Page 15 - The Indian EYE 053025

NORTH AMERICAN Newsline MAY 30, 2025 | The Indian Eye 15

Speeding ruins lives.

Slow down.

at 5 Times Square to mixed-income transit connections and commercial and 830 direct and indirect perma- and construction approvals. The
housing is yet another way our city- energy while addressing our critical nent jobs. program facilitates communication
state partnership is working to deliv- housing needs, building upon our Additionally, 5 Times Square between developers and agencies
er for New Yorkers,” said NYCEDC ongoing efforts to adapt underuti- is participating in Mayor Adams’ such as NYCEDC and the New York
President and CEO Andrew Kim- lized commercial spaces for residen- Office Conversion Accelerator pro- City Department of Housing Preser-
ball. “This project — one of the larg- tial use in high-opportunity areas.” gram that assists the adaptive reuse vation and Development, which will
est office-to-housing conversions in 5 Times Square — located at of vacant office buildings in planning administer the 467-m program.
the New York City’s history — will the crossroads of New York City’s
address the immediate, critical need transit network on Seventh Avenue
for more housing, while leverag- between West 41st and West 42nd
ing iconic, city-owned property as a Streets — will repurpose approx-
place not just to do business, but as a imately 917,745 square feet of of-
24/7 live, work, and play destination.” fice space while preserving 37,311
“The reimagining of 5 Times square feet of retail. The project will
Square represents a transformative create roughly 1,250 new homes — a
approach to New York’s housing and diverse mix of 1,050 studios and 200
economic challenges,” said Hope one-bedroom units — with equal
Knight, president, CEO, and commis- access to building amenities for all
sioner, Empire State Development residents. The conversion address-
President. “By converting nearly 1 es the office building’s high vacan-
million square feet of office space into cy rate of 77 percent, transform-
homes — with 25 percent permanent- ing an underutilized property into
ly affordable — we’re advancing our much-needed housing. Construction
strategy to revitalize central business is anticipated to begin by the end of
districts and create truly mixed-in- 2025, with the first phase expected to
come communities. This project har- be completed in 2027, creating ap-
nesses Times Square’s unmatched proximately 1,400 construction jobs

www.TheIndianEYE.com