The 212 at 592 7th Avenue in Midtown: 267 Apartments on Housing Connect From $940 a Month

Published October 23, 202620 min readBy VoucherMatch Editorial Team

Quick answerAs of October 20, 2026, NYC Housing Connect lists 267 income-restricted apartments at The 212, 592 7th Avenue, in Midtown Manhattan. Rents run from $940 to $2,590 a month. Applications are not open yet: the listing has no deadline. The building is 5 Times Square, a 38-story office tower being turned into rentals under the city's 467-m tax break. All four rents are under the 2026 CityFHEPS maximum for their size.

Last checked: October 20, 2026, against the Housing Connect listing for lottery 7738, read twice that day, and Housing Connect's open-lottery search; the Housing Connect FAQ; HPD's 467-m page and 467-m FAQ; Department of Buildings jobs M01157068 and M01334510 and certificates of occupancy; PLUTO; ACRIS for Manhattan block 1013, lot 29; Empire State Development's 5 Times Square page, plan amendment and existing conditions report; the Governor's May 22, 2025 release; DSS-8r; HUD's Small Area Fair Market Rents; Commercial Observer, 6sqft and MultiHousing News. How VoucherMatch reports these guides and corrects errors: how we report.

The 212 at 592 7th Avenue in numbers

267apartments listed on Housing Connect
$940the lowest rent, a studio at 40% AMI
$2,590the highest rent, a one-bedroom at 100% AMI
162one-bedrooms, or 61% of the listing
38stories, in the building permits
Not openno deadline posted as of October 20, 2026

Words used in this report

Area median income (AMI)The middle income for the area, adjusted for household size. A lottery apartment "at 60% AMI" is for households earning up to about 60% of it. The agency's income chart turns each level into dollar limits.
Lottery (NYC Housing Connect)Every complete application gets a random log number. The marketing agent works through applications in log-number order within each preference group, so applying early does not help.
Minimum incomeThe lowest yearly income the listing accepts for an apartment, so the rent is not too large a share of income. Housing Connect does not apply it to households with a voucher or rental subsidy.
Marketing agentThe company the building hires to run its lottery and check applicants' papers.
Certificate of occupancyThe Department of Buildings' sign-off that a building, or part of it, can be lived in.
467-mA New York City property tax break for turning buildings that are not homes into rental housing. HPD's page says the affordable apartments are "permanently subject to Rent Stabilization."
Housing Choice Voucher (Section 8)Rental help run by a housing authority. You find a home, and the agency checks the unit, rent and your household before it approves payment.
CityFHEPS (New York City)The City Fighting Homelessness and Eviction Prevention Supplement: a City-funded rent supplement that the Department of Social Services (DSS) pays straight to the landlord.
FMR and SAFMRHUD rent estimates for an area (Fair Market Rent) or ZIP code (Small Area Fair Market Rent). They include rent and most tenant-paid utilities. Your agency may use a different payment standard.

Photograph looking up at a tall glass office tower with a vertical band of grey louvers, a lit purple sign panel near its base on the left, a curved glass building at the right edge with floodlights on arms, and a grey sky — The tower at 592 7th Avenue, known as 5 Times Square, seen from the street in November 2024, before the conversion began. Photograph from the architectural survey in Empire State Development's existing conditions report. Photo: Old Structures Engineering, architectural survey in Empire State Development's 5 Times Square Existing Conditions Report, government agency report photograph, via Empire State Development, 5 Times Square Existing Conditions Report (February 2025) (cropped above a billboard, reduced to 1600 x 900).

What Is Being Built at 592 7th Avenue

592 7th Avenue is the new address of 5 Times Square, a 38-story office tower that its owners are turning into rental apartments. Housing Connect calls the project "The 212."

Other names: Empire State Development's report calls it "5 Times Square (aka 592 Seventh Avenue)." The architect's survey in that report adds "AKA 592-598 Seventh Avenue, AKA 200 West 42nd Street."
Permits: Department of Buildings job M01157068, filed December 20, 2024, is the "Alteration and conversion of existing commercial building to residential." Job M01334510, filed January 14, 2026, covers "floors 30-37." Both list 0 existing homes.
Owners: Commercial Observer reported in December 2024 that Apollo Global Management, SL Green Realty and RXR filed the plans. PLUTO names RXR 5TS Owner LLC.
Architect: Gensler filed the conversion plans. The survey says Kohn Pedersen Fox designed the original tower.
Program: the listing says "467-M - 40%, 80%, 100% AMI project with 267 marketed units."
Certificate of occupancy: the newest certificate, issued October 1, 2026, lists 0 dwelling units. No certificate for apartments was found.

Photograph of an empty office floor with bare concrete floor, foil-wrapped insulation panels along the outer wall, one panel cut open, white columns, exposed ductwork overhead and daylight from windows at the far end — An empty floor inside the tower in November 2024, with finishes removed. Photograph from the architectural survey in Empire State Development's existing conditions report, taken before the conversion permits were issued. Photo: Old Structures Engineering, architectural survey in Empire State Development's 5 Times Square Existing Conditions Report, government agency report photograph, via Empire State Development, 5 Times Square Existing Conditions Report (February 2025) (cropped to 16:9, enlarged 1.05 times).

592 7th Avenue, from office tower to Housing Connect

Mid-2002the tower opens as offices with shops at the base, the architect's survey says.
2022Ernst & Young, its main tenant, leaves, according to Empire State Development.
December 20, 2024the conversion job is filed with the Department of Buildings.
May 22, 2025the state agency's board approves a change to the 42nd Street plan that allows homes on the site.
June 9, 2025the City of New York sells the land to RXR 5TS Owner LLC for $8,000,000.
July 18, 2025the conversion job gets its first full permit.
June 18, 2026the job for floors 30 to 37 gets its permit.
October 20, 2026Housing Connect lists 267 apartments with rents and no deadline.

What it means: the work is permitted, but no certificate yet allows anyone to live there.

Source: the existing conditions report; the Governor's release; ACRIS; Department of Buildings jobs; Housing Connect.

Where the records disagree about the building

Stories38 in the permits, PLUTO and the state report. "39-story" in Commercial Observer. "37-story" in MultiHousing News.
Height574 feet in the permits, "575 feet tall" in the architect's survey.
Year built2000 in PLUTO. The survey says it "opened for use in mid-2002."
All apartments"up to 1,250" in the state's plan. "942-unit" in Commercial Observer. The permit filings give 927, 957, 1,065 and 1,224 at different dates.
Cost"$95 million, according to the filing" in Commercial Observer. The permit lists $126,379,837.

What the 467-m Program Requires of the 267 Apartments

467-m is a city tax break for turning non-home buildings into rentals, and in return at least a quarter of the homes must be affordable and rent stabilized.

The 467-m rules, in the words of HPD's page

Share"At least 25% of the dwelling units in the Eligible Multiple Dwelling are rental Affordable Housing Units."
Lowest level"At least 5% are Affordable Housing Forty Percent Units."
Averagethe weighted average of the income levels "does not exceed 80% of AMI."
Top level"No Income Band exceeds 100% of AMI."
Rent stabilization"Affordable Housing Units are permanently subject to Rent Stabilization."
Same entrancesthey "shall not be isolated to a specific floor or area."

The listing's apartments at each income level are in the rent tables below. HPD decides whether a building meets these rules; no document opened shows that review.

Watch outtwo counts of affordable homes. The Governor's release says "up to 313 permanently affordable homes." The listing shows 267. No document opened explains the difference. Ask the Housing Connect hotline, 212-863-7990.

Where 592 7th Avenue Is

The building fills the west side of Seventh Avenue between 41st and 42nd Streets, in Midtown Manhattan, ZIP code 10036.

The location in the records

Blockthe state report puts it on the block "bounded by Seventh Avenue to the east, West 42nd Street to the north, Eighth Avenue to the west, and West 41st Street to the south."
Neighborthe survey says the west lot line "abuts the New Amsterdam Theater for its full length."
ZIP code and districts10036 in the listing, the permits and PLUTO. The permits give Manhattan Community Board 5 and City Council District 3.
Area namethe permits use the "Midtown-Times Square" area.

A busy Seventh Avenue sidewalk along the base of the tower, with a large yellow LED advertising screen over the entrance, a sign reading FIVE, shop windows and a yellow bus in the street — The building's base along Seventh Avenue, photograph 2 in Empire State Development's existing conditions report, November 2024. Photo: AKRF, Inc., for Empire State Development, 5 Times Square Existing Conditions Report, government agency report photograph, via Empire State Development, 5 Times Square Existing Conditions Report (February 2025) (cropped to one photograph from the report page at native size (not enlarged)).

Rents and Income Limits in the 592 7th Avenue Housing Connect Listing

The listing shows four rents, from $940 to $2,590 a month, and its lowest minimum income is $37,989 a year.

Income level	Studios	One-bedrooms	Total
40% AMI	54	0	54
80% AMI	51	54	105
100% AMI	0	108	108
All levels	105	162	267

What it means: 108 of the 267, or 40%, are one-bedrooms at 100% AMI.

Source: Housing Connect listing for lottery 7738, read October 20, 2026; totals by VoucherMatch.

Apartments	Rent	People	Yearly income
54 studios, 40% AMI	$940	1 to 2	$37,989 to $54,280
51 studios, 80% AMI	$2,040	1 to 2	$75,703 to $108,560
54 one-bedrooms, 80% AMI	$2,173	1 to 3	$81,086 to $122,160
108 one-bedrooms, 100% AMI	$2,590	1 to 3	$95,383 to $152,700

What it means: households of three can apply only for one-bedrooms.

Source: the same listing. The top of each range is for the largest household allowed.

Household size	40% AMI	80% AMI	100% AMI
1 person	$47,520	$95,040	$118,800
2 people	$54,280	$108,560	$135,700
3 people	none listed	$122,160	$152,700

What it means: income before taxes must be at or under the figure for the household's size and the apartment's level.

Source: the same listing, highest yearly income by household size.

Apartments at 592 7th Avenue a household can apply for, by household size, October 20, 2026

1 person

267

2 people

267

3 people

162

View the data table

Household size	Apartments open to that size
1 person	267
2 people	267
3 people	162

What it means: no apartment in this listing takes four or more people.

Source: the listing's household sizes; counts by VoucherMatch.

Where a household can fall between levels

Under $37,989below every minimum, unless the household has a voucher or rental subsidy.
One person at $47,521 to $75,702over the 40% AMI top and under the 80% AMI minimum. For two people, the gap is $54,281 to $75,702.
One person at $95,041 to $95,382over the 80% AMI top and under the 100% AMI minimum.
Three people under $81,086under the lowest one-bedroom minimum, unless the household has a voucher.
Four or more peoplenothing in this listing fits.

Key pointasset limits. Housing Connect's table gives $67,840 at 40% AMI, $135,680 at 80% and $169,600 at 100%. The FAQ sets each at "the maximum income limit for a four (4)-person household" at that level.

Which Rents a CityFHEPS or Section 8 Voucher Covers at 592 7th Avenue

All four rents are under the 2026 CityFHEPS maximum for the same size, and the closest, the $2,590 one-bedroom, is $144 under.

The Housing Connect FAQ says: "Minimum income requirements do not apply if you have a voucher or a rental subsidy. However, rent should be within maximum limits allowed by your voucher or rental assistance program."

Lowest and highest listed monthly rent at 592 7th Avenue against the 2026 CityFHEPS maximum for that size, in dollars

Lowest rentHighest rentCityFHEPS maximum

Studio

$940

$2,040

$2,604

One-bedroom

$2,173

$2,590

$2,734

View the data table

Apartment size	Lowest rent	Highest rent	CityFHEPS maximum
Studio	$940	$2,040	$2,604
One-bedroom	$2,173	$2,590	$2,734

What it means: the studios are $564 and $1,664 under the studio maximum. The one-bedrooms are $561 and $144 under.

Source: rents from the Housing Connect listing; maximums from DSS-8r, effective April 1, 2026, "if all utilities are included in the lease."

Watch outthe listing does not yet say which utilities tenants pay. If tenants pay some, CityFHEPS counts a utility allowance, and the room under each maximum shrinks. VoucherMatch subtracted nothing.

Maximum income still counts: the FAQ waives the minimum, not the maximum in the tables above.
Credit check: "Applicants qualifying with rental subsidy are not subject to a credit check or review of rental history."
Section 8: the FAQ accepts "Section 8 Housing Choice Vouchers (HPD or NYCHA)." See the New York City Housing Authority, CityFHEPS vs Section 8 and Section 8 utility allowances in NYC.

How the Rents Compare With Typical Rents in ZIP Code 10036

Every listed rent is below HUD's estimate for the same size in ZIP code 10036, and the closest, the 100% AMI one-bedroom, is $1,250 below.

Lowest and highest listed monthly rent at 592 7th Avenue against HUD's fiscal year 2027 fair market rent for ZIP code 10036, in dollars

Lowest rentHighest rentHUD fair market rent, ZIP 10036

Studio

$940

$2,040

$3,650

One-bedroom

$2,173

$2,590

$3,840

View the data table

Apartment size	Lowest rent	Highest rent	HUD fair market rent, ZIP 10036
Studio	$940	$2,040	$3,650
One-bedroom	$2,173	$2,590	$3,840

What it means: the $2,590 one-bedroom is 67% of HUD's figure. The $940 studio is $2,710 under.

Source: the Housing Connect listing; HUD's Small Area Fair Market Rents, fiscal year 2027, for ZIP 10036, the building's ZIP in the listing, the permits and PLUTO.

HUD's figure includes most utilities a tenant pays, and the listing does not say who pays them. So the real gap may be smaller. See voucher apartments in ZIP 10036 and Section 8 apartments in Midtown.

How the 592 7th Avenue Conversion Was Financed

Property records show the City selling the land for $8,000,000 in 2025 and loans of more than $640 million from one lender.

Recorded documents for 592 7th Avenue, Manhattan block 1013, lot 29
Document	Parties	Amount
Deed, June 9, 2025	The City of New York to RXR 5TS Owner LLC	$8,000,000
Mortgage, June 9, 2025	RXR 5TS Owner LLC and Corebridge Institutional Investments (U.S.), LLC	$561,636,837
Mortgage, June 9, 2025	The same two parties	$13,668,342
Mortgage, February 6, 2026	The same two parties	$40,000,000
Mortgage, February 6, 2026	The same two parties	$25,000,000

Showing the first 4 of 5 rows. View allCollapse table

What it means: the four mortgages add to $640,305,179, by VoucherMatch's addition.

Source: ACRIS, Manhattan block 1013, lot 29. The first mortgage is $561,636,837.40 in the record.

MultiHousing News reported that "RXR, which previously ground-leased the property, also paid $8 million for the land." The ACRIS records opened show no HPD or Housing Development Corporation loan.

Preferences, Building Features and Transit at 592 7th Avenue

The listing shows no preferences, set-asides or amenities yet, so this section gives HPD's general rules, the state's description and nearby transit.

Who gets preference: what is posted and what HPD says in general

In this listingno preference or set-aside rows as of October 20, 2026.
Disabilitythe FAQ says "Federal disability statutes give preference to five percent (5%) of units" for mobility disabilities and "Another two percent (2%)" for hearing or vision.
Community boardthis preference "does not apply to developments that do not receive City financing, e.g., those that only receive a tax exemption."
Where the final list appearsproject preferences "are listed in the advertisement for the development," which is not posted yet.

What the building has, by source

In the Housing Connect listingthe amenity list is empty.
The Governor's release"equal access to building amenities for all residents."
Commercial Observer, on the 2024 filing"coworking spaces and a party room," "tenant recreation rooms" and storage units.
Not statedwhich spaces lottery tenants can use, and whether any carries a fee.

Photograph of a setback roof with a raised metal walkway, a large grey air handling unit and a wall of grey louvers, with Midtown towers and a green pyramid roof in the distance — A setback roof at the tower in November 2024, from the architectural survey in Empire State Development's existing conditions report. The listing does not say whether any roof space will be open to tenants. Photo: Old Structures Engineering, architectural survey in Empire State Development's 5 Times Square Existing Conditions Report, government agency report photograph, via Empire State Development, 5 Times Square Existing Conditions Report (February 2025) (cropped to 16:9, enlarged 1.05 times).

Subway stations named in the listing, nearest first
Station	Lines	Distance
Times Sq - 42nd St	N, Q, R, W	0.10 miles
42nd St - Port Authority	A, C, E	0.15 miles
42nd St - Bryant Pk	B, D, F, M	0.19 miles
49th St	N, Q, R, W	0.32 miles
47th-50th Sts - Rockefeller Ctr	B, D, F, M	0.38 miles
34th St - Penn Station	1, 2, 3	0.42 miles
Herald Sq - 34th St	B, D, F, M	0.42 miles
Grand Central - 42nd St	7	0.68 miles

Showing the first 4 of 8 rows. View allCollapse table

What it means: three stations are within a fifth of a mile.

Source: the listing's station names and points; distances by VoucherMatch in a straight line from the listing's coordinates (40.755857, -73.987573), so the walk is longer.

Entrances in the building: the state report says subway entrances "are located within the Project Area in the base of the existing building," on West 42nd and West 41st Streets.
Buses: the listing names a stop at W 42nd St & 7th Ave and the Port Authority Bus Terminal.
Along the line: see apartments near the 7 train.

A stairway down to the subway inside the building's base, with a sign reading Times Sq-42 St Subway Station and the line symbols 1, 2, 3, 7, N, Q, R, W and S — A subway entrance in the base of the building on West 41st Street, photograph 5 in Empire State Development's existing conditions report, November 2024. Photo: AKRF, Inc., for Empire State Development, 5 Times Square Existing Conditions Report, government agency report photograph, via Empire State Development, 5 Times Square Existing Conditions Report (February 2025) (cropped to one photograph from the report page at native size (not enlarged)).

How to Be Ready When the 592 7th Avenue Housing Connect Lottery Opens

A household can get its profile, income figures and papers ready now, because applications are not open as of October 20, 2026.

On two reads that day, the listing had no deadline and no advertisement. It was not among the 20 rental lotteries in the open-lottery search. Manhattan's 2 open rental lotteries were other buildings.

Getting ready for the 592 7th Avenue lottery

1Make or update a profileat housingconnect.nyc.gov. "If your household summary is flagged as incomplete, you will not be able to submit an application."
2Watch the listinga deadline will show on the listing for lottery 7738. HPD's 467-m FAQ says these ads appear under "Open Lotteries."
3Find your rowcompare household size and yearly income with the tables above.
4Apply once"Submit ONLY one application per household."
5Paper routeno mailing address is posted yet. The FAQ says to "Refer to the details of any open lottery."

What it means: the profile can be finished before any deadline exists.

Source: the Housing Connect FAQ; HPD's 467-m FAQ.

Check before you payapplying through NYC Housing Connect is free. Its FAQ says "There is no fee to apply for housing using Housing Connect"; a marketing agent may charge a credit or background check fee of no more than $20 per household. No payment app, wire or gift card buys a place in a lottery, and no one should charge you to see or hold an apartment. Apply only at housingconnect.nyc.gov or by mail to the address in the official listing.

After a deadline, in HPD's words

Log numbers"Within a few weeks after the lottery application deadline, Housing Connect randomly assigns log numbers" to complete profiles.
Documents"Make sure to include ALL requested documents in one submission" when the marketing agent asks.
Rent history or credit"show that you have paid your full rent for the past 12 months" or "have your credit reviewed."
How longHPD's 467-m FAQ says marketing "is anticipated to take seven to eight months" through lease-up, with no date for this building.

Documents to gather now

ID for every adult. "drivers' licenses, non-driver state ID cards, and IDNYC cards"
Children under 18. "Birth certificates or other forms of documentation like a school letter"
Income, address and assets. "pay stubs, tax returns, proof of address, and asset documentation"
Voucher. "proof of the subsidy and the amount of rent it covers"

What it means: the marketing agent's request lists the exact papers.

Source: the Housing Connect FAQ.

What Is Known and Not Yet Known About 592 7th Avenue

The rents, incomes and apartment count are posted, but the deadline and the advertisement are not.

Known and not yet known on October 20, 2026

Knownfour rents with income ranges and asset limits for 267 apartments, and permits for the conversion.
Not posteda deadline, the advertisement, a paper application address, preferences, set-asides and photos.
Not statedwho pays for electricity, heat and hot water, pets, apartment sizes and floors, amenity fees, the marketing agent and a move-in date.
Not explainedwhy the listing shows 267 affordable homes when the Governor's release said up to 313.
Whom to askHousing Connect's applicant hotline, 212-863-7990, weekdays 9am to 5pm, or nychousingconnect@hpd.nyc.gov.

If You Need an Apartment Sooner

Nothing is open at 592 7th Avenue yet, so a household that must move soon needs another route.

3 bedrooms apartment in Harlem, Manhattan — Manhattan apartments on VoucherMatch that take vouchers, nearest to 592 7th Avenue first

Voucher in hand: browse Section 8 apartments in Manhattan, CityFHEPS apartments in Manhattan, CityFHEPS apartments in Midtown and Manhattan studios that take Section 8.
No voucher yet: read how to get a housing voucher in NYC, or see low-income apartments in New York City.

Frequently Asked Questions

When can I apply for The 212 at 592 7th Avenue on Housing Connect?

Not yet. The 212 at 592 7th Avenue is Housing Connect lottery 7738. As of October 20, 2026, the listing shows rents but no deadline, and the lottery is not in the open-lottery search. HPD says these ads appear under "Open Lotteries." A household can finish its Housing Connect profile now and watch the listing.

What is the rent at The 212?

Rents run from $940 to $2,590 a month. The listing has 54 studios at $940 at 40% AMI and 51 studios at $2,040 at 80% AMI. It also has 54 one-bedrooms at $2,173 at 80% AMI and 108 one-bedrooms at $2,590 at 100% AMI. The listing does not yet say which utilities tenants pay.

How much do you have to earn for 592 7th Avenue?

Yearly incomes run from $37,989 for a $940 studio to $152,700 for three people in a 100% AMI one-bedroom. The other minimums are $75,703, $81,086 and $95,383. HPD says the minimum income does not apply to a household with a voucher or rental subsidy, but the maximum for each apartment still does.

Does The 212 take CityFHEPS or Section 8?

Housing Connect accepts both, and minimum income does not apply with a voucher. All four rents are under the 2026 CityFHEPS maximum for their size. The closest is the $2,590 one-bedroom, $144 under the $2,734 one-bedroom amount. The FAQ says rent should be within your program's limits, and utilities may change that.

Is The 212 the same building as 5 Times Square?

Yes. Empire State Development's report calls the building "5 Times Square (aka 592 Seventh Avenue)," on Manhattan block 1013, lot 29. The architect's survey adds 200 West 42nd Street. Commercial Observer reported in 2024 that the owners gave the tower its new address, 592 Seventh Avenue. Housing Connect lists it as The 212 at 592 7th Avenue.

Are the rents at 592 7th Avenue below market?

Yes, compared with HUD's figures. Every listed rent is below HUD's fiscal year 2027 fair market rent for ZIP code 10036. The closest is the 100% AMI one-bedroom, at $2,590 against $3,840. HUD's figure includes most tenant-paid utilities, and the listing does not yet say who pays them.

Why does The 212 listing show 267 apartments when 313 were announced?

No document opened explains it. The Governor's May 2025 release said "up to 313 permanently affordable homes" out of up to 1,250. The Housing Connect listing for lottery 7738 shows 267 "marketed units." Permit filings propose 927 to 1,224 homes. Ask the Housing Connect hotline, 212-863-7990, which count the building will market.

Sources for this article (18)

Housing Connect listing for lottery 7738 (housingconnect.nyc.gov)
Housing Connect FAQ (housingconnect.nyc.gov)
467-m page (nyc.gov)
467-m FAQ (nyc.gov)
jobs (data.cityofnewyork.us)
certificates of occupancy (data.cityofnewyork.us)
PLUTO (data.cityofnewyork.us)
ACRIS (data.cityofnewyork.us)
5 Times Square page (esd.ny.gov)
plan amendment (esd.ny.gov)
existing conditions report (esd.ny.gov)
Governor's May 22, 2025 release (governor.ny.gov)
DSS-8r (nyc.gov)
Small Area Fair Market Rents (huduser.gov)
Commercial Observer (commercialobserver.com)
6sqft (6sqft.com)
MultiHousing News (multihousingnews.com)
housingconnect.nyc.gov (housingconnect.nyc.gov)

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Every rule, date and dollar amount in this article is checked against the agency document it comes from, and the sources are listed above. How VoucherMatch articles are researched and corrected