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The City of New York announced last week that it is seeking a developer to demolish and replace an aging government building in the Financial District with over 1,000 apartments.
NYC Mayor Eric Adams, the New York City Economic Development Corporation (NYCEDC), and the Department of Housing Preservation and Development (HPD) issued a request for proposals (RFP) to transform 100 Gold Street into a mixed-income residential building.
The nine-story office tower at 100 Gold Street, located at the corner of Gold Street and Frankfort Street, currently houses several city agencies.
Built in the mid-1960s and acquired by the city in 1993, the building has 525,000 square feet of office space. City officials said that the cost of improving the structure and keeping it for city office space exceeded $200 million and “requires extensive repairs to continue serving civil servants and the public safely and effectively.”
This project is part of Mayor Adams’ plan to bring 100,000 new homes to Manhattan. Andrew Kimball, president and CEO of NYCEDC, said in a statement, “Addressing New York City’s ongoing housing crisis requires bold strategy and strong partnership, and identifying city-owned sites to transform into state-of-the-art mixed-use buildings is a fundamental piece of this solution.”
100 Gold Street is located at the corner of Gold Street and Frankfort Street in the Financial District on the east side of Lower Manhattan. It sits on an approximately 95,000-square-foot rectangular lot. Image: New York City Economic Development Corporation
Key points of the redevelopment plan include:
- Over 1,000 mixed-income apartments
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A minimum of 25% affordable units in the new development
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A new, purpose-built facility for the Hamilton Madison House Older Adult Center (presently in the basement of 100 Gold Street)
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Improved streetscape, landscaping, public art, and ground-floor retail
An image of the 3rd Floor plan of the current building, 100 Gold Street in Lower Manhattan, which houses several city agencies, including the Department of Housing Preservation and Development (HPD) and the Department of Citywide Administrative Services (DCAS). Image: New York City Economic Development Corporation
The redevelopment process will follow these steps according to the New York City Economic Development Corporation:
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Proposals are due by June 5, 2025
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Developer selection expected by the end of 2025
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Four-year public review process, including land use review (ULURP), starting around 2027
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Agency relocation planned for 2029
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Construction of the new development to begin in 2030
The 100 Gold Street redevelopment is one of several projects aimed at increasing housing in New York City. Other sites include 395 Flatbush in Downtown Brooklyn, Coney Island West, and Gansevoort Square in the Meatpacking District.
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