GFP Selected for Residential Conversion of City-Owned 100 Gold St.

The Adams administration has selected GFP Real Estate to redevelop 100 Gold St., a city-owned office building in Lower Manhattan, into a mixed-income residential property. The redevelopment plan calls for GFP to build approximately 3,700 units of high-quality, mixed-income housing, with at least 25% permanently affordable, along with a fitness center, an upgraded older adult center and 40,000 square feet of open space.

Proceeds from the disposition of the site will be used to acquire new office space for the New York City Department of Housing Preservation and Development and other agencies now occupying 100 Gold. The property dates from the 1960s and requires significant investment, according to the New York City Economic Development Corporation (NYCEDC).

A family-owned real estate firm with more than 70 years’ experience in New York, GFP previously took on the nearby 25 Water St., currently the largest office-to-residential conversion in the country. “The historic redevelopment will deliver thousands of high-quality, mixed-income housing units and public amenities for New Yorkers, and NYCEDC is proud to partner with GFP Real Estate to bring this extraordinary vision to life in Lower Manhattan,” said NYCEDC president and CEO Andrew Kimball.

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