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This sure puts the “up” in upgrade.
A nine-story city office building at 100 Gold St. in Manhattan’s Financial District stands to be demolished and replaced with a massive-scale development that could set a towering new benchmark for New York — and the nation.
That’s according to the City Reporter, which says the city’s Economic Development Corporation is joining forces with GFP Real Estate on a proposal for two towers joined by a podium base, which together will house some 4,000 apartments. While one tower could stand at 78 stories, the other may scrape the sky at 115 stories — roughly the same height as the Empire State Building.
If the sheer number of units and potential height of the building raises eyebrows, those factors did just that at a Community Board meeting held on Oct. 5.
“I think it would be fair to say, correct me if I’m wrong, that this is the single most dense — from a dwelling-unit perspective — building in the history of New York City, right? This is density on steroids, isn’t it?” asked board member Patrick Kennell, according to the outlet.
Replied Brian Steinwurtzel, CEO and principal of GFP Development: “There are plenty of buildings in the Financial District and this community board district that are built to that density,” he said. “They just happen to be built as office buildings primarily.”
Not just the city, but also the densest apartment development in the nation. So much so that, if approved in its current state, 100 Gold St.’s new life could make for a population boom in the Lower Manhattan district. It could bring in 8,080 residents, whose move-ins would boost the Financial District’s population by 10%.
However, it’s unclear if this first proposal will become reality. It still must go through the environmental review process, which the team aims to begin in March, before any construction can kick off. If approved, 100 Gold St.’s current building will be demolished in 2030 — and the new development would be slated for a 2037 completion.
As it stands, the existing office building is home to the city’s Department of Housing Preservation and Development, other city agencies and a senior center. It requires expensive repairs; proceeds from a sale would allow for the relocation of city workers elsewhere.
The mission to redevelop 100 Gold St. began under Mayor Eric Adams’ administration, which picked GFP for the work. Now, in a new administration, Mayor Zohran Mamdani aims to maximize the housing on the site to help bring 200,000 affordable units by 2036.
At 100 Gold St., approximately 1,000 units will be designated as permanently affordable, rent-stabilized residences.