Apollo, SL Green, RXR Move Forward With 5 Times Square Conversion

There is a new 942-unit office-to-residential conversion coming to Times Square. 

Apollo Global Management (APO), along with co-owners SL Green (SLG) Realty and RXR, have officially filed plans to convert the office building at 5 Times Square into a mixed-use residential and commercial building with a new address, 592 Seventh Avenue.

The estimated cost of the conversion is $95 million, according to the filing. Plans for the conversion include several floors of residential units, coworking spaces and a party room as well as space for other amenities, including “tenant recreation rooms” and storage units, the filing shows. 

Commercial Observer first reported in August that the partners were exploring the possibility of converting the 39-story Times Square  building. 

Apollo acquired a $360 million stake in 5 Times Square in November from RXR through the entity Rxr 5ts Senior Mezz, according to PincusCo, which first reported the filing of the conversion plans. 

Apollo had altered its position in the capital stack into equity, after previously holding a position of a mezzanine lender, CO reported in November, noting the building was 80 percent vacant at the time. Some of the tenants of 5 Times Square include Roku, and Asian household goods and snacks retailer Miniso.

The 5 Times Square conversion will be the first such undertaking in the famed New York City neighborhood, according to previous CO reporting. However, there are similar planned conversions throughout the city, including the former Pfizer headquarters at 219 and 235 East 42nd Street. SL Green is also planning to convert the office tower at 750 Third Avenue into apartments. 

Apollo, RXR, and SL Green did not respond to requests for comment. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.