Mayor Adams, NYCEDC, and HPD Announce Next Steps on Project That Will Provide Over 1,000 New Units of Mixed-Income Housing, New Older Adult Center for Local Residents

March 5, 2025

100 Gold Project Will Have Minimum of 25 Percent Units Designated as Affordable Housing   

City to Deliver New, Updated Older Adult Center for Current Residents, Increasing Quality of Services to New Yorkers Without Disruption in Services

Announced in Mayor Adams’ Fourth State of the City Address, Project Part of Ambitious “Manhattan Plan” That Will Add 100,000 New Homes in Borough Over Next Decade 

NEW YORK – New York City Mayor Eric Adams, the New York City Economic Development Corporation (NYCEDC), and the New York City Department of Housing Preservation and Development (HPD) today announced the release of a Request for Proposals (RFP) for the transformation of a city-owned site into a significant mixed-income residential building, expected to provide more than 1,000 mixed-income units with a minimum of 25 percent required to be affordable. The current building — located at 100 Gold Street in Lower Manhattan — houses several city agencies including HPD and the Department of Citywide Administrative Services (DCAS). Proceeds from the projects will be used to relocate the building’s existing older adult center — which was built in the 1960s — into a new, updated facility for residents. Finally, city agencies currently in the building will be receiving new office space. 

The 100 Gold project is a component of Mayor Adams’ “Manhattan Plan,” first announced in his 2025 State of the City address in January. The Manhattan Plan will include the Adams administration's Midtown South Mixed-Use Plan, Gansevoort Square, public sites, and more to unlock opportunities to create 100,000 new homes in the borough, bringing the total number of homes in Manhattan to 1 million over the next decade. 

“To tackle the affordable housing crisis, our city needs to look everywhere and anywhere to build housing that New Yorkers need, including in our own city office space,” said Mayor Adams. “That's why we are looking at 100 Gold, the home of countless city agencies to build more affordable housing. The affordable housing crisis requires all of us, including government, to play their part and we are proud to do just that, utilizing our city-owned space to be part of the solution.” 

“Every day, the dedicated team at HPD works to create, preserve, and protect the housing that keeps this incredible city moving forward,” said HPD Commissioner Adolfo Carrion. “We put everything we have on the line to deliver on that mission — so it’s only fitting that we turn our own flagship building into a powerful tool to deliver potentially thousands of new housing units in a location primed for smart, amenity-rich growth. HPD is proud to be a driving force in this project and stands ready to bring every tool we have — from longstanding initiatives to innovative new programs — to build the housing New Yorkers need.”

“The 100 Gold project stands as an incredible investment in our city, ensuring that more residents will have access to safe and stable housing,” said DCAS Commissioner Louis A. Molina. “We are proud to do our part to support the development of these much-needed spaces that will undoubtedly have a transformative impact on the lives of many New Yorkers. Day after day, this administration is making the vision of equitable, affordable housing a reality.”  

“NYCEDC, in partnership with HPD, is thrilled to lead the redevelopment of the city-owned site at 100 Gold, which will deliver over 1,000 units of mixed-incoming housing in the heart of Lower Manhattan,” said NYCEDC President & CEO Andrew Kimball. “Addressing New York City's ongoing housing crisis requires bold strategy and strong partnership, and identifying city-owned sites to transform into state-of-the-art mixed-use buildings is a fundamental piece of this solution.”  

“As offices to HPD, 100 Gold Street has long been known as a place where affordable housing in New York City goes from idea to fruition,” said New York City Executive Director for Housing Leila Bozorg. “Now, as part of our Executive Order 43 work that asks agencies to evaluate city-owned land for housing development, I am excited to see it transform into a mixed-income, mixed-use housing development that will continue to serve New Yorkers for generations to come. One day, 100 Gold Street will stand as an example of this administration's creativity and commitment in addressing our broader housing crises.” 

100 Gold Street is situated at the corner of Gold Street and Frankfort Street and borders Spruce Street in the Financial District on the east side of Lower Manhattan. It is located on an approximately 95,000 square foot rectangular lot with frontage on two streets: Gold Street on the northwest side and Frankfort Street on the northeast side. The area is in the heart of Lower Manhattan at the intersection of multiple neighborhoods, each with its own historic, aesthetic, and cultural attractions. The Financial District offers a short commute on foot to many office buildings as well as a thriving hospitality, retail, and dining culture. Additionally, the site is well-served by ample public transit, including 13 subway lines, the PATH train, and the New York City Ferry.  

Proceeds from the sale of the city-owned site will be used to acquire relocation space for the New York City agencies currently tenanting the commercial building. After the sale, the city will require the developer to provide a temporary leaseback period, during which the city will complete a full relocation of agency operations. NYCEDC will seek to leverage the value of all remaining sale proceeds after relocation to provide additional public benefits, including affordable housing. This project simultaneously addresses the housing crisis and the existing tenants’ needs for improved working conditions without public subsidy. Since the existing building is unsuitable for conversion and in need of significant capital repairs, it is anticipated that the selected developer will need to demolish the existing building.   

The release of this RFP comes after public engagement with elected officials, Manhattan Community Board 1, and other key stakeholders. To date, NYCEDC has hosted two public engagement meetings and released a public survey, which has been taken by over 500 people. A competitive response to this RFP must describe a plan to accomplish the following goals and create a financially feasible development:   

• Housing Production: Create high-quality housing, including income-restricted affordable housing, that delivers on the needs of the community and the city more broadly, maximizing the development potential of the site.   
• Enhance the Public Realm: Create a welcoming, vibrant public realm that smoothly integrates new development into neighborhood context and provides a thoughtful ground-floor retail and/or community facility space.   
• Advance Sustainability: Make progress toward the city’s sustainability, energy efficiency, carbon neutrality, and resiliency goals.   
• Support Community Development: Responsibly develop the project to advance goals of creating quality construction and building service jobs while adhering to applicable wage standards and labor protections.  
• Support City Space and Services: Sales proceeds must, at a minimum, provide sufficient funding to relocate city agencies tenanting the existing building on the site. NYCEDC will seek to leverage all remaining value generated from the project to provide public benefits, including additional affordable housing.  

Proposals are due by 11:59 pm Eastern Time on June 5th, 2025. A virtual information session is scheduled for March 19th, 2025.Visit EDC.nyc for more information on the public information session and details on how to apply.  

This year, Mayor Adams has doubled down on his commitment to build more affordable housing across the five boroughs. Last month, Mayor Adams and NYCEDC announced the next phase of an ambitious, bold new vision for Coney Island, Brooklyn that will deliver 1,500 new homes and invest in the reconstruction of the historic Riegelmann Boardwalk. Additionally, Mayor Adams and HPD celebrated a $82 million investment to put homeownership within reach for more New Yorkers by expanding the HomeFirst Down Payment Assistance Program. Finally, the Adams administration has advanced several bold, forward-looking projects, including reimagining Gansevoort Square to build mixed-income housing, building 100 percent affordable housing at the Grand Concourse Library in the Bronx, advancing the 388 Hudson development to provide hundreds of critically-needed affordable housing units, and kicking off public review on the Midtown South Mixed-Use plan to create nearly 10,000 homes — all building on this year’s State of the City. 

Since entering office, Mayor Adams had made historic investments toward creating affordable housing and ensuring more New Yorkers have a place to call home. Last December, Mayor Adams celebrated the passage of “City of Yes for Housing Opportunity,” the most pro-housing proposal in city history that will build 80,000 new homes over 15 years and invest $5 billion towards critical infrastructure updates and housing. In June 2024, City Hall and the New York City Council agreed to an on-time, balanced, and fiscally-responsible $112.4 billion Fiscal Year (FY) 2025 Adopted Budget that invested $2 billion in capital funds across FY25 and FY26 to HPD and the New York City Housing Authority’s capital budgets. In total, the Adams administration has committed $24.5 billion in housing capital in the current 10-year plan as the city faces a generational housing crisis. In July 2024, Mayor Adams announced back-to-back record breaking fiscal years in both creating and connecting New Yorkers to affordable housing. This past spring, the city celebrated the largest 100 percent affordable housing project in 40 years with the Willets Point transformation. 

Further, the Adams administration is using every tool available to address the city's housing crisis. Mayor Adams announced multiple new tools, including a $4 million state grant, to help New York City homeowners create accessory dwelling units that will not only help older adults afford to remain in the communities they call home but also help build generational wealth. 

Finally, Mayor Adams and members of his administration also successfully advocated for new tools in the 2024 New York state budget that will spur the creation of urgently-needed housing. These tools include a new tax incentive for multifamily rental construction, a tax incentive program to encourage office conversions to create more affordable units, lifting the arbitrary "floor-to-area ratio" cap that held back affordable housing production in certain high-demand areas of the city, and the ability to create a pilot program to legalize and make safe basement apartments.    

“Projects like 100 Gold Street are vital to addressing our city’s ongoing housing crisis and generating more accessible pathways for hardworking New Yorkers to pursue the middle class,” said Gary LaBarbera, president, Building and Construction Trades Council of Greater New York. “Thanks to the wage standards outlined in 485-x and a potential project labor agreement, this development could not only provide much-needed affordable homes, but also help create family-sustaining union career opportunities for tradesmen and tradeswomen. We look forward to continuing to work with our city and state leadership to push forward these important investments in our communities, economy, and future.” 

“The redevelopment of 100 Gold is an incredible opportunity to add much needed affordable housing in Lower Manhattan with the bonus of granting hard-working city employees the opportunity to work in a facility that matches their dedication and the importance of the work they do.” said Basha Gerhards, senior vice president of planning, Real Estate Board of New York. 

“New Yorkers deserve quality homes they can afford, and so does the agency that works hard every day to achieve this,” said Howard Slatkin, executive director, Citizens Housing and Planning Council. “Realizing the full potential of a centrally located city-owned site at a moment when it’s possible to secure quality office space at an affordable price is a textbook win-win.”  

 “As a public servant who spent years working in 100 Gold Street, I saw firsthand that the building’s conditions were not befitting of the dedicated professionals working tirelessly to create and maintain affordable housing,” said Matthew Murphy, executive director, New York University Furman Center. “As the executive director of the Furman Center, I know that New York City faces both a housing affordability crisis and a severe housing shortage. Research consistently finds that increasing the overall housing supply, particularly in high-demand areas, helps mitigate rising costs. Using publicly owned land to build mixed-income housing has long been a successful strategy for expanding affordability, and the scale of this development means that more families at a range of incomes will be stably housed in Manhattan the day after its completion than the day before. Ensuring that this project meets its full potential will require careful attention to affordability levels, integration with the surrounding neighborhood, and a commitment to delivering high-quality housing that serves a broad range of New Yorkers.”   

“I applaud the administration for continuing to think outside of the box to find new opportunities to use our existing municipal resources, like city-owned property to help address New York’s severe housing shortage,” said Rafael E. Cestero, former HPD Commissioner and CEO, Community Preservation Corporation.” For decades, HPD and the dedicated men and women who have filled its halls have led the way in creating hundreds of thousands of affordable homes for hardworking New Yorkers. It feels especially significant that its home at 100 Gold will continue to serve the housing needs of our city as it is transformed into more than 1,000 residential units and a new facility where our senior citizens can gather.” 

“This transformative project is expected to bring more than 1,000 new homes to Lower Manhattan and help advance the city’s plan to remake the office-centric areas of our borough into vibrant mixed-use communities,” said Jessica Walker, president and CEO, Manhattan Chamber of Commerce. “We applaud the administration for using all tools at its disposal — including the city's own building stock — to move this critical vision forward.” 

“Nothing is more important to the health and vitality of our city than bringing more affordable housing to market,” said Jolie Milstein, president and CEO, New York State Association for Affordable Housing. “Making this incredible real estate, with its access to critical transportation hubs, available to working families will have a major impact on addressing the affordable housing crisis. We’re especially glad that HPD staff is going to get modern efficient workspace in the very near future.” 

“New York City is in dire need of more housing, and the 100 Gold Project will provide just that,” said Rachel Fee, executive director, New York Housing Conference. “The building’s 1,000 mixed-income units — a quarter of which will be affordable — will go a long way toward creating more homes for New Yorkers in the transit-rich area of Lower Manhattan. We commend city leadership for continuing to prioritize practical and creative solutions to unlock affordable housing and look forward to seeing this exciting and much-needed development come to fruition.” 

“The redevelopment of 100 Gold Street is a groundbreaking opportunity to transform an underutilized city-owned site into a thriving, mixed-income residential community,” Shams DaBaron, Da Housing Hero. “With over 1,000 new housing units planned — including affordable options — this project is a direct response to New York City's urgent need for housing. The decision to repurpose the headquarters of one of our main housing agencies into housing itself is a bold and innovative move, one that embodies the ‘City of Yes’ in action. Instead of investing $230 million in repairs for an outdated office building, the city is taking a forward-thinking approach, partnering with developers to build modern housing while relocating critical city agencies into upgraded spaces that better serve the public. Under Mayor Eric Adams' leadership, we are proving that we can maximize public land to meet the needs of New Yorkers, and I remain a steadfast supporter of this administration’s commitment to creating real solutions that work for all.”

“Allied Building Inspectors Local 211 IUOE is proud to support Mayor Adams ‘Manhattan Plan’ development project of 100 Gold Street,” said Matthew Gugliotta, president and business manager, Allied Building Inspectors Local 211 IUOE. “This project is critical to addressing the city’s lack of affordable housing, while at the same time improving the working environment of the many civil servants currently employed there, including members of Local 211. By transforming this older city-owned building into desperately needed housing for the community, it also provides the city the opportunity to find new office space that will meet the current and future needs of our members and the public that they serve.”