The Real Estate Board of New York to The NYC Economic Development Corporation on the 100 Gold Street Project

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. REBNY appreciates this opportunity to comment in support of the project at 100 Gold Street.  

REBNY supports the proposed redevelopment of 100 Gold Street, which presents an important opportunity to address New York City’s housing shortage while delivering meaningful public realm improvements and community amenities in Lower Manhattan. By transforming an aging City-owned property into a vibrant, mixed-use development, the project would make more productive use of public land and create lasting benefits for residents and workers.  

As outlined in the Draft Scope of Work (DSOW), the existing building has significant capital needs, with the Department of Citywide Administrative Services estimating that more than $220 million would be required to bring it into a state of good repair. Redevelopment would allow the City to leverage this asset to advance housing production, improve community facilities, and generate proceeds to support the relocation of City agencies into modern office space.  

The project would deliver approximately 4,000 new homes, including more than 1,000 permanently affordable apartments through the City’s Mandatory Inclusionary Housing (MIH) program and New York State’s 485-x tax incentive program. The proposed mix of studio, one-, two-, and three-bedroom apartments would expand housing options for a range of households. Given the site’s proximity to extensive public transit, the proposed density is appropriate to its Lower Manhattan location and essential to achieving the project’s housing goals alongside significant public realm investments.  

The development would also provide approximately 40,000 square feet of public realm improvements, including 22,000 square feet of publicly accessible open space and 18,000 square feet of expanded sidewalks and pedestrian space. An approximately 43,000-square-foot recreational facility open to the public would create additional opportunities for recreation and community programming. The relocation of the Hamilton-Madison House Older Adult Center into a purpose-built, above-grade facility would further improve access to essential services and programming.  

The project would also support Lower Manhattan’s continued economic vitality by strengthening the relationship between housing and employment. The Downtown Alliance’s Brain Gain report found that approximately 970,000 college graduates ages 18–44 live within a 30-minute public transit commute of Lower Manhattan, an increase of 182,000 since 2012. Ensuring that the district offers a range of housing options alongside jobs, transit, and neighborhood amenities is critical to attracting and retaining talent. By adding thousands of homes in a transit-rich location, 100 Gold Street would reinforce Lower Manhattan’s evolution as a vibrant place to live and work.  

REBNY encourages the City to advance the necessary land use actions. The project represents a significant opportunity to expand housing affordability, make more effective use of public land, improve community amenities, and strengthen the long-term vitality of Lower Manhattan.

CONTACTS: 

Maddie DeCerbo 

Senior Director of Urban Planning 

Real Estate Board of New York  

Mdecerbo@rebny.com