Mamdani Administration Advances Plan to Build Nearly 4,000 New Homes at 100 Gold Street

City-owned Lower Manhattan site will become mixed-income housing, including approximately 1,000 permanently affordable, rent-stabilized homes, an older adult center, public open space and community amenities

Project will nearly double the number of permanently affordable homes built in Manhattan Community District 1 over last decade – at no cost to the City

NEW YORK, NY—Today, New York City Mayor Zohran Kwame Mamdani announced the start of the public review process on the redevelopment of 100 Gold Street, taking a major step toward transforming a City-owned site in Lower Manhattan into approximately 4,000 new homes, including around 1,000 permanently affordable, rent-stabilized homes.

The updated plan adds roughly 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.

Following a competitive request for proposals process, the city selected GFP Real Estate to develop the site. The project will also include a new older adult center to replace the existing facility currently operated by Hamilton-Madison House, approximately 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. 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 currently operating from the aging building into modern office space.

“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. 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,” said Mayor Mamdani. “Day by day, block by block, and building by building, we are building a city that New Yorkers can afford to call home.”

“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.

“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 levered to meet New York City’s most pressing needs,” said NYCEDC President & CEO Anthony Shorris. “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 100 Gold Street redevelopment advances the goals of the Mamdani 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 Mayor Mamdani on his first day in office. In July, the administration launched the LIFT Tracker, providing New Yorkers with a comprehensive look at more than 100 City-owned sites that could deliver more than 50,000 new homes.

When complete, 100 Gold Street 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, saving finite resources to build and preserve additional affordable housing at other sites.

The 100 Gold Street site currently houses City agencies, including the Department of Housing Preservation and Development (HPD). As part of the redevelopment, those agencies will relocate to modern office space.

The project is a part of the administration’s all-of-the-above approach to addressing New York City’s housing crisis. Block by Block, released in May, sets an ambitious 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 Mamdani 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 financed the creation and preservation of 12,491 affordable homes, including more than 2,000 homes for formerly homeless New Yorkers.

Community Engagement and Public Review

The project follows a competitive request for proposals (RFP) process shaped by public input and extensive engagement with elected officials, Manhattan Community Board 1, community organizations and other key stakeholders.

The city will hold a scoping hearing next month to begin the formal environmental review process for the redevelopment.

The environmental review process will continue this fall, with the project expected to enter the Uniform Land Use Review Procedure (ULURP) in 2027.

The public review process will provide additional opportunities for New Yorkers to weigh in as the project moves forward.

“Affordable housing is a critical need for New Yorkers of all ages, and NYC Aging supports Mayor Mamdani’s commitment to creating thousands of permanently affordable and rent-stabilized homes,” said NYC Aging Commissioner Dr. Lisa Scott-McKenzie. “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. 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.”

“100 Gold Street is a strong example of how the city can rethink our real estate portfolio to address the housing crisis and better serve New Yorkers,” said DCAS Commissioner Yume Kitasei. “By managing the transition from the existing building and working to relocate our city agency partners into modern, functional office space, we are proud to help move this project forward.”

“Amid a historic housing shortage, every site counts—even ours. By repurposing HPD's headquarters for mixed-income housing, we're making our values concrete,” said HPD Commissioner Dina Levy. “As New Yorkers face housing scarcity, we're using 100 Gold to the fullest, creating nearly 4,000 new homes, including around 1,000 permanently affordable. Alongside a new older adult center, we're proud to see our home become home to thousands of New York families.”

“Manhattan is facing an unprecedented housing affordability crisis, and Mayor Mamdani’s plan to build 4,000 new units at 100 Gold Street, including 1,000 permanently affordable apartments, represents a significant opportunity to create much-needed housing in Lower Manhattan. I commend Mayor Mamdani and NYCEDC for putting forward this ambitious proposal, and I look forward to working with the Mamdani administration, Community Board 1, the Downtown Alliance, and our neighbors as it moves through environmental review and ULURP,” said Manhattan Borough President Brad Hoylman-Sigal.

“Utilizing every opportunity to build more housing on city and state owned land, particularly affordable housing, is a key component of our efforts to combat the ongoing and worsening housing crisis that New Yorkers are facing. I welcome the City’s efforts to build housing at 100 Gold Street, including permanently affordable homes, and to replace the older adult center and provide public open space and other community amenities. A project of this scale requires a comprehensive community engagement and public review process, and I look forward to engaging in that process in the coming months to ensure the final project is responsive to our community’s needs. I thank Mayor Mamdani, the Economic Development Corporation, the Department of Housing Preservation and Development, and GFP Real Estate for their work to advance this important development, and for their continued commitment to supporting affordable housing creation,” said State Senator Brian Kavanagh, who chairs the Senate Housing Committee and represents 100 Gold Street.

“This critical project will replace an outdated office building in prime Lower Manhattan with a thoughtful mixed-use mixed-income development, representing the single largest infusion of new affordable housing in the area in decades,” said Brian Steinwurtzel, CEO and Principal of GFP Development. “We are grateful to Mayor Mamdani for his leadership as the city tackles an urgent housing crisis and look forward to continuing to work with the community on turning this ambitious vision into a reality.”

“I applaud Mayor Mamdani's bold vision for creating affordable housing at the scale NYC needs while continuing critical social services for thousands of older New Yorkers. Since 1951, Hamilton-Madison House's older adult center has been a cornerstone of connection and support for generations of our neighbors. The current center at 100 Gold Street is one of the largest and longest-running older adult centers in NYC and provides a welcoming place where older adults can build friendships, access social services, and remain connected to their community. The opportunity to create a new, modern facility represents an investment not only in a building, but in the health, dignity, and well-being of current and future generations of older adults. By preserving the rich history and legacy of this longstanding community institution while creating a modern, state-of-the-art center, this project honors the past and prepares us to meet the evolving needs of older New Yorkers for decades to come. We are excited to be part of a vision that recognizes the importance of pairing strong community infrastructure and social services with affordable housing,” said Hamilton-Madison House Executive Director Isabel Ching.

“Gotham Park has been thrilled to serve our diverse, growing community in Lower Manhattan over the past 3 years. We are eager to welcome the new residents who will bring this corner of Gold and Frankfort Streets to life - children playing, learning, and growing; adults enjoying green space and activity; older neighbors staying active and connected. Gotham Park is the canvas, but our neighbors are the art. Twenty-five years after 9/11, Lower Manhattan continues to rebuild and grow into a flourishing community, and we welcome this significant commitment from City Hall and GFP Real Estate to our continued growth. We are, quite literally, neighbors, and we are all in this together,” said Rosa Chang, Co-Founder & President of Gotham Park.

“Manhattan's businesses can't grow if the people who work in them can't afford to live here. Turning an aging City-owned building at 100 Gold Street into nearly 4,000 new homes (including 1,000 that stay permanently affordable) is exactly the kind of practical, no-cost-to-taxpayers approach we need. Lower Manhattan has spent two decades becoming a true live-work neighborhood, and more residents mean more customers for local storefronts, more workers within reach of Manhattan's jobs, and a stronger district economy. The Manhattan Chamber of Commerce looks forward to a public review that keeps this project moving,” said Jessica Walker, President & CEO of the Manhattan Chamber of Commerce.

“The project at 100 Gold Street is on track to help address the housing crisis while improving the lives of countless hardworking New Yorkers,” said Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York. “Through collaboration with GFP Real Estate and City partners, this redevelopment will deliver thousands of much-needed affordable homes and an opportunity to create family-sustaining union careers for our city's tradesmen and tradeswomen.”

“As Secretary-Treasurer, I’m pleased to announce 32BJ’s support for 100 Gold, a development by GFP Real Estate. Projects like this help address the pressing housing needs in our area. Once completed, it will create quality jobs that meet and protect the labor standards workers in our industry have fought for,” said John Santos, Secretary-Treasurer, 32BJ SEIU.

“The health and vibrancy of our City depends on adding more housing at all affordability levels. This project represents a significant step towards the City's production goals, and importantly fosters a mixed-income community in a neighborhood with excellent transit, schools, and job opportunities,” said Molly Wasow Park, President and CEO of the New York City Housing Partnership. “And leveraging the power of a strong real estate market to produce a thousand permanently affordable units and a new senior center without City financing is a creative way to maximize resources for affordable housing development.”

“We commend the Mamdani administration for using every tool at its disposal, including repurposing city-owned land, to deliver housing at the scale New Yorkers need. 100 Gold Street shows what that approach can achieve. This project has tremendous potential, and it is as creative as it is ambitious. It replaces an aging building with new homes, a modern older adult center, upgraded space for City agencies, and public open space. We're pleased to see it enter public review and look forward to seeing a project of this scale get across the finish line,” said Carlina Rivera, President & CEO, New York State Association for Affordable Housing (NYSAFAH).

“100 Gold Street is exactly the kind of bold, large-scale housing project New York City needs more of. By creating thousands of new homes, including a significant number of permanently affordable apartments, this project represents the type of transformative development that can help address our housing shortage. We congratulate the Mamdani administration, NYCEDC, and GFP Real Estate on reaching this important milestone and look forward to seeing the project move through the public review process,” said James Whelan, President of the Real Estate Board of New York.

“Lower Manhattan’s transformation is one of New York City’s enduring success stories and a testament to what’s possible when we deliver on an enduring vision through public-private collaboration,” said Emma Pfohman, CEO of the Association for a Better New York. “We should bring that same ambition and creativity to our housing crisis by looking everywhere and particularly leaving no city-owned site unturned. ABNY is pleased to see nearly 4,000 new homes, alongside other community amenities, coming to 100 Gold, showing how we can seize every opportunity to build the housing that New Yorkers of all backgrounds need and deserve.”

“Lower Manhattan should be one of the easiest places in America to say yes to more homes,” said Annemarie Gray, Executive Director of Open New York. “Instead, it consistently ranks as one of the lowest producing Community Districts in Manhattan for affordable housing. 100 Gold Street doubles the last decade of production on a single site the City already owns. We are excited to see Mayor Mamdani keep leaning into building more homes of all kinds, and to see this administration add homes to a proposal rather than trim it. Open New York looks forward to advocating for 100 Gold Street through public review, and to the continued momentum of seizing every opportunity to use City land to build more homes.”

“The Building Congress applauds the Mamdani administration for moving 100 Gold Street development forward. This is what building at scale looks like: turning underused City-owned land into nearly 4,000 new homes, including 1,000 permanently affordable, at no cost to taxpayers. New York doesn't have a housing crisis because we can't build, it's because we don't build enough! Projects like this prove what's possible when the City chooses growth over gridlock. We need more of this, faster,” said Carlo A. Scissura, Esq. President & CEO, New York Building Congress.

“New Yorkers are facing a housing affordability crisis that drives homelessness, displacement, segregation, and sprawl. As the city has identified, we need to add 700,000 new homes over the coming decade to address our severe supply shortage—a shortage that gives landlords all the power. The 4,000 homes planned for 100 Gold, including 1,000 affordable and major public realm improvements, will be a significant step towards the abundant housing New York needs,” said Ryder Kessler, Co-Executive Director, Abundance New York.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, X, LinkedIn, and Instagram.