City Squeezing More Units Into 100 Gold Street Plan
A FiDi redevelopment is moving forward, now with 8 percent more housing units.
The city-owned offices at 100 Gold Street will be converted to 4,000 apartments, up from the 3,700 that were announced last year, according to the city’s Economic Development Corporation. The city will hold a scoping hearing next month to inform an environmental impact statement.
That kickstarts the process to finally get housing built on the site of the aging office building, home to NYC’s Department of Housing Preservation and Development. The public land use review process is likely to begin in 2027.
As it stands today, 100 Gold Street is not that old. The nine-story building was completed in the 1960s and purchased by the city in 1993 for $36.9 million. But I visited the site earlier this year to interview housing commissioner Dina Levy, and I see why EDC might say the building would take “extensive repairs to continue serving civil servants and the public safely and effectively.” Nothing seemed unsafe, but the building is quite shabby and dated.
The developer behind the new project is Jeff Gural’s GFP Real Estate, which won a request for proposals in December of 2025. (When the winning bid was announced, during the administration of Mayor Eric Adams, the City Reporter noted that Gural had made a hefty donation to Adams’ re-election bid; Gural told the outlet he didn’t have anything to do with the bid, while EDC said the bidding process had been competitive and donations had nothing to do with the selection.)
GFP will build the 4,000 units, one-quarter of them affordable housing, while participating under the 485x tax abatement program. The tax plan allows developers to forgo property taxes for decades if they build rental housing at certain affordability levels.
The updated plan offers an early look at how Mayor Zohran Mamdani will handle development of city-run property, as well as projects inherited from the Adams administration. If the 100 Gold Street announcement is any indication, it seems Mamdani is, at least in some situations, happy to squeeze more market-rate units out of a project.
The city agencies currently housed at 100 Gold, including HPD, will be moved to “modern office space,” per EDC. The senior center currently run by Hamilton-Madison House on the site will be replaced, and a commercial fitness center will be added.
What we’re thinking about: How does investing in rent-stabilized properties differ by borough? How is buying in the Bronx different from buying in Brooklyn? Send thoughts to lilah.burke@therealdeal.com.
A thing we learned: The New York City marathon is changing its route for the first time in 15 years, Gothamist reports. The new route will improve access to local businesses in the Mott Haven section of the Bronx.
Elsewhere…
— Rep. Alexandria Ocasio-Cortez, one of New York’s most prominent progressives, is weighing a presidential run, telling the New York Times that she is thinking over the pros and cons of a campaign. “[L]ife doesn’t wait for you to be ready for things. Sometimes life just makes things ready for you,” she told the outlet.
— After Mamdani’s press conference with President Trump about potential federal funding to help build 12,000 housing units over the Sunnyside railyard in Queens, politicians in the borough remain skeptical, Politico reports. City Council member Julie Won, who represents Sunnyside, told the outlet she’s troubled by the fact that the mayor and the president haven’t been consulting her or other local voices. Borough President Donovan Richards questioned the administration’s decision to prioritize federal funding for Sunnyside Yard over other projects that could be shovel-ready sooner.
— The MTA wants to revamp its public information systems to actually give riders public information, rather than often garbled or inaudible communications, Gothamist reports. The agency set aside $800 million in its new construction plan to build a system that has better “audibility, intelligibility, and relevance,” and is also AI-assisted.
Closing time
Residential: The most expensive residential sale recorded Tuesday was $12 million for a 2,678-square-foot condominium at 200 Amsterdam Avenue in Lincoln Square. The unit last sold for $10.65 million in February 2024.
Commercial: The most expensive commercial transaction was $25.7 million for a 19,404-square-foot theater at 375 West 207th Street in Inwood. Taconic Partners sold the unit to The People’s Theater. The project has 611 affordable units, 61,000-square-feet of commercial space and 120 parking spaces.
New to the Market: The highest price for a residential property hitting the market was $25 million for a 6,086-square-foot condominium at 39 Crosby Street in Soho. Joshua Judge and Glenn Norrgard with Sotheby’s International Realty have the listing.
Breaking Ground: The largest new building permit filed was for a proposed 67,350-square-foot, 44-unit project at 2074 McDonald Avenue in Gravesend. Kao-Hwa Lee Architects filed the permit on behalf of Emerald Developers.
— Matthew Elo
