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 

Credit: CetraRuddy Architects

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 move 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.”