An aging city-owned office building in Manhattan's Financial District is set to be transformed into a massive residential complex with approximately 3,700 new homes. The New York City Economic Development Corporation (NYCEDC) has selected GFP Real Estate to lead the redevelopment of 100 Gold Street, a project aimed at tackling the city's housing shortage.
The plan for the 1960s-era building includes a significant number of affordable housing units, new public spaces, and updated facilities for community organizations currently on site.
Key Takeaways
- An office building at 100 Gold Street will be converted into a residential complex with approximately 3,700 housing units.
- A minimum of 25 percent of the new homes are required to be permanently affordable.
- The project, led by developer GFP Real Estate, will also create 40,000 square feet of new public open space.
- Proceeds from the deal will fund new offices for city agencies, including the Department of Housing Preservation & Development (HPD).
A New Vision for Lower Manhattan
The redevelopment of 100 Gold Street represents one of the city's most ambitious office-to-residential conversion projects. GFP Real Estate's proposal goes beyond simply creating apartments; it aims to reshape a corner of the Financial District.
Plans call for the creation of roughly 40,000 square feet of new public open space, providing a much-needed green area in the dense urban environment. A state-of-the-art fitness center is also slated for inclusion within the new building.
The project addresses the needs of the building's current occupants. The New York City Department of Housing Preservation & Development (HPD), which has offices at 100 Gold Street, will be relocated to new, modern office space. Funds generated from the site's redevelopment will cover the cost of this move.
Relocating Key Services
Other tenants, including the city’s Housing Choice Voucher program and the nonprofit GrowNYC, will also be moved to new facilities. A key component of the plan involves the Hamilton-Madison House, a nonprofit providing vital social and mental health services to older adults. GFP will construct a new, purpose-built facility for the organization on the redeveloped site, ensuring its long-term presence in the community. A temporary facility will be provided nearby during construction.
Tackling the City's Housing Crisis
This project is a cornerstone of Mayor Eric Adams's broader strategy to increase New York City's housing supply. The initiative to convert 100 Gold Street was first announced in his January State of the City address, with an initial goal of 2,000 homes. The current plan for approximately 3,700 units nearly doubles that original target.
“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,” Mayor Adams said in a statement. “With today’s announcement, we’ll give thousands of families an affordable place to live.”
The effort is part of a city-wide push, including the City of Yes for Housing Opportunity initiative, which is projected to create around 80,000 new homes. It also aligns with Executive Order 43, which mandates a review of all city-owned land for potential housing development.
Affordability Mandate: At least 25% of the new units at 100 Gold Street will be designated as permanently affordable, a critical component in a city where housing costs remain a significant challenge for many residents.
Andrew Kimball, President and CEO of the NYCEDC, emphasized the project's importance. “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,” he stated.
An Experienced Developer at the Helm
GFP Real Estate is no stranger to large-scale conversions in the Financial District. The firm has a growing portfolio of projects that turn underutilized office space into modern residential properties.
Recent Conversion Successes
Last week, a joint venture involving GFP Real Estate secured an $835 million debt package to refinance 25 Water Street. That project, the largest office-to-residential conversion in the United States to date, transformed a 1.1 million-square-foot office complex into a 1,320-unit apartment building.
The 25 Water Street property now includes 100,000 square feet of amenities, such as rooftop and indoor pools, a spa, and a bowling alley, signaling the type of modern living experience GFP aims to create.
The firm is also involved in the planned conversion of 222 Broadway, a 31-story office building, into 798 apartments. This consistent focus on the Financial District demonstrates a deep understanding of the area's potential for residential growth.
“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,” said Brian Steinwurtzel, co-CEO and principal of GFP. “We look forward to a collaborative process with the community, local leaders, and our partners in government.”
The Road Ahead
While the selection of a developer is a major milestone, the project still has several steps before construction can begin. The next significant phase involves the city's land use review process, which is scheduled to start in 2027.
NYCEDC officials have stated that this period will include “robust community engagement” to ensure local residents and stakeholders have a voice in the final design and impact of the project.
Financial details of the agreement between the city and GFP Real Estate have not been disclosed at this time. The successful transformation of 100 Gold Street will serve as a powerful model for how New York City can creatively repurpose its existing building stock to meet its most pressing need: more housing for New Yorkers.
