[NYguy]

^ Most probably wouldn’t want to.



https://therealdeal.com/new-york/2025/01/11/adams-pitches-housing-for-100-gold-street/

Mayor pitches 2,000 units for HPD’s home
Adams says 100 Gold Street will be redeveloped





By Kathryn Brenzel
Jan 11, 2025

During his State of the City address on Thursday, Mayor Eric Adams announced plans to turn the office building at 100 Gold Street into 2,000 homes.

The announcement was short on specifics, for this and other proposals. The mayor announced the project as part of a broader “Manhattan Plan,” an initiative he said would bring 100,000 new homes to the borough over the next decade. (I’ll have more on that proposal next week).

The Department of Housing Preservation and Development is headquartered at the nine-story building, where other city agencies, including the Parks Department, the Office of Collective Bargaining and the Department of Education also have some office space.

The building will likely be demolished to make way for the new housing, and the Department of Citywide Administrative Services will use the proceeds from the redevelopment towards either leasing or buying new office space for the agencies. A senior center in the building will also need to be relocated.

It is worth noting that this announcement comes as city office leases are facing heightened scrutiny.

The city bought the building, which was constructed in the 1960s, in 1993 for $37 million (upwards of $80 million in today’s dollars), from Travellers Insurance Company. The agency had already long been leasing the top two floors in the nine-story building, the New York Times reported at the time. HPD’s predecessor agency (the Department of Housing and Urban Development, before it was split into two agencies in 1978) had also leased space in the building, alongside brokerage Prudential Bache, which moved out after the city bought the building.

The plan for Gold Street is a continuation of the mayor’s directive to agencies to identify public land that could be transformed into housing.

Rachel Fee, head of the New York Housing Conference, said the plans for the property are “symbolic of the extent of need for housing supply and the depth of our crisis.”