New York City’s plan to redevelop 100 Gold Street into an affordable housing project has progressed. Mayor Eric Adams announced that GFP Real Estate will lead the conversion of the Lower Manhattan site into a mixed-income residential building featuring around 3,700 units. Approximately 25% of these units are designated to remain permanently affordable, providing housing options without relying on subsidies from the city’s Department of Housing Preservation and Development (HPD).
To maximize the use of city-owned land, the Adams administration previously issued an executive order directing agencies to identify potential sites for new housing. Following this, the New York City Economic Development Corporation (NYCEDC) conducted a competitive request for proposals (RFP) process, selecting GFP Real Estate for the 100 Gold Street project. According to the Mayor’s office, the development will include housing, new public open space, an updated adult center, and a publicly accessible fitness center.
The 100 Gold Street project is designed to provide more than housing, with the goal of enhancing amenities for city employees and residents. The existing tenant, the Hamilton-Madison House older adult center, will move into a new facility aimed at improving space, accessibility, and overall experience. During construction, services will continue at a nearby temporary location to ensure continuity.
The 100 Gold Street project is expected to have a significant impact on New York’s housing landscape. GFP Real Estate, with over 70 years of experience in the city, will lead the development. The project incorporates transit-oriented development and aims to create a neighborhood with a variety of amenities. HPD Acting Commissioner Ahmed Tigani stated to the Mayor’s office that 100 Gold Street has long been central to the city’s affordable housing efforts, and converting the site into new homes reflects that ongoing mission.
The project is also expected to align with the “City of Yes for Housing Opportunity” initiative, utilizing newly established high-density zoning districts to expand the city’s housing capacity. Certification into the Uniform Land Use Review Procedure (ULURP) is anticipated in 2027, with ongoing community engagement planned throughout the development process, as stated by the Mayor’s office.
The redevelopment of 100 Gold Street is seen as a step toward addressing housing shortages and fostering community. New York Building Congress President and CEO Carlo A. Scissura said that the project demonstrates the city’s efforts to respond to its housing challenges through careful planning. Under the Adams administration, the development of affordable, quality housing continues to shape New York City’s urban landscape.
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