-bedroom apartments. Affordable units will be available to households earning at or below 80 percent of the area median income, ensuring that the development includes a diverse mix of residents. The project will also preserve 37,000 square feet of ground-floor retail and is ideally located near 12 subway lines, making it exceptionally transit-friendly. Construction is expected to begin by the end of 2025, with the first phase slated for completion by 2027. In addition to addressing the city’s housing shortage, the project will generate approximately 1,400 construction jobs and 830 permanent jobs. The conversion reflects a growing trend as office buildings, many of which remain significantly vacant post-pandemic, are repurposed to meet the city's residential needs. In the case of 5 Times Square, the vacancy rate has hovered around 77 to 80 percent, underscoring the urgency and opportunity of the conversion. This project is emblematic of a broader vision to breathe new life into Midtown Manhattan, making it a true 24/7 neighborhood rather than a district that empties out after office hours. With its strategic location, robust amenities, and a blend of market-rate and affordable housing, the transformation of 5 Times Square stands as a hopeful symbol of New York City's adaptability and resilience. If you're thinking about making a move in NYC—whether buying, selling, or renting—The Big City Team is here to help you navigate the evolving real estate landscape. Reach out to us today at 646-300-2012 to schedule a free consultation.
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 Photo by Lumin Osity on Unsplash By Colin O'Leary Summer in New York City is buzzing with energy, events, and endless experiences. Whether you're looking for outdoor adventures, cultural gems, or food and drink with a view, NYC has something for everyone. Here are 21 fun things to do this summer in the Big Apple: 1. Watch a Movie in the Park Enjoy free outdoor movies in parks across the city like Bryant Park, McCarren Park, and Pier 63. Bring a blanket, some snacks, and a few friends for a relaxing night under the stars. Films range from family favorites to cult classics, and the atmosphere is unbeatable. 2. Bike Around Governors Island Just a quick ferry ride from Manhattan or Brooklyn, Governors Island is a peaceful getaway with wide open space, art installations, and historic landmarks. Rent a bike or bring your own and explore the island’s many scenic paths. There are also food vendors and shaded spots perfect for a summer picnic. 3. Cool Off at a City Pool NYC public pools open in late June and offer a free and refreshing way to beat the summer heat. The Astoria Pool in Queens is one of the largest and most popular, while McCarren Park Pool in Brooklyn is a favorite with locals. Don’t forget your swimsuit and lock for the lockers! 4. Ride the Staten Island Ferry This iconic, free ferry offers unbeatable views of the Manhattan skyline, the Statue of Liberty, and the Brooklyn Bridge. It’s perfect for a breezy summer ride, especially at sunset. No tickets required—just hop on and enjoy the ride. 5. Stroll the High Line The High Line is an elevated park built on a former rail line on Manhattan’s West Side. With beautiful gardens, public art, and unique views of the city, it’s a great place for a walk, especially in the evening when the city lights begin to glow. 6. Catch a Yankees or Mets Game Whether you're in the Bronx cheering for the Yankees or in Queens rooting for the Mets, a ballgame is a quintessential NYC summer experience. Enjoy classic ballpark snacks, lively crowds, and maybe even a fireworks night. 7. Explore Little Island Little Island at Pier 55 is a unique floating park with winding pathways, grassy knolls, and performance spaces. It’s a relaxing spot to unwind or catch a live show. With incredible landscaping and river views, it's unlike any other park in the city. 8. Take a Sunset Harbor Cruise Enjoy panoramic views of NYC from the water with a harbor cruise at sunset. Many cruises offer cocktails, music, and light bites. It's a romantic and memorable way to see landmarks like the Statue of Liberty and One World Trade Center. 9. Visit the Brooklyn Botanic Garden Escape into nature with a visit to this 52-acre oasis in the heart of Brooklyn. Summer brings vibrant blooms, peaceful walking trails, and plenty of shaded areas. Check out their special events and extended hours on select evenings. 10. Attend Shakespeare in the Park Held at the Delacorte Theater in Central Park, this free event features professional actors performing beloved Shakespeare plays. It's a cherished NYC tradition with a magical open-air setting. Get there early or enter the digital lottery for tickets. 11. Walk the Brooklyn Bridge Take a scenic stroll across one of NYC’s most famous landmarks. Start from either side and enjoy views of the skyline, East River, and Statue of Liberty. End your walk with food and fun at Brooklyn Bridge Park. 12. Check Out a Summer Music Festival From Central Park's SummerStage to the BRIC Celebrate Brooklyn! Festival, there’s live music for every taste. Enjoy performances from local bands, international artists, and DJs at venues all over the city. 13. Eat Your Way Through Smorgasburg This open-air food market is a haven for foodies, with vendors offering everything from lobster rolls to vegan donuts. Smorgasburg takes place in Williamsburg and Prospect Park on weekends. It’s a perfect spot to try something new. 14. Visit the Rooftop at The Met The Metropolitan Museum of Art offers a rooftop garden and bar with sweeping views of Central Park. Enjoy drinks and modern art installations high above Fifth Avenue. It’s a hidden gem for culture and cocktails. 15. Spend a Day at the Rockaways Accessible by subway or ferry, Rockaway Beach is a city escape that doesn’t require leaving the five boroughs. Enjoy beachside tacos, surf lessons, or just a quiet spot in the sand. Don’t forget sunscreen! 16. Tour a Museum Late-Night Many NYC museums offer special summer evening hours with live music, drinks, and activities. It's a fun, low-key way to explore art without the crowds. The Whitney, MoMA, and the Rubin Museum are a few popular options. 17. Take a NYC Food Tour Join a guided walking tour to sample local eats in neighborhoods like Chinatown, the Lower East Side, or Greenwich Village. It’s a tasty way to explore the city’s history and diversity through food. 18. Go Kayaking on the Hudson Free kayaking programs are offered all summer at places like Pier 96 and the Downtown Boathouse. It’s a fun, active way to cool off and see the skyline from the water. No experience necessary! 19. Dance at a Free Outdoor Party NYC summers are full of free dance events and live DJ sets. Whether it’s salsa at Lincoln Center or hip-hop in Brooklyn parks, you’re sure to find a groove. 20. Find a Hidden Speakeasy Discover one of NYC’s many secret bars tucked behind phone booths, pizza shops, or storefronts. Favorites include PDT (Please Don’t Tell) and Attaboy. These hidden spots often have creative cocktails and cozy vibes. 21. Take in the City from a Rooftop From rooftop bars like 230 Fifth to rooftop yoga classes in Brooklyn, the views are always worth it. Whether you're sipping a cocktail or practicing sun salutations, there’s no better backdrop than the NYC skyline. Thinking About Buying, Selling, or Renting in NYC? If you're planning a move in New York City—whether it's buying your first home, selling your current one, or finding the perfect rental—The Big City Team is here to help. Call us at 646-300-2012 to schedule a free consultation. Let’s talk about your goals and how we can help you make your next big move.  Renderings by Bjarke Ingels Group By Colin O'Leary A major transformation is on the horizon for Gowanus, Brooklyn, as the latest design has been revealed for 175 3rd Street—a $1 billion mixed-use residential project from the acclaimed architecture firm Bjarke Ingels Group (BIG). Spearheaded by developers Charney Companies and Tavros Capital, this new development is poised to be the tallest and most prominent building in the neighborhood, marking a significant milestone in Gowanus’ ongoing evolution. The project will rise 27 stories and span over 1 million square feet, introducing approximately 1,000 rental units to the area. Designed in a bold U-shaped formation, the building will feature a modern grid of floor-to-ceiling windows set within textured architectural concrete, drawing inspiration from the neighborhood’s industrial roots. The massing of the structure incorporates stacked box forms with chamfered corners, creating unique setbacks, outdoor terraces, and enhanced natural light throughout the building. In keeping with New York City’s Mandatory Inclusionary Housing program, 25% of the residential units will be designated as affordable. Residents will also have access to a wide variety of lifestyle amenities, including rooftop lounges, two outdoor pools, sports courts, a dog run, and a lush three-acre landscaped courtyard. The design includes approximately 35,000 square feet of indoor amenity space as well, aimed at fostering community and connectivity among residents.  Renderings by Bjarke Ingels Group One of the most striking aspects of the development is its waterfront setting. Situated along the Gowanus Canal, the project will include a 30,000-square-foot public park and esplanade designed by Field Operations—the landscape architects behind the High Line. This green space will feature a 250-foot-long boardwalk, providing much-needed public access to the canal and helping to integrate natural beauty into the urban fabric. The 175 3rd Street development is part of the broader Gowanus Wharf master plan, which includes several nearby projects such as Union Channel, Douglass Port, and Nevins Landing. Together, these initiatives are set to bring over 2 million square feet of new residential development and more than 2,200 new housing units to the neighborhood. Construction on 175 3rd Street is expected to begin in mid-2026, following the completion of the earlier phases of the master plan. All project details and updates were originally reported by New York YIMBY. |
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