GFP Real Estate Wins NYC Housing Project Amid Scrutiny
Update: 2025-12-08
Description
GFP Real Estate, backed by significant donors to Mayor Adams campaign, secures NYCs approval to transform a city-owned office building into 3,700 apartments, with at least 25% being affordable housing. Despite scrutiny over political contributions, the citys Economic Development Corporation chose GFP through a competitive process, with the exact sale price remaining undisclosed. The project also includes a senior center, fitness center, and public open space, with proceeds from the sale funding new city agency spaces. A lengthy environmental review is required before construction begins.
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