In March, the city put out the request for a developer to take on a conversion at 100 Gold Street. GFP Real Estate answered the call.
The New York City Economic Development Corporation selected GFP to redevelop the 10-story office building in the Financial District, the Commercial Observer reported. GFP will revamp the 1960s-built government building with a mixed-income residential building with thousands of units.
Specifically, there are 3,700 units planned for the site, a drastic increase from the 2,000 units Mayor Eric Adams sought when revealing plans for the property back in January; Adams announced plans for the property in his State of the City address as part of a broader “Manhattan Plan,” an initiative he said would bring 100,000 new homes to the borough over the next decade.
At least 25 percent of the units will need to be designated affordable. Other aspects of the redevelopment include 40,000 square feet of open space for the public and a fitness center.
Details of the acquisition costs for GFP were not disclosed, but funds from purchasing the city-owned site will go towards finding office space for relocating city tenants, including the New York City Department of Housing Preservation & Development, the Housing Choice Voucher program and GrowNYC.
The Hamilton-Madison House, a social services nonprofit provider, will receive a purpose-built facility on the site and relocate nearby during the construction period.
In a statement, GFP co-chief executive officer Brian Steinwurtzel said the firm was “honored to have been selected” for the project. He also talked about a “collaborative process with the community,” which will be put to the test with land use reviews in 2027.
The project builds on Adams’ executive order calling on city agencies to identify city-owned or controlled property suitable for housing development.
GFP is fresh off another FiDi conversion, turning a former 1.1-million-square-foot office property at 25 Water Street into one of the largest office-to-resi conversions in U.S. history. GFP, Metro Loft and Rockwood Capital recently secured an $835 million refinancing package from Apollo and GIC for the 1,320-unit project, which began leasing in late January.
— Holden Walter-Warner
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