New York City Mayor Eric Adams has selected GFP Real Estate to redevelop the city-owned 100 Gold Street property in Lower Manhattan into roughly 3,700 units of mixed-income housing, including more than 900 permanently affordable apartments created without direct HPD subsidy, marking one of the administration’s flagship “City of Yes for Housing Opportunity” projects. The plan will replace an aging 1960s office building with a large-scale residential complex that features about 40,000 square feet of new public open space, a publicly accessible fitness center, and a modern, purpose-built older adult center, while proceeds from the site’s disposition will fund upgraded office space for HPD and other agencies currently based there. City officials and business leaders say the project underscores a broader strategy to unlock underused public and commercial real estate to address New York’s housing shortage, with the Adams administration reporting more than 433,000 homes created, preserved, or planned to date and pointing to new state-level tools—such as tax incentives for multifamily construction and office-to-residential conversions—as catalysts. The redevelopment, which is expected to enter the city’s Uniform Land Use Review Procedure in 2027 following environmental review and continued public engagement, is being framed by housing, labor, and business advocates as a model for large-scale, transit-oriented, mixed-use development in the Financial District.
Most Pro-Housing Administration in City History: Mayor Adams Announces Next Steps for Thousands of New Homes, Older Adult Center at 100 Gold Street
– New York City Mayor Eric Adams today 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.
Originally announced in Mayor Adams’ 2025 State of the City address, the 100 Gold project will also take advantage of new high-density zoning districts created through the Adams administration’s historic “City of Yes for Housing Opportunity” proposal.
The release of this RFP follows public engagement with elected officials, Manhattan Community Board 1, and other key stakeholders. To date, NYCEDC has hosted two public engagement meetings and released a public survey. Following today’s announcement, the development team will conduct site due diligence and environmental review. The project anticipates certifying into the Uniform Land Use Review Procedure (ULURP) in 2027, where robust community engagement will continue.
“On behalf of GFP Real Estate, we are honored to have been selected by NYCEDC and HPD to advance the redevelopment of 100 Gold Street. We look forward to a collaborative process with the community, local leaders, and our partners in government,” said Brian Steinwurtzel, co-CEO and principal, GFP Real Estate.
“When public land is leased to private developers, the affordability of the upcoming project is always our top priority,” said New York City Councilmember Christopher Marte. “We look forward to working with the city and the development team to achieve this project to meet the affordability crisis that our city is facing.”
“This project is a smart, innovative means of addressing the city’s ongoing housing crisis while opening more accessible pathways for hardworking people to pursue the middle class,” said Gary LaBarbera, president, Building and Construction Trades Council of Greater New York. “Thanks to the wage and workforce development standards outlined in 485-x, the redevelopment of 100 Gold Street will not only help generate much-needed affordable homes but also help create family-sustaining union careers for our city’s tradesmen and tradeswomen. We look forward to continuing to collaborate with city leadership and GFP Real Estate to help this come to fruition in a manner that will improve the lives of countless New Yorkers.”
“By taking advantage of City of Yes zoning changes, this project will bring an incredible 3,700 new homes to Lower Manhattan,” said Andrew Fine, chief of staff and policy director, Open New York. “As we face rising rents and a critically low 1.4 percent 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.”
“The Manhattan Chamber of Commerce congratulates GFP Real Estate on being selected to lead the 100 Gold Project, which represents a pivotal moment in the continued evolution of Lower Manhattan into a vibrant, 24/7 mixed-use community,” said Jessica Walker, president and CEO, Manhattan Chamber of Commerce. “This development hits all the right notes: creating massive housing stock, upgrading community facilities, and expanding public space. We are proud to support this initiative, which will drive foot traffic to local businesses and ensure the Financial District remains a dynamic place to live, work, and visit.”
“The New York Building Congress applauds NYCEDC and GFP Real Estate for advancing this transformative vision for 100 Gold Street. This project delivers exactly what New York needs right now: thousands of new, premium mixed-income homes, including more than 900 permanently affordable units, 40,000 square-feet of new public open space, and a modern older adult center that strengthens services for our neighbors,” said Carlo A. Scissura, Esq., president and CEO, New York Building Congress. “Our city is in a real housing crisis, and 100 Gold is proof that we can rise to the moment with bold action, smart planning, and a commitment to building for every New Yorker. We are excited to support this effort and keep pushing for more projects that move our city forward.”
Since entering office, Mayor Adams has made historic investments to create more affordable housing and ensure more New Yorkers have a place to call home. Earlier this year, Mayor Adams announced that his administration has created, preserved, or planned approximately 426,800 homes for New Yorkers through its work through the end of the last fiscal year — a number which has already grown to over 433,250 homes to date. Mayor Adams also announced that, in Fiscal Year 2025, the Adams administration created the most affordable rental units in city history and celebrated back-to-back-to-back record-breaking years for producing permanently-affordable homes for formerly-homeless New Yorkers, placing homeless New Yorkers into housing, and connecting New Yorkers to housing through the city’s housing lottery.
In addition to creating and preserving record amounts of affordable and market-rate housing for New Yorkers, the Adams administration has also passed ambitious plans that will create tens of thousands of new homes as well. Last December, Mayor Adams celebrated the passage of City of Yes for Housing Opportunity, the most pro-housing proposal in city history that will build 80,000 new homes over 15 years and invest $5 billion in critical infrastructure updates and housing.
Building on the success of City of Yes for Housing Opportunity, Mayor Adams unveiled his “City of Yes for Families” strategy in his State of the City address earlier this year to build more homes and create more family-friendly neighborhoods across New York City. Under City of Yes for Families, the Adams administration is advancing more housing on city-owned sites, creating new tools to support homeownership, and building more housing alongside schools, playgrounds, grocery stores, accessible transit stations, and libraries.
Further, the Adams administration is actively working to strengthen tenant protections and support homeowners. The “Partners in Preservation” program was expanded citywide in 2024 through a $24 million investment in local organizations to support tenant organizing and combat harassment in rent-regulated housing. The Homeowner Help Desk, a trusted one-stop shop for low-income homeowners to receive financial and legal counseling from local organizations, was also expanded citywide in 2024 with a $13 million funding commitment.
Finally, Mayor Adams and members of his administration successfully advocated for new tools in the 2024 New York state budget that are already helping spur the creation of urgently needed housing. These tools include a new tax incentive for multifamily rental construction, a tax incentive program to encourage office conversions to create more affordable units, lifting the arbitrary “floor-to-area ratio” cap that held back affordable housing production in certain high-demand areas of the city, and the ability to create a pilot program to legalize and make safe basement apartments.
December 8, 2025
NEW YORK
Sources: NYC.gov, Midtown Tribune news
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