RXR, SL Green, and Apollo Global Management secured $575 million in financing from Corebridge to convert 5 Times Square into a 1,250-unit residential tower, with 25% of units designated affordable. RXR also paid $8 million to buy the ground beneath the building, ending its ground lease. The project will convert 918,000 square feet of office space while retaining 37,000 square feet of retail. Roku, a tenant until 2033, has downsized and is subleasing. The project aims to start construction by year’s end to qualify for a 35-year, 90% property tax break and expects to complete its first phase in 2027.
RXR, SL Green, and Apollo Global Management
