Hochul Leads 5 Times Square Transformation
Deal News | May 22, 2025 | New York Ventures Inc
New York Ventures Inc., in collaboration with Governor Hochul and Mayor Adams, announced a significant transformation project for 5 Times Square. The project intends to convert the existing office space into up to 1,250 residential units, with 313 designated as affordable housing. This development follows a pivotal change in state law enabled by Governor Hochul, lifting the 12 FAR cap, which has for decades limited building height and density in New York city. Such legal adjustments are anticipated to incentivize broader office-to-housing conversions, addressing both the need for diverse housing and increased residential density in urban areas.
Sectors
- Real Estate Development
- Public Policy
Geography
- New York City, USA – The conversion project is taking place in New York City, specifically at 5 Times Square, and involves policy changes affecting the city.
Industry
- Real Estate Development – The article revolves around the conversion of office space into residential units, which is a significant activity in the real estate development sector.
- Public Policy – Public policy is involved due to changes in state law led by Governor Hochul, which are crucial to facilitating the housing conversion.
Financials
- Up to 1,250 units – The total number of residential units to be created at 5 Times Square.
- 313 units – The number of affordable housing units included in the project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New York Ventures Inc. | Private Equity Firm | Company | A private equity firm involved in facilitating the office-to-housing conversion project at 5 Times Square. |
| Governor Kathy Hochul | Governor of New York | Person | Initiated the change in state law enabling the conversion of office spaces to residential homes. |
| Mayor Eric Adams | Mayor of New York City | Person | Collaborated in the announcement of the transformation project at 5 Times Square. |