City expands 100 Gold Street redevelopment to nearly 4,000 new homes
Rendering: CetraRuddy Architects
A project that converts a Financial District office building into housing will now have 4,000 apartments, an increase of about 300 units from the original plan, Mayor Zohran Mamdani announced on Tuesday. First revealed by the city last year, the project replaces 100 Gold Street with a high-rise mixed-use development with new homes and a senior center. The updated plan comes ahead of the public review process and is part of a deal reached by the former administration to add new housing to the district in exchange for scrapping the development at Elizabeth Street Garden.
Following a request for proposals process, then-Mayor Eric Adams announced in December the selection of GFP Real Estate to redevelop the nine-story building, which was constructed in the 1960s and houses several city agencies, with the Department of Housing Preservation and Development occupying the majority. GFP has led several office-to-residential conversions in Lower Manhattan, including 222 Broadway, 25 Water Street, and 40 Exchange Place.
The plan includes 4,000 new homes, with 1,000 permanently affordable and rent-stabilized apartments, a new senior center that will replace the existing facility operated by Hamilton-Madison House, and a public fitness center and other amenities.
New renderings released by the city’s Economic Development Corporation and credited to CetraRuddy Architects show three towers, with the largest appearing to be at least 1,000 feet tall. The other two buildings appear to be around 800 feet and between 450 and 500 feet tall. The exact size and number of units will be finalized during the review process.
“New York’s housing crisis demands that we build more—and that we use every tool we have to do it. That means looking at land the City already owns and asking how it can serve New Yorkers better,” Mamdani said in a statement.
“At 100 Gold Street, we have an opportunity to turn an aging government building into nearly 4,000 new homes, including approximately 1,000 that will remain permanently affordable, while delivering new spaces for the community.”
Last June, the Gold Street project became a bargaining chip when local Council Member Chris Marte agreed to support the rezoning of three sites in his district in exchange for the Adams administration dropping plans to build affordable senior housing on the site of the Elizabeth Street Garden. The other two sites include 156-166 Bowery and 22 Suffolk Street.
Mamdani had pledged to keep the housing project on the Noho site during the campaign, but before the mayoral election last November, Adams transferred the Elizabeth Street Garden to the Parks Department, making it “nearly impossible” to continue with the development.
A settlement reached in August allows the developers to move forward with the other affordable housing projects in the area.
According to the city, the project will get the 485-x tax break but not be subsidized by the city. Proceeds will be used to relocate the city agencies that are located at 100 Gold.
The project will add nearly “twice as many permanently affordable homes” as have been built in Manhattan Community District 1 over the last decade.
A scoping hearing is scheduled for next month, followed by the environmental review. The city said the project will enter the uniform land use review procedure (ULURP) in 2027.
“This critical project will replace an outdated office building in prime Lower Manhattan with a thoughtful mixed-use mixed-income development, representing the single largest infusion of new affordable housing in the area in decades,” Brian Steinwurtzel, CEO and Principal of GFP Development, said.
“We are grateful to Mayor Mamdani for his leadership as the city tackles an urgent housing crisis and look forward to continuing to work with the community on turning this ambitious vision into a reality.”
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