A FiDi redevelopment is shifting ahead, now with 8 p.c extra housing models.
Town-owned workplaces at 100 Gold Avenue might be transformed to 4,000 residences, up from the three,700 that had been introduced final 12 months, in response to town’s Financial Improvement Company. Town will maintain a scoping listening to subsequent month to tell an environmental influence assertion.
That kickstarts the method to lastly get housing constructed on the location of the ageing workplace constructing, dwelling to NYC’s Division of Housing Preservation and Improvement. The general public land use assessment course of is prone to start in 2027.
Because it stands at present, 100 Gold Avenue isn’t that previous. The nine-story constructing was accomplished within the Nineteen Sixties and bought by town in 1993 for $36.9 million. However I visited the location earlier this 12 months to interview housing commissioner Dina Levy, and I see why EDC may say the constructing would take “in depth repairs to proceed serving civil servants and the general public safely and successfully.” Nothing appeared unsafe, however the constructing is kind of shabby and dated.
The developer behind the brand new undertaking is Jeff Gural’s GFP Real Estate, which gained a request for proposals in December of 2025. (When the profitable bid was introduced, in the course of the administration of Mayor Eric Adams, the City Reporter famous that Gural had made a hefty donation to Adams’ re-election bid; Gural informed the outlet he didn’t have something to do with the bid, whereas EDC mentioned the bidding course of had been aggressive and donations had nothing to do with the choice.)
GFP will construct the 4,000 models, one-quarter of them inexpensive housing, whereas collaborating underneath the 485x tax abatement program. The tax plan permits builders to forgo property taxes for many years in the event that they construct rental housing at sure affordability ranges.
The up to date plan gives an early take a look at how Mayor Zohran Mamdani will deal with growth of city-run property, in addition to initiatives inherited from the Adams administration. If the 100 Gold Avenue announcement is any indication, it appears Mamdani is, a minimum of in some conditions, completely happy to squeeze extra market-rate models out of a undertaking.
Town companies presently housed at 100 Gold, together with HPD, might be moved to “fashionable workplace area,” per EDC. The senior heart presently run by Hamilton-Madison Home on the location might be changed, and a business health heart might be added.
What we’re fascinated by: How does investing in rent-stabilized properties differ by borough? How is shopping for within the Bronx completely different from shopping for in Brooklyn? Ship ideas to lilah.burke@therealdeal.com.
A factor we discovered: The New York Metropolis marathon is altering its route for the primary time in 15 years, Gothamist reports. The brand new route will enhance entry to native companies within the Mott Haven part of the Bronx.
Elsewhere…
— Rep. Alexandria Ocasio-Cortez, considered one of New York’s most outstanding progressives, is weighing a presidential run, telling the New York Times that she is pondering over the professionals and cons of a marketing campaign. “[L]ife doesn’t wait so that you can be prepared for issues. Generally life simply makes issues prepared for you,” she informed the outlet.
— After Mamdani’s press convention with President Trump about potential federal funding to assist construct 12,000 housing models over the Sunnyside railyard in Queens, politicians within the borough stay skeptical, Politico reports. Metropolis Council member Julie Gained, who represents Sunnyside, informed the outlet she’s troubled by the truth that the mayor and the president haven’t been consulting her or different native voices. Borough President Donovan Richards questioned the administration’s choice to prioritize federal funding for Sunnyside Yard over different initiatives that might be shovel-ready sooner.
— The MTA desires to revamp its public info methods to really give riders public info, relatively than typically garbled or inaudible communications, Gothamist reports. The company put aside $800 million in its new development plan to construct a system that has higher “audibility, intelligibility, and relevance,” and can also be AI-assisted.
Closing time
Residential: The most costly residential sale recorded Tuesday was $12 million for a 2,678-square-foot condominium at 200 Amsterdam Avenue in Lincoln Sq.. The unit final offered for $10.65 million in February 2024.
Business: The most costly business transaction was $25.7 million for a 19,404-square-foot theater at 375 West 207th Avenue in Inwood. Taconic Companions offered the unit to The Individuals’s Theater. The undertaking has 611 inexpensive models, 61,000-square-feet of economic area and 120 parking areas.
New to the Market: The very best worth for a residential property hitting the market was $25 million for a 6,086-square-foot condominium at 39 Crosby Avenue in Soho. Joshua Decide and Glenn Norrgard with Sotheby’s Worldwide Realty have the listing.
Breaking Floor: The most important new constructing allow filed was for a proposed 67,350-square-foot, 44-unit undertaking at 2074 McDonald Avenue in Gravesend. Kao-Hwa Lee Architects filed the allow on behalf of Emerald Builders.
— Matthew Elo
