City Issues RFP for Scaled-Down Redevelopment of 100 Gold Street
By Mark Hallum March 5, 2025 3:05 pm
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Not all that glistens is gold, and city-owned 100 Gold Street ain’t glistening, according to the New York City Economic Development Corporation (EDC).
That’s why the city agency wants developers to replace the old Financial District office building from the days of Don Draper in favor of about 1,000 units of housing through a request for proposals (RFP), under which the city would sell the property for redevelopment.
100 Gold Street, at the corner of Gold and Franklin streets, was built as a private office building in the mid-1960s, according to a city-run website. New York City purchased the building in 1993 for $36.9 million.
Mayor Eric Adams announced plans for the redevelopment of the office building anchored by a number of city agencies — Department of Housing Preservation, the Department of Education and the Department of Citywide Administrative Services — in his January State of the City address. At the time, his administration was looking to build 2,000 homes.
But the development isn’t limited to only 1,000 units, according to an EDC spokesperson, who said that the “precise number depends on the level of density, which would be determined as part of the future [Uniform Land Use Review Procedure] process.”
An injection of new homes in the Financial District is consistent with Adams’s housing initiatives such as the City of Yes for Housing Opportunity — which revoked decades-old zoning code to spur development — as well as Executive Order 43 in which he instructed commissioners to review city-owned land for the potential of developing homes.
“Addressing New York City’s ongoing housing crisis requires bold strategy and strong partnership, and identifying city-owned sites to transform into state-of-the-art mixed-use buildings is a fundamental piece of this solution,” EDC CEO Andrew Kimball said in a statement.
Aside from the Gold Street development, Adams also previously announced plans to turn a former Department of Sanitation garage on Staten Island into a 232-unit affordable housing development.
Mark Hallum can be reached at mhallum@commercialobserver.com.
