NYC Picks GFP Real Estate to Redevelop 100 Gold Street Into 3,700 Housing Units

The aging city-owned office building at 100 Gold Street is finally getting its shiny revamp.

After a “competitive” request for proposals process, the New York City Economic Development Corporation (NYCEDC) said it has chosen GFP Real Estate to redevelop the 1960s-built, 10-story office building in Manhattan’s Financial District into a mixed-income residential building, Commercial Observer has learned.

As part of the proposed project, GFP would build approximately 3,700 housing units, with a minimum of 25 percent required to be permanently affordable, according to the NYCEDC. Plans also call for approximately 40,000 square feet of new public open space, and a new “state-of-the-art” fitness center inside the building.

In addition, proceeds from “the disposition of the city-owned site” would be used to acquire new office space for the New York City Department of Housing Preservation & Development (HPD), which currently houses its offices at 100 Gold Street, the NYCEDC said. The funds would also be used to find new office space for other tenants of 100 Gold Street, which include New York City’s Housing Choice Voucher program and nonprofit organization GrowNYC.

“Transforming outdated city-owned sites into mixed-income housing is at the core of NYCEDC’s mission, and bold projects like 100 Gold are critical to tackling New York City’s ongoing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,” Andrew Kimball, president and CEO of the NYCEDC, said in a statement.

“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,” Kimball added.

100 Gold Street also currently houses the Hamilton-Madison House, a nonprofit that provides social services, mental health support and community programs for older adults. GFP’s project would include a new, purpose-built facility for the nonprofit on the site, while a temporary facility would be provided nearby during the construction period.

“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,” Brian Steinwurtzel, co-CEO and principal of GFP, said in a statement. “We look forward to a collaborative process with the community, local leaders, and our partners in government.”

Mayor Eric Adams announced plans for the redevelopment of 100 Gold Street in his January State of the City address, when he was initially looking to build 2,000 homes on the site. Now, the roughly 3,700 housing units set to be created from the project will add to Adams’s many housing initiatives, such as the City of Yes for Housing Opportunity — which is expected to produce around 80,000 new homes — and Executive Order 43, in which city-owned land is being reviewed for new housing developments.

“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,” Adams said in a statement to CO. “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 public space and amenities to enjoy.”

The project will undergo land use reviews in 2027, when “robust community engagement will continue,” the NYCEDC said.

News that GFP was selected for the project comes after the real estate firm recently completed another major office-to-residential conversion in the Financial District.

Last week, a joint venture between GFP and Metro Loft inked an $835 million debt package to refinance 25 Water Street, which was transformed from a 1.1 million-square-foot office complex into a 1,320-unit apartment building. The project — the largest office-to-resi conversion in the U.S. to date — also features 100,000 square feet of amenities, including rooftop and indoor pools, a spa, a bowling alley, and a game room.

Also in the Financial District, GFP filed plans with TPG Real Estate in August 2024 to turn the 31-story office building at 222 Broadway into 798 apartments, as CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.