Mayor Eric Adams has secured a major developer, GFP Real Estate, to redevelop a city-owned office building in Lower Manhattan into 3,700 units of mixed-income housing. The deal is worth millions, but the price tag and terms are not publicly known.
The Gural family, who own GFP Real Estate, have contributed over $45,000 to Empower NYC, a PAC backing Adams’ re-election bid. However, due to a loophole in city laws, the contribution was limited to $400.
GFP’s CEO, Jeffrey Gural, had previously donated to another PAC backing Andrew Cuomo, who lost the primary election. When asked about his firm winning the competitive bidding process for 100 Gold St., Gural claimed he had no involvement and that his nephew handled the deal.
The city says the developer was chosen based on their experience and commitment to building affordable housing and creating jobs. However, some experts say the trade-off may not be comparable to another proposed affordable housing project at Elizabeth Street Garden.
Under the new plan, approximately 900 of the apartments will be designated as affordable without taxpayer-funded subsidies. The redevelopment will also include a senior center, fitness center, and public open space. However, environmental reviews and community involvement are still needed before construction can begin.
Source: https://www.thecity.nyc/2025/12/08/100-gold-street-eric-adams-jeffrey-gural-gfp-real-estate-conversion