You’ve probably walked past it a thousand times without really looking. It sits there on the corner of 42nd Street and Seventh Avenue, a massive shard of glass and steel that basically defines the "new" Midtown. It's 5 Times Square NYC. Honestly, for a long time, it was just the Ernst & Young building. A corporate monolith. But things in Manhattan move fast, and right now, this 1.1 million-square-foot tower is undergoing a massive $150 million "amenity-driven" glow-up that says a lot about where the city is heading.
It's huge. 37 stories of slanted glass.
When it first went up in 2002, it was a big deal because it helped kickstart the whole "cleaned up" version of the neighborhood. Before that? This corner was... well, it was different. Now, it’s a hub for tech, finance, and increasingly, high-end lifestyle experiences that most tourists just blink and miss while they’re busy taking selfies with a guy in a dusty Elmo suit.
What’s Actually Happening Inside 5 Times Square NYC?
If you haven't been keeping up with real estate news, the building's owner, RXR, is betting big that people actually want to come back to the office. To do that, they’re turning the place into something that looks more like a luxury hotel than a cubicle farm. We're talking about a massive new lobby, a 7,000-square-foot fitness center, and a "sky lounge."
It’s interesting.
RXR and their partners, David Werner Real Estate Investments, realized that the old way of doing business in Times Square was dying. You can't just offer four walls and a fluorescent light anymore. Not in 2026. The renovation, designed by Gensler (the same powerhouse behind some of the world's slickest airports and skyscrapers), aims to make the building feel "breathable."
The crown jewel of the renovation is the "Amenity Floor." Most buildings stick a vending machine in a breakroom and call it a day. Not here. They've built out a sprawling terrace that looks right over the "bow-tie" of Times Square. Imagine being at work and stepping out onto a private balcony to see the ball drop or just to watch the chaos of 7th Avenue from 15 floors up. It’s a flex. It’s also a way to keep companies like Roku, which took over a massive chunk of space recently, happy enough to stay.
The Roku Factor and the Tech Shift
For years, EY (Ernst & Young) was the name on the door. They were the anchor. But they moved to Hudson Yards, which left a giant hole. Everyone thought Times Square office space was doomed. Then Roku showed up.
In a deal that closed a couple of years ago, Roku signed for roughly 240,000 square feet. That's a lot of streaming money. They took the top floors, including that sweet rooftop space. It signaled a shift. 5 Times Square NYC isn't just for accountants anymore; it’s for the people who make the tech you use to watch The Bear on a Tuesday night.
The Design: More Than Just a Pretty Face
Architecturally, the building is a "Class A" skyscraper. That’s industry speak for "it's fancy and the elevators actually work." KPF (Kohn Pedersen Fox) were the original architects. They gave it that distinct, slanted facade that makes it look like it's leaning into the intersection.
It’s efficient too.
People forget that this was one of the early "green" buildings in the city before being LEED certified was a mandatory personality trait for every new construction. It uses a lot of natural light because of the floor-to-ceiling glass. If you're standing on the 30th floor, the views are genuinely distracting. You can see all the way down to the harbor on a clear day, or just stare at the ant-sized people scurrying into the subway below.
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Why Location Is a Love-Hate Relationship
Look, nobody actually likes commuting to Times Square. It’s loud. It’s crowded. There is always someone trying to give you a flyer for a comedy show that definitely isn't funny. But from a purely logical standpoint, 5 Times Square NYC has the best "commuter physics" in the world.
- You have the N, Q, R, W, S, 1, 2, 3, 7, and A, C, E trains literally underneath you.
- Port Authority is a five-minute walk west.
- Grand Central is a ten-minute walk east.
If you employ 2,000 people who live in Jersey, Queens, and the Bronx, this is the center of the universe. That’s why the building stays relevant despite the neighborhood's reputation for being a tourist trap. It’s the ultimate "convenience vs. chaos" trade-off.
The Financial Drama You Didn't Hear About
It hasn't all been smooth sailing. Real estate in New York is a blood sport. A few years back, there was significant talk about the debt on the building. With interest rates jumping and office occupancy dropping across the city, 5 Times Square NYC was at a bit of a crossroads.
RXR had to negotiate a massive $1.3 billion financing package to keep the dream alive. It was one of the largest deals of its kind post-pandemic. It was a massive gamble on the future of Midtown. If they hadn't secured that, the building might have ended up in a very different situation—possibly converted to residential or just left to gather dust. But the money came through. The renovation started. The lights stayed on.
Visiting or Working Nearby: A Pro Tip
If you’re just a visitor and you’re staring at the building from the outside, check out the retail at the base. It’s usually a revolving door of high-traffic brands. But honestly? The best way to experience this specific corner is to walk past the building toward 41st Street. It gets slightly quieter. You get a better angle of the glass "curtain wall" reflecting the neon lights of the billboards across the street.
The "New York Times" building is right down the block, and the contrast between that industrial, lattice-look and the slick, mirrored surface of 5 Times Square is a cool lesson in modern architecture.
What Most People Get Wrong
People think these buildings are static. They aren't. They’re like living organisms that have to evolve or die. People assume 5 Times Square NYC is just another office tower. But with the new medical facilities, the massive retail footprint, and the high-tech upgrades, it’s basically a vertical city.
It’s also surprisingly quiet inside. The acoustic engineering required to keep the sound of 10,000 honking taxis out of a boardroom is nothing short of a miracle. You can stand in the lobby and see the madness outside through the glass, but you won't hear a peep. It’s eerie. It’s also very "New York."
How to Navigate the Area Like a Local
If you have a meeting there or you're just exploring:
- Don't use the main 42nd St entrance if you're in a rush. Try the side entrances on 41st or 7th to avoid the tourist bottleneck.
- The Subway Secret: The entrance right at the base of the building is often less crowded than the one directly in the center of the square.
- Food Situation: Skip the immediate tourist chains. Walk two blocks West to 9th Avenue. That’s where the real food is.
The Future of the "Bow-Tie"
As we move deeper into 2026, the building is positioning itself as a "destination" rather than a workplace. We're seeing more "flex-space" and "coworking" options integrated into the traditional leases.
Is it the prettiest building in New York? Maybe not. Is it the most important one in Times Square? Arguably, yes. It holds down the southern anchor of the district. Without it, the "canyon effect" of the square would feel lopsided.
Actionable Insights for the Savvy New Yorker
Whether you're looking for office space or just trying to understand the skyline, keep these points in mind:
- Watch the Retail: The brands that land in the base of 5 Times Square are bellwethers for the economy. If high-end tech brands are moving in, the area is gentrifying further. If it’s more discount shops, the market is cooling.
- The Amenity Race: If you are an employer, look at what RXR did here. The "hotel-ification" of the office is the only way to get Gen Z and Millennials to leave their home setups.
- Real Estate Tracking: Keep an eye on the occupancy rates. If 5 Times Square stays above 90%, Midtown is officially back. If it dips, we might see more office-to-residential conversions in the surrounding blocks.
Next time you're stuck behind a tour group near 42nd, look up at that slanted glass. It’s not just a building; it’s a billion-dollar bet on the fact that New York City will always be the center of the world.
Plan your visit or commute: Always check the MTA's "Weekender" app before heading to this area, as the lines under 5 Times Square (specifically the 7 and the N/R) are notorious for weekend maintenance that can turn a 10-minute trip into a 40-minute odyssey. If you’re meeting someone, pick the 41st Street side—it’s the only place you’ll actually be able to find them in the crowd.