City moves forward on development of 100 Gold Street
The city’s Economic Development Corp. announced that GFP Real Estate — the Gural family’s company — was selected to develop 3,700 units of mixed-income housing at 100 Gold Street, a huge city-owned site just south of the Brooklyn Bridge on-ramp. At least 25 percent of the units — more than 900 — will be affordable (though they have not yet decided what percentage of AMI).
(The building is tucked into the northwest corner of the Southbridge Towers site, with Frankfort on the north and a vestigial Spruce Street running around the east and west sides.)
There’s more:
- Proceeds from the disposition of the site will be used to acquire new office space for HPD and other agencies that currently occupy 100 Gold.
- GFP Real Estate will also build and maintain approximately 40,000 square feet of new public open space as well as a new state-of-the-art, publicly-accessible fitness center inside the building.
- The development will include an upgraded older adult center for the community.
Courtesy NYCEDC
GFP, which owns 220 Church (where Frenchette Bakery was; Roger Gural, who founded Arcade Bakery, is a son of Jeffrey Gural, the chairman of GFP), 71 Thomas and the retail at 416 Washington, is also developing 25 Water — the largest conversion in the country — and several other buildings in the Financial District. (The rendering above is not from GFP — it was just to give a sense of the size.)
100 Gold was constructed in the 1960s and requires significant improvement. Currently it houses 500,000 square feet of city agency offices: Housing Preservation & Development, the Mayor’s Office, the Department of Education, the Department of Citywide Administrative Services, the Parks Department, the Office of Collective Bargaining, as well as GrowNYC and the Hamilton Madison House Older Adult Center. The city is actively searching for relocation space in existing office buildings now, and city agencies will continue to operate at 100 Gold until space if found.
Courtesy NYCEDC
Originally announced in Adams’ 2025 State of the City address, the 100 Gold project will also take advantage of new high-density zoning districts created through the “City of Yes for Housing Opportunity” proposal. NYCEDC hosted two public engagement meetings and released a public survey this past year.
The project anticipates certifying into the Uniform Land Use Review Procedure (ULURP) in 2027, when more public review sessions through Community Board 1 and the City Council will start.