NYCEDC Grows 100 Gold Street Conversion to Nearly 4,000 Apartments
About 1,000 of the homes will be permanently affordable as the Financial District office-to-housing conversion heads toward a scoping hearing next month.
NYCEDC and the Mayor’s office have raised the planned unit count at 100 Gold Street, the city-owned office building in the Financial District, to nearly 4,000 apartments, about 300 more than the plan attached when GFP Real Estate was selected as developer in December 2025. Roughly 1,000 of the units will be permanently affordable and rent-stabilized, according to the September 22 announcement from the Mayor’s office and NYCEDC.
Why it matters
The building currently houses city agencies, including the Department of Citywide Administrative Services and the Department of Housing Preservation and Development, which will need to relocate as the conversion proceeds. Scaling up a city-owned RFP award before it even enters formal land use review sets a marker for developers bidding on the next wave of city-owned conversion sites: NYCEDC is signaling it will push for more units per site than the original ask, not fewer, as the office-to-housing pipeline matures. For a firm evaluating a competitive city RFP, that is a data point on how much room to build into a pro forma before the environmental review even starts.
The numbers
The plan calls for nearly 4,000 apartments at 100 Gold Street in Lower Manhattan, with about 1,000 permanently affordable and rent-stabilized. That is an increase of roughly 300 units, or about 8 percent, over the approximately 3,700-unit plan tied to GFP Real Estate’s selection through a competitive RFP process announced in December 2025. The project also includes a new, approximately 40,000 square foot older adult center to replace the existing facility currently operated by Hamilton-Madison House. Mayor Zohran Kwame Mamdani said in the announcement: “New York’s housing crisis demands that we build more, and that we use every tool we have to do it.”
What’s next
NYCEDC has scheduled a scoping hearing for next month to open the formal environmental review process, which will continue through the fall as the city prepares an environmental impact statement. The project is expected to enter the city’s Uniform Land Use Review Procedure in 2027, which will bring additional public hearings and a City Council vote before construction financing or a building permit can move forward. Nothing about the unit count or affordability split is final until that process closes, and the site remains occupied by city agencies in the interim.
Related: GFP’s 222 Broadway conversion halted after unreported cracked beams, and the wider New York market.