A
t 100 Gold Street, a 1960s, ten‑story office tower in Manhattan’s Financial District, a new chapter is beginning. After a competitive request‑for‑proposals, the New York City Economic Development Corporation (NYCEDC) awarded the redevelopment contract to GFP Real Estate. The plan will convert the aging municipal building into a mixed‑income residential complex with roughly 3,700 units, at least 25 % permanently affordable, and will add about 40,000 square feet of public open space and a fitness center.

    Proceeds from the sale of the city‑owned site will fund new office space for the Department of Housing Preservation & Development (HPD), which currently occupies the building, and for other tenants such as the Housing Choice Voucher program and GrowNYC, and public amenities for the surrounding community.

    “Turning obsolete city sites into mixed‑income housing is central to NYCEDC’s mission,” said Andrew Kimball, president and CEO. “This redevelopment will deliver thousands of high‑quality units and public amenities, and we’re proud to partner with GFP to realize this vision in Lower Manhattan.”

    The building also houses the Hamilton‑Madison House, a nonprofit that supports older adults. GFP’s design includes a new, purpose‑built facility for the nonprofit, with a temporary location nearby during construction, ensuring continued access to services.

    Brian Steinwurtzel, co‑CEO of GFP, said, “We’re honored to work with NYCEDC and HPD on 100 Gold Street and look forward to collaborating with the community, government partners, and public amenities.”

    Mayor Eric Adams highlighted the project in his January State of the City address, noting that the original plan for 2,000 homes has expanded to about 3,700 units. The redevelopment aligns with his broader housing agenda, including the City of Yes for Housing Opportunity program, projected to add roughly 80,000 new homes, and Executive Order 43, which reviews city‑owned land for housing and public amenities.

    Adams emphasized the city’s commitment to using every parcel of land to meet housing needs: “From an abandoned airfield in Queens to an old office building in Manhattan, we’re building the housing we need. Today’s announcement will provide thousands of families with affordable homes, new high‑quality office space for city employees, and public amenities for all New Yorkers.”

    NYCEDC will conduct land‑use reviews in 2027, with ongoing community engagement. Financial details of the deal remain undisclosed.

    GFP’s selection follows recent successes in the Financial District. The firm, in partnership with Metro Loft, secured an $835 million debt package to refinance 25 Water Street, a 1.1‑million‑square‑foot office complex now converted into 1,320 apartments with 100,000 square feet of amenities, including rooftop and indoor pools, a spa, a bowling alley, and a game room. Additionally, GFP and TPG Real Estate filed plans to turn the 31‑story office tower at 222 Broadway into 798 apartments, adding further housing to the area.

    The redevelopment will also feature a landscaped plaza, a playground, and a community garden, providing residents and the neighborhood with accessible green space. Construction is slated to begin in late 2024, with occupancy expected by 2028. The architectural design emphasizes sustainability, incorporating green roofs, energy‑efficient systems, and ample natural light to enhance residents’ quality of life. The project is expected to create dozens of construction jobs and strengthen the local economy. Residents will also benefit from a state‑of‑the‑art community center. The project will also include a dedicated playground for children.

    Isabelle Durso can be reached at [email protected].