New Yorkers will soon get a formal chance to weigh in on the mega-development planned for city-owned land at 100 Gold St. in Manhattan's Financial District. A public hearing scheduled for October will kick off a long review process for the 100 Gold Redevelopment Project, located near the Brooklyn Bridge. The Mamdani administration recently announced plans to add 300 residential units to the proposal, raising the total to 4,000 new homes. A quarter of the units—approximately 1,000—will be permanently affordable and rent-stabilized, according to the city.
The site is currently occupied by city agencies, including the Department of Housing Preservation and Development, which will relocate, and a Hamilton-Madison House older adult center that will be revamped. The development also includes a commercial fitness center and 40,000 square feet of neighborhood amenities, including public-use open space. GFP Real Estate won a competitive bid as developer of choice in December. Mayor Zohran Mamdani framed the project as part of a broader housing push, saying the city must "use every tool we have" and turn an "aging government building" into thousands of homes.
The proposal has grown substantially since it was first announced in January 2025 by then-Mayor Eric Adams, who initially promised more than 1,000 mixed-income units and later increased the projection to 3,700. The current plan is roughly four times the original size. The city says the development would bring twice as many affordable units to Manhattan's Community Board 1 as have been built there in the last decade. A spokesperson for the Economic Development Corporation said the addition of 300 homes reflects the mayor's commitment to building more affordable housing.
Several details remain unresolved. Actual proposed rents have not been disclosed, and the size of units and number of bedrooms have yet to be determined. The affordable units are eligible for Section 8 vouchers, according to the city's housing department, but the mix of incomes and financing structure beyond a land sale to the developer has not been fully detailed. The existing structure faces demolition, and the older adult center will move to a temporary facility during construction, with a new facility planned at the same location.