Page 14 - The Indian EYE 053025

North The Indian Eye

AMERICANNewsline

14 MAY 30, 2025

Mayor Adams, Governor Hochul announce

Office-To-Housing Transformation at 5 Times

Sqaure to Create up to 1,250 Homes

Transit-Oriented Development Goals in Manhattan’s Central Business District, Help Fulfill Mayor

Adams’ “Manhattan Plan” to Build 100,000 New Homes Across Borough Over Next Decade

OUR BUREAU
NEW YORK, NY

ew York City Mayor Eric
Adams and New York Gov-
Nernor Kathy Hochul have
announced that the Empire State
Development (ESD) Board of Di-
rectors has approved an amendment
to the 42nd Street Development
General Project Plan to enable the
conversion of underutilized office
space at 5 Times Square into vi-
brant mixed-use housing that will
create 1,250 new homes, including
hundreds of affordable homes. The
transformation of the contemporary
office building — originally con-
structed in 2002 as headquarters for
Ernst & Young, which departed the
building in 2022 — will create up to
1,250 new rental units, including ap-
proximately 313 permanently afford-
able homes for New Yorkers earning
up to 80 percent of the area median
income.
The project will participate in
the Adams’ administration Office
Conversion Accelerator and is made
possible by policies advocated for redevelopment of city-owned assets your continued partnership in de- stop working to make that a reality.”
and won by Mayor Adams in Alba- like ESD’s new 5 Times Square proj- livering the affordable housing New “5 Times Square is a game-chang-
ny, and enacted by Governor Ho- ect for the creation of new housing Yorkers need and for proving, once er for Times Square and Midtown,
chul and the New York state Legis- units. again, what can be accomplished paving the way for the future of ur-
lature, including the removal of the “Confronting a decades-long when the city and state work togeth- ban growth,” said Deputy Mayor for
12 “floor-to-area ratio” (FAR) resi- housing crisis requires creating new er towards a common goal.” Housing, Economic Development,
dential cap — which had previously housing in every neighborhood at an “We took bold action to unlock and Workforce Adolfo Carrión, Jr.
limited housing density in New York accelerated pace — even here at the major office-to-housing conversions “By converting underutilized office
City — as well as the new 467-m tax ‘Crossroad of the World’ in Times in New York City, and transforming space into over a thousand new
incentive program — which incen- Square,” said Mayor Adams. “The 5 Times Square from underused of- homes, including hundreds of af-
tives the conversion of office space transformation of 5 Times Square fices into 1,250 new homes — includ- fordable units, we’re reimagining
into housing. This transformation from an underutilized office building ing over 300 permanently affordable central business districts as vibrant,
also highlights the continued New into 1,250 new homes capitalizes on apartments — is a prime example of mixed-use communities that foster
York City and New York state part- hard-fought Adams and Hochul ad- how we’re getting it done,” said Gov- both residential life and economic
nership in addressing the housing ministration victories while fulfilling ernor Hochul. “As I’ve made clear, opportunity.”
crisis, with the New York City Eco- my plan to build 100,000 new homes the only way to address our housing “The transformation of nearly 1
nomic Development Corporation in Manhattan over the next decade. crisis is to build more of the homes million square feet of office space
(NYCEDC) helping to facilitate the Thank you, Governor Hochul, for New Yorkers need — and I’ll never Continued on next page... >>

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