100 Gold Street Conversion Boosted to Yield 4,000 Housing Units
The Mamdani administration plans to add more housing to the Financial District project
By Mark Hallum September 22, 2026 12:00 pm
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The office-to-residential conversion of 100 Gold Street in Manhattan’s Financial District is looking to be bigger than expected.
Mayor Zohran Mamdani and GFP Development announced Tuesday that the public review process for the conversion project is underway and that it will have 4,000 housing units instead of the original 3,700 unveiled in December 2025.
The project is expected to deliver twice as many affordable units — 1,000 in all — as have been produced within the bounds of Manhattan’s Community Board 1 in the last decade, according to the Mamdani administration.
“This critical project will replace an outdated office building in prime Lower Manhattan with a thoughtful mixed-use mixed-income development, representing the single largest infusion of new affordable housing in the area in decades,” Brian Steinwurtzel, CEO and principal of GFP Development, said in a statement.
GFP Development, which spun out from GFP Real Estate earlier this year, will handle the project. In addition to housing, the firm will also build a new facility for older adult services nonprofit Hamilton-Madison House, a 40,000-square-foot community fitness center, and an equal amount of public realm improvements.
The 100 Gold Street redevelopment predates the Mamdani administration, which is keeping the project rolling after former Mayor Eric Adams put forth the plan in his January 2025 State of the City address.
However, Mamdani’s Land Inventory Fast Track Task Force, created under the “Block-by-Block” housing plan launched on his first day in office, may be speeding up the process as the development sits on city-owned land.
“The redevelopment of 100 Gold will be a major step forward in creating the housing New Yorkers need — including permanently affordable, rent-stabilized homes — in addition to new community space, at no cost to the city,” Leila Bozorg, deputy mayor for housing and planning, said in a statement.
Mark Hallum can be reached at mhallum@commercialobserver.com.
