The office building at 100 Gold Street in Manhattan’s Financial District will be turned into 4,000 residential units, up from the 3,700 units reported last year, the Economic Development Corporation said. The change represents an 8% increase over the prior official overall plan.
The nine-story building, completed in the 1960s and purchased by the city in 1993 for $36.9 million, is currently home to NYC’s Department of Housing Preservation and Development. However, the building requires extensive repairs to continue serving civil servants and the public safely and effectively.
The developer behind the new project is Jeff Gural’s GFP Real Estate, which won a request for proposals in December 2025. GFP will build the 4,000 units, with one-quarter of them being affordable housing, while participating in the 485x tax abatement program. This program allows developers to forgo property taxes for decades if they build rental housing at certain affordability levels.
The city agencies currently housed at 100 Gold, including HPD, will be moved to modern office space. A senior center currently run by Hamilton-Madison House on the site will be replaced, and a commercial fitness center will be added.
The city will hold a scoping hearing next month to inform an environmental impact statement, kickstarting the process to get housing built on the site. The public land use review process is likely to begin in 2027.
Meanwhile, other developments are underway in the city, such as the New York City marathon changing its route for the first time in 15 years, as reported by Gothamist. The MTA is also working to improve its public information systems, having set aside $800 million for a new AI-assisted system with better audibility, intelligibility, and relevance. In other news, the most expensive residential sale recorded recently was $12 million for a condominium at 200 Amsterdam Avenue, while the largest new building permit filed was for a 67,350-square-foot project at 2074 McDonald Avenue in Gravesend.
The highest price for a residential property hitting the market was $25 million for a condominium at 39 Crosby Street in Soho. Additionally, after Mayor Mamdani’s press conference with President Trump about potential federal funding for 12,000 housing units over the Sunnyside railyard in Queens, local politicians remain skeptical, with City Council member Julie Won expressing concerns about the lack of consultation with local voices. The city’s efforts to address its housing needs continue, with various projects and initiatives underway, and readers can send their thoughts on investing in rent-stabilized properties to [email protected].
