Deals & development · 10/21/2026
Housing Lottery Opens at 1 Gouverneur Lane, One-Bedrooms From $1,056
Applications are open on NYC Housing Connect for affordable units at 1 Gouverneur Lane, a new Financial District building developed under HPD's 467-m program. Studios through two-bedrooms are offered at 40%, 80% and 100% of AMI, with income and asset limits. After the lottery closes, applicants get random log numbers, and selected households must verify financial documents.
FReported by ForumDaily New YorkRead the original ↗
What happened
A housing lottery is open for affordable apartments at 1 Gouverneur Lane in the Financial District, zip code 10005. 6sqft reported on October 21, 2026, that the building is also known as 77 Water Street and that the lottery offers 162 affordable apartments. Applications are due November 17, 2026, through NYC Housing Connect.
6sqft reported that Vanbarton Group is converting the 26-story office building into 648 rental apartments and adding seven floors. Vanbarton bought the building from Sage in 2024 for $90 million. CetraRuddy is the architecture firm. ForumDaily New York reported that the project was built under HPD's 467-m program.
The apartments range from studios to two-bedrooms. They are open to individuals and households of up to five people earning 40%, 80% or 100% of Area Median Income. 6sqft put rents at $1,056 to $2,823 a month. ForumDaily described $1,056 as the starting rent for a one-bedroom. ForumDaily also said rent includes heat, gas and water, and that applicants face asset limits.
The sources differ on the unit count. ForumDaily listed 83 studios, 53 one-bedrooms and 20 two-bedrooms, which adds up to 156. 6sqft reported 162 affordable apartments. After the lottery closes, applicants get random numbers that set the waiting list order. The building administration then contacts selected applicants to verify their financial documents. 6sqft said questions should go to Housing Connect by calling 311.
Key facts
- Address
- 1 Gouverneur Lane, also known as 77 Water Street, Financial District, Manhattan 10005
- Affordable units
- 162 per 6sqft; ForumDaily lists 83 studios, 53 one-bedrooms, 20 two-bedrooms (156)
- Rents
- $1,056 to $2,823 a month (6sqft); heat, gas and water included (ForumDaily)
- Income levels
- 40%, 80% and 100% of Area Median Income; households of up to five people
- Developer
- Vanbarton Group, converting a 26-story office building into 648 rentals plus seven new floors
- Program
- HPD 467-m program (per ForumDaily)
- Deadline
- November 17, 2026
- How to apply
- NYC Housing Connect; questions to 311
What it means
Tenants and voucher holders
Households earning 40% to 100% of AMI can apply on Housing Connect until November 17, 2026. Check the income ranges and asset limits for your household size first, because applications outside the range will not move forward.
Caseworkers
Clients will need financial documents ready if they are selected, since the building verifies them after the lottery. Note the asset limits and the five-person household cap when screening clients.
Landlords
This is another office-to-rental conversion in Lower Manhattan that adds income-restricted units. It adds more affordable supply competing for the same pool of moderate-income renters.
The highlights
- Units: 83 studios, 53 one-bedrooms and 20 two-bedrooms in the 10005 zip code.
- Rents are set at 40%, 80% and 100% of AMI; households up to five may apply.
- Built under HPD's 467-m program; heat, gas and water are included in rent.
Why it matters Caseworkers
Lower-income tiers at 40% AMI may suit clients caseworkers place, but asset limits and income checks apply.
What to do: Check income and asset limits on NYC Housing Connect before applying.
Not known yet
- The exact income ranges and rent for each unit size and AMI level
- Whether units are set aside for people with disabilities or local residents
- Whether rental vouchers can be used and how they are counted toward rent
- Why the sources give different unit counts (162 vs. 156)
Background
NYC affordable housing lotteries run through Housing Connect. Applicants submit one application per lottery. After the deadline, applications are put in random order, and the developer or marketing agent reviews them in that order to check income, household size and other eligibility rules. Lotteries often set aside a share of units for people with disabilities and for local residents. Being picked early does not guarantee an apartment. Applicants must still pass income and document verification. HPD's 467-m program is a tax incentive for converting commercial buildings to housing, and it requires a share of units to be income-restricted.
Also drawn from: 162 affordable apartments available at FiDi office-to-rental conversion, from $1,056/month (6sqft)
Summary written by Bulwark from ForumDaily New York’s reporting. The original story is at newyork.forumdaily.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0