RXR Examines 5 Times Square For Partial Residential Conversion

8/16/2024

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Bisnow

• Subcategory: Office: CBD

• Tag: Conversion | JV-Partnership | Property Management | Proposed | Strategy

• Additional Filters-Subcategory: Capital Markets: Debt-Refinance, MF: Highrise

• Additional Filters-Tags: Conversion: Office-to-Residential

• Company: RXR Realty, Morgan Stanley Real Estate Investments (MSREI), Apollo Global Management Inc. (NYSE: APO)

RXR Realty is exploring the possibility of converting a portion of 5 Times Square into housing, Commercial Observer reported, citing anonymous sources. The 1.1M SF, 39-story office tower has been a problem property for RXR and SL Green Realty Corp., who co-own it. In September 2022, the building was just 31% occupied.