Apollo, RXR, SLG up resi units at 5 Times Square conversion to 1,224 in new filing

A partnership between Apollo Global Management, RXR Realty and SL Green Realty submitted a major alteration application to increase the total number of residential units in the conversion of the office building at 5 Times Square by 282 units, to 1,224 units, up from 942 units originally filed for in December 2024. The new plan was filed with the New York City Department of Buildings on January 14, 2026 under job number M01334510. It calls for a conversion of the 38-story building. The project is described in the filing as: alteration and conversion of an existing office building to residential. Mario Ramirez, managing director at Apollo Global Management, filed the plans.
This new job number is for the conversion of units that will be on floors 30 to 37. The new filing as of publication only shows the floor unit allocations for a total of 1,194 units.

The prior job filed in December 2024, M01157068, reduced the unit count from 942 to 927 and has been permitted.

5 Times Square

The property

The office building in Garment District has 1,100,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 150 feet deep with a total lot size of 27,156 square feet. The lot is irregular. The zoning is C6-7 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $481.8 million. The most recent loan totaled $575.3 million and was provided by Corebridge Financial on June 9, 2025.

Prior sales, articles and revenue

The 1,100,000-square-foot property generated revenue of $76.3 million or $69 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $13,090 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 1,911,004 square feet of the 2,224,201 square feet. The largest owner is Brookfield Properties, followed by Newbond Holdings and then SL Green Realty. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that RXR Realty owned at least 24 commercial properties with 1,000 residential units in New York City with 11,673,935 square feet and a city-determined market value of $4.4 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 11,673,935 square feet of built space are office properties, with D3 properties next occupying 3 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 12 percent of the space.

The surrounding

Within a 400-foot radius of 590 7 Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 15, 2025 for the $15.2 million renovation of 206,659-square-foot residential (R-2) building with 192 residential units at 220 West 42nd Street. One of those seven items was a sale which Jackson Group and Victor Tawil bought three condo units in the 137,127-square-foot, 68-unit mixed-use building (RC) on 200 West 41st Street and zero other properties for $63.5 million from American Strategic Investment on December 30, 2024. Of those seven items, five were loans above $5 million totaling $173.5 million. The most recent of the five was Heskel’s Asset Management in which borrowed $9.4 million from Newtek Bank secured by the 65,186-square-foot, 16-unit office building (O6) on 215 West 40th Street on November 6, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.