The redevelopment of a NYC-owned Lower Manhattan building is moving into the public review process, with the proposed project expected to bring nearly 4,000 new homes, with 25% of them being permanently affordable units.

Mayor Zohran Mamdani said Tuesday that the city selected GFP Real Estate through a “competitive process” to redevelop 100 Gold St., an aging city office building near the Brooklyn Bridge. 

The updated proposal, originally announced under former Mayor Eric Adams in December, adds about 300 homes to earlier estimates for the project. The current NYC Economic Development Corporation (NYCEDC) plan calls for about 3,700 units, with at least 25% designated as permanently affordable without housing subsidies.

100 Gold Street renderingCetraRuddy Architects

The project, city officials said, will also include a new older adult center, approximately 40,000 square feet of public realm improvements and a publicly accessible commercial fitness center with community programming and other neighborhood amenities. 

The existing building, which is still owned by the city and not yet sold to developers, houses several city agencies, including the Department of Housing Preservation and Development, as well as an older adult center operated by Hamilton-Madison House. The building is expected to be demolished and replaced with the new mixed-used development. City agencies based there would be relocated to modern office space, officials said. 

The city said proceeds from the disposition of the city-owned property would help pay for the relocation and modernization of office space for the agencies, allowing the development to proceed without a city subsidy. 

“New York’s housing crisis demands that we build more – and that we use every tool we have to do it. That means looking at land the city already owns and asking how it can serve New Yorkers better,” the mayor said. “At 100 Gold Street, we have an opportunity to turn an aging government building into nearly 4,000 new homes, including approximately 1,000 that will remain permanently affordable, while delivering new spaces for the community.” 

100 Gold Street rendering CetraRuddy Architects

The redevelopment is part of Mamdani’s Block by Block housing plan and Land Inventory Fast Track, or LIFT, initiative, which focuses on identifying and accelerating housing development on city-owned property, officials said. 

However, the 100 Gold Street project started before Mamdani took office. Former Mayor Eric Adams’ administration selected GFP Real Estate in Dec. 2025, as part of an executive order to build new homes on city-owned sites.

Meanwhile, officials said the ongoing project was shaped with help from elected officials, Manhattan Community Board 1, community organizations and other stakeholders.

“100 Gold Street reflects the kind of bold, practical action needed to address New York City’s housing shortage,” NYCEDC President and CEO Anthony Shorris said. “By transforming an aging office building into nearly 4,000 mixed-income homes, including more than 1,000 permanently affordable units, we’re advancing Mayor Mamdani’s Block-by-Block Housing Plan and demonstrating how public land can be leveraged to meet New York City’s most pressing needs.”

Dr. Lisa Scott-McKenzie said she was grateful that the city is keeping the older adult center as part of the redevelopment. 

“The redevelopment of 100 Gold Street is a great example of how we can expand housing while preserving the community spaces older New Yorkers rely on,” she said. “We thank the Mayor, the New York City Economic Development Corporation, Hamilton-Madison House, and GFP Real Estate for making sure the older adult center remains part of the future of 100 Gold Street.”

A scoping hearing is expected next month to begin the formal environmental review process. The project is anticipated to enter the city’s Uniform Land use Review Procedure (ULURP) in 2027, when additional public review will take place.