In March, town put out the request for a developer to tackle a conversion at 100 Gold Avenue. GFP Actual Property answered the decision.
The New York Metropolis Financial Improvement Company chosen GFP to redevelop the 10-story workplace constructing within the Monetary District, the Industrial Observer reported. GFP will revamp the Nineteen Sixties-built authorities constructing with a mixed-income residential constructing with 1000’s of models.
Particularly, there are 3,700 models deliberate for the positioning, a drastic enhance from the two,000 models Mayor Eric Adams sought when revealing plans for the property again in January; Adams announced plans for the property in his State of the Metropolis handle as a part of a broader “Manhattan Plan,” an initiative he mentioned would carry 100,000 new houses to the borough over the following decade.
Not less than 25 % of the models will must be designated inexpensive. Different elements of the redevelopment embrace 40,000 sq. toes of open house for the general public and a health heart.
Particulars of the acquisition prices for GFP weren’t disclosed, however funds from buying the city-owned website will go in the direction of discovering workplace house for relocating metropolis tenants, together with the New York Metropolis Division of Housing Preservation & Improvement, the Housing Alternative Voucher program and GrowNYC.
The Hamilton-Madison Home, a social providers nonprofit supplier, will obtain a purpose-built facility on the positioning and relocate close by in the course of the development interval.
In an announcement, GFP co-chief government officer Brian Steinwurtzel mentioned the agency was “honored to have been chosen” for the mission. He additionally talked a few “collaborative course of with the group,” which can be put to the take a look at with land use evaluations in 2027.
The mission builds on Adams’ government order calling on metropolis businesses to establish city-owned or managed property appropriate for housing improvement.
GFP is contemporary off one other FiDi conversion, turning a former 1.1-million-square-foot workplace property at 25 Water Avenue into one of many largest office-to-resi conversions in U.S. historical past. GFP, Metro Loft and Rockwood Capital lately secured an $835 million refinancing package from Apollo and GIC for the 1,320-unit mission, which started leasing in late January.
Learn extra
City seeks developers to build 1,000-plus units to replace old government building
GFP Real Estate, Metro Loft land $835M refi at 25 Water Street
The Daily Dirt: Mayor pitches 2,000 units for HPD’s home
