New York City Advances Plan to Build Nearly 4,000 New Homes
The City of New York has begun the public review process on the redevelopment of a site in Lower Manhattan into roughly 4,000 new homes, including 1,000 permanently affordable, rent-stabilized homes.
New York City Mayor Zohran Mamdani made the announcement.
“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 better serve New Yorkers. At 100 Gold St., 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,” Mamdani said. “Day by day, block by block, and building by building, we are building a city that New Yorkers can afford to call home.”
The city said the updated plan adds about 300 additional homes to previous estimates, reflecting the Mamdani administration’s commitment to building housing at the scale that New York City’s housing crisis requires.
More Than Just Housing
After a competitive request for proposals process, the city said it chose GFP Real Estate to develop the site.
The city said the project also will include a new older adult center to replace the existing facility now operated by Hamilton-Madison House, about 40,000 square feet of public realm improvements, and a 40,000-square-foot publicly accessible commercial fitness center with community programming and other neighborhood amenities.
Officials said the new mixed-use building will utilize cross-subsidy in order to be completed at no cost to the city, with proceeds used to relocate city agencies operating at the aging building into modern office space.
“Where better to deliver thousands of new homes than the former site of our City’s housing agency? The redevelopment of 100 Gold will be a major step forward in creating the housing New Yorkers need—including permanently affordable, rent-stabilized homes—in addition to new community space, at no cost to the City. I’m grateful for the work of our agency and development partners to advance this project and to deliver housing at the scale that our city demands,” said Leila Bozorg, Deputy Mayor for Housing and Planning.
NYCEDC President & CEO Anthony Shorris said the project is a “bold, practical action.”
“100 Gold Street reflects the kind of bold, practical action needed to address New York City’s housing shortage. 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,” Shorris said. “This is exactly the type of transformative project that will create housing at scale, expand affordability, and deliver lasting community benefits for Lower Manhattan and New Yorkers for generations to come.”
Building on City-Owned Land
The city said the 100 Gold St. redevelopment advances the goals of the administration’s housing plan, Block by Block, and the Land Inventory Fast Track (LIFT) Task Force, which is focused on accelerating the development of housing on City-owned land.
The LIFT Task Force was established by an executive order signed by Mamdani on his first day in office. In July, the administration launched the LIFT Tracker, giving New Yorkers a comprehensive look at more than 100 city-owned sites that could deliver more than 50,000 new homes.
When complete, 100 Gold St. will include nearly twice as many permanently affordable homes as have been built in Manhattan Community District 1 over the last decade—at no cost to the City.
The location currently houses city agencies, including the Department of Housing Preservation and Development (HPD). As part of the redevelopment, the city said those agencies will relocate to modern office space.
Block by Block, released in May, sets a goal of building 200,000 new affordable homes and preserving another 200,000 over the next decade, backed by a $22 billion investment in affordable housing capital over five years.
The city administration is also working to strengthen tenant protections, revamp the City’s housing code enforcement system and hold negligent landlords accountable. In addition, the administration is advancing “SPEED” reforms to cut as much as two years from the pre-development and lease-up process, investing in public housing—including rebooting NYCHA as a public developer—and expanding affordable homeownership opportunities, including through the Open Door program.
In the first six months of 2026, the administration said it financed the creation and preservation of 12,491 affordable homes, including more than 2,000 homes for formerly homeless New Yorkers.
