City taps developer to replace 100 Gold Street with 3,700 apartments
100 Gold Street. Photo courtesy of NYCEDC
New York City has chosen a developer to redevelop an outdated Financial District government building into thousands of new apartments. Mayor Eric Adams on Monday announced that GFP Real Estate will redevelop the nine-story 100 Gold Street into a mixed-use development with 3,700 new homes, including 25 percent permanently affordable units, and a new senior center. The total number of housing units at the site increased substantially from the original 1,000+ apartments announced in March.
“100 Gold is exactly the kind of bold step New York needs to meet the moment on housing,” Adolfo Carrión, Jr., deputy mayor for housing, economic development, and workforce, said.
“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.”
Constructed in the 1960s, the 525,000-square-foot building is situated at the corner of Gold and Frankford Streets. It houses offices for several city agencies, including Housing Preservation and Development, Education, Citywide Administrative Services, Parks and Recreation, the Mayor’s Office, GrowNYC, and the Office of Collective Bargaining, with the housing department occupying most of the space.
The city acquired the Brutalist-style building in 1993, and bringing it into good repair would cost $230 million, making it “unsuitable for conversion,” as 6sqft previously reported.
The Hamilton Madison House Older Adult Center occupies about 18,000 square feet in the basement and serves hundreds of seniors. The redevelopment plan will upgrade the center’s amenities, services, and accessibility. A temporary facility will be opened nearby during construction to prevent service disruptions.
Under the plan, GFP will also create roughly 40,000 square feet of new public open space and a state-of-the-art, publicly accessible fitness center within the building.
Plans to redevelop 100 Gold were first revealed in Adams’ 2025 State of the City address, where he said the project would deliver “over 2,000 new homes…steps away from City Hall.” The project falls under a mayoral executive order issued last year directing city agencies to review their portfolios and identify potential sites for new housing. An RFP was released by the city in March.
According to The City, GFP, a backer of Adams’ unsuccessful re-election campaign, donated $45,000 to the SuperPAC supporting the mayor while bidding on 100 Gold Street following the release of a request for proposals (RFP) in March.
In September, GFP CEO Jeffrey Gural told The City that he and his relatives donated to the Empower NYC PAC because they believed Adams still had a chance, even as he polled below Republican nominee Curtis Sliwa. Adams dropped out of the race just six weeks after GFP’s contributions went to Empower.
When asked by The City about his firm winning the RFP, Gural said, “I had nothing to do with this. My nephew handled the whole thing.”
City Hall spokesperson Daniel Marans said the donations didn’t influence GFP’s selection.
“As with all competitive bidding processes, the city selected GFP Real Estate to develop the 100 Gold St. property based on the firm’s experience and commitment to building affordable housing, creating jobs, and investing in the community,” Marans told The City. “Any suggestion to the contrary is ridiculous.”
The purchase price was not disclosed in a press release, but proceeds from the sale will be used to acquire new office space for agencies that currently occupy 100 Gold, according to the city.
Other city-owned sites slated for housing development include the former Flushing Airport in College Point, Queens, which could yield up to 3,000 homes, and Gansevoort Square in the Meatpacking District, where 600 apartments are planned.
“By taking advantage of City of Yes zoning changes, this project will bring an incredible 3,700 new homes to Lower Manhattan,” Andrew Fine, chief of staff and policy director at Open New York, said.
“As we face rising rents and a critically low 1.4% vacancy rate, we must maximize opportunities on City-owned land to build more housing in every neighborhood. The scale of this project should be a model for the future.”
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