Apollo, SLG, RXR file plans for 942 resi units at 5 Times Square
5 Times Square (Credit - Google)
Apollo Global Management submitted a major alteration application to convert the office (B) building at 5 Times Square, with an alternate address of 592 Seventh Avenue in the Garment District, Manhattan, into a 942-unit mixed-use residential and commercial building. The plan was filed with the New York City Department of Buildings on December 20, 2024 under job number M01157068. It calls for a conversion of the 38-story building. The project is described in the filing as: alteration and conversion of existing commercial building to residential. Mario Ramirez, managing director of Apollo Global Management submitted the plans. The architect is Gensler.
Apollo acquired a stake in the building several months ago.
The plans call for 31 units on the sixth and seventh floors, along with co-working space as a building amenity on those floors, 33 units on the eighth floor along with a party room, 37 units in the ninth floor, 42 units each on floors 10 to 21, then 39 units on each floor from 22 to 24, then 33 units on the 25th floor, and finally 39 units each on floors 26 to 29. Floors 30 to 39 do not show any updated uses.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 1 | TENANT RECREATION SPACES | Apartment | 129 | Residential | ||
| 2 | Sub-Cellar - 1 | ||||||
| 3 | Sub-Cellar - 1 | BUILDING OFFICES, BUILDING ENGINEER'S SHOP | Business and Service | 24 | Business | ||
| 4 | Cellar | BUILDING MANAGER'S OFFICE | Business and Service | 13 | Business | ||
| 5 | Cellar | TENANT RECREATION ROOMS | Apartment | 62 | Residential | ||
| 6 | Cellar | RETAIL STORAGE | Storage of non combustible Materials | 6 | Storage | ||
| 7 | Cellar | BIKE STORAGE ROOM | Storage of non combustible Materials | 0 | Storage | ||
| 8 | Cellar | BUILDING STORAGE | Storage of non combustible Materials | 0 | Storage | ||
| 9 | Cellar | TENANT LAUNDRY ROOM | Apartment | 3 | Residential | ||
| 10 | Cellar |
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 $478.9 million. The most recent loan totaled $10 million and was provided by Morgan Stanley on April 9, 2024.
Prior sales and revenue
This property was sold by RXR Realty for $360 million to RXR Realty|Apollo Global Management|SL Green Realty on October 31, 2024.
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.
Development
For the tax lot building, it received its initial certificate of occupancy on June 3, 2016.
Violations and lawsuits
According to city public data, the property has received one DOB violation, $3,750 in ECB penalties, and $11,825 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 near average sales volume among other neighborhoods with $925.7 million in sales volume in the last two years and is the 10th highest in Manhattan. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 1,635,659 square feet of the 2,224,201 square feet. The largest owner is Newbond Holdings, followed by Sl Green Realty and then Yellowstone Real Estate Investments. 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 22 commercial properties with 1,000 residential units in New York City with 9,625,887 square feet and a city-determined market value of $3.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 9,625,887 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.
The surrounding
Within a 400-foot radius of 5 Times Square, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. One of those four items was a sale which Arden Group and Corten Real Estate Partners bought the 158,519-square-foot, three-unit hotel (H1) on 205 West 40th Street for $150.4 million from Soho Properties on January 5, 2024. Of those four items, three were loans above $5 million totaling $130.8 million. The most recent of the three was Benderson Development in which borrowed $54 million from Guggenheim Partners secured by the 141,335-square-foot, one-unit hotel (H2) on 220 West 41st Street on August 21, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.