Part of Mayor Adams Historic Executive Order to Build New Homes on City-Owned Sites
Our Bureau
New York, NY
New York City Mayor Eric Adams has announced the next steps in the transformation of a city-owned site at 100 Gold Street in Lower Manhattan into a new, mixed-income residential building. The city has selected GFP Real Estate to build approximately 3,700 units of high-quality, mixed-income housing, with a minimum of 25 percent of the homes required to be permanently affordable as more than 900 units of affordable housing are created without any subsidy from the New York City Department of Housing Preservation and Development (HPD). Additionally, proceeds from the disposition of the city-owned site will be used to acquire new office space for HPD and other agencies that currently occupy 100 Gold. GFP Real Estate will also build and maintain approximately 40,000 square feet of new public open space as well as a new state-of-the-art, publicly-accessible fitness center inside the building. Finally, the development will include an upgraded older adult center for the community. After Mayor Adams issued a historic executive order last year requiring city agencies to review their portfolios and identify potential sites for new housing, the New York City Economic Development Corporation (NYCEDC) led a competitive request for proposals (RFP) process to identify a developer for 100 Gold. Along with proposals to build thousands of new homes on city-owned sites like Flushing Airfield, Gansevoort Square, 390 Kent Avenue, and more, today’s announcement will help the Adams administration create, preserve, or plan over 433,000 homes for New Yorkers.
“From an abandoned airfield in Queens to an old office building in Manhattan, our administration is using every piece of land we have to build the housing we need,” said Mayor Adams. “With today’s announcement, we’ll give thousands of families an affordable place to live, thousands of city employees new high-quality office space, and all New Yorkers new public space and amenities to enjoy. Whether it’s passing the most pro-housing legislation in city history, creating record amounts of affordable housing, or issuing a historic executive order to turn city land into new homes, we are proud to be the most pro-housing administration in city history, and our record reflects exactly that.”
“100 Gold is exactly the kind of bold step New York needs to meet the moment on housing,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión, Jr. “With GFP Real Estate on board, we are creating thousands of homes, expanding affordability, and delivering new community amenities. And as this work advances, the city will secure a modern home for HPD, the dedicated-team driving our affordable housing mission”
“For decades, 100 Gold Street has been the physical nerve center of our work to expand affordable housing across the city. Transforming our headquarters into new homes at the scale made possible under this proposal is a bold expression of that mission. A building that has supported the people fighting for affordability will soon provide real homes for the New Yorkers we serve,” said HPD Acting Commissioner Ahmed Tigani. “With a dynamic and highly skilled team leading this commercial-to-residential conversion, we are leveraging our newly established land use tools and proven expertise to reimagine office space as a vibrant, mixed-use community. This project unlocks the full potential of the site, maximizes its transit-oriented development advantages, and welcomes new individuals and families into a neighborhood rich with amenities. By rethinking how we plan for city offices and applying every tool for thoughtful development, HPD is strengthening its ability to serve New Yorkers, deliver the housing this city urgently needs, and pursue our mission with renewed focus.”
“Transforming outdated city-owned sites into mixed-income housing is at the core of NYCEDC’s mission, and bold projects like 100 Gold are critical to tackling New York City’s ongoing affordability crisis,” said New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball. “The historic redevelopment will deliver thousands of high-quality, mixed-income housing units and public amenities for New Yorkers, and NYCEDC is proud to partner with GFP Real Estate to bring this extraordinary vision to life in Lower Manhattan.”
GFP Real Estate is a proven family-owned real estate firm with over 70 years of experience in New York City. Their development experience positions them as a key driver of the Financial District’s shift from a traditional office hub to a vibrant mixed-use neighborhood, including 25 Water Street, the largest office-to-residential conversion in the country. GFP is also a leading developer of housing in the Financial District, with nearly 2,500 units completed or under development, including more than 620 designated as permanently affordable.
The current building — which was constructed in the 1960s and requires significant investments — currently houses the Hamilton-Madison House older adult center. The proposed development will include a new, purpose-built facility for the older adult center on site, reflecting feedback from months-long community outreach and engagement, that will deliver a substantial improvement in space, accessibility, and overall experience. During construction, a temporary facility will be provided nearby to ensure no disruption in service.
