Permits & development · Owners & management · Deals & development · 10/23/2026
Housing Lottery Opens for 1 Gouverneur Lane in the Financial District
An affordable housing lottery has opened for 1 Gouverneur Lane, a 26-story office building in the Financial District being converted to apartments. Vanbarton Group is developing the project, designed by CetraRuddy Architecture. It will have 647 residences when it is completed in 2027. The available summary does not give rents, income limits or the deadline.
Reported by New York YIMBYRead the original ↗
What happened
An affordable housing lottery is open for 1 Gouverneur Lane, a 26-story office building in Manhattan's Financial District that is being converted to apartments. 6sqft reported that the building is also known as 77 Water Street. The developer is the Vanbarton Group, and CetraRuddy Architecture is the designer. New York YIMBY reported that the project will have 647 residences when it is finished in 2027. 6sqft put the total at 648 rentals and said the conversion adds seven floors and 50,000 square feet to the existing building.
The lottery on NYC Housing Connect covers 162 units for households earning 40 to 100 percent of the area median income (AMI). Eligible incomes run from $40,526 to $152,700, and rents run from $1,056 to $2,823 a month. At 40 percent of AMI, there are 33 one-bedrooms at $1,056 for incomes of $40,526 to $61,080. At 80 percent of AMI, there are 20 one-bedrooms at $2,234 for incomes of $80,915 to $122,160, and 20 two-bedrooms at $2,664 for incomes of $97,063 to $146,560. At 100 percent of AMI, there are 83 studios at $2,643 for incomes of $94,423 to $135,700, and six one-bedrooms at $2,823 for incomes of $101,109 to $152,700.
Rent includes water, gas and heat. Tenants pay for electricity, including the stove. Apartments will have washers and dryers, air conditioning and smart heating and cooling controls. The building is listed as pet-friendly and will have a doorman, a gym, a children's playroom and other amenities. Applicants must meet income and household size rules. Applications must be submitted online or postmarked by November 17, 2026. 6sqft said questions should go to Housing Connect by calling 311.
Key facts
- Address
- 1 Gouverneur Lane, also known as 77 Water Street (per 6sqft), Financial District, Manhattan
- Affordable units
- 162 units: 83 studios, 59 one-bedrooms, 20 two-bedrooms
- Rents
- $1,056 to $2,823 a month
- Income limits
- $40,526 to $152,700, at 40, 80 and 100 percent of AMI
- Utilities
- Water, gas and heat included. Tenant pays electricity, including stove.
- Developer
- Vanbarton Group, with design by CetraRuddy Architecture
- Total units
- 647 (New York YIMBY) or 648 (6sqft), completion expected in 2027
- Deadline
- November 17, 2026, online or postmarked, via NYC Housing Connect
What it means
Tenants and voucher holders
The cheapest units are 33 one-bedrooms at $1,056 a month for incomes of $40,526 to $61,080. Most of the other units need incomes above about $80,000. The material does not say whether voucher holders can qualify below the listed minimum incomes, so check the Housing Connect listing or call 311.
Caseworkers
Clients with incomes in the 40 percent AMI band should apply by November 17, 2026. Each unit type has a set income range, so match each household's size and income to the listing before filing.
Landlords
This is another office-to-residential conversion that will add several hundred rentals in Lower Manhattan, with completion expected in 2027. Owners nearby may see more new units competing for tenants once it opens.
The highlights
- The building is a 26-story office-to-residential conversion.
- Vanbarton Group is the developer, with design by CetraRuddy Architecture.
- The project will have 647 residences when finished in 2027.
Why it matters
Office conversions are adding affordable units in Lower Manhattan, so caseworkers and applicants should track these lotteries for openings.
What to do: Check the official lottery listing for income limits, rents and the deadline before applying.
Not known yet
- Whether applicants with vouchers or rental assistance are exempt from the minimum income limits
- Household size limits for each unit type
- Any lottery preferences or set-asides, such as for community board residents or people with disabilities
- The expected move-in date for lottery winners
Background
Affordable housing lotteries in New York City are run through NYC Housing Connect. Applying is free, and applicants can file online or by mail before the deadline. Applications are usually ranked by random selection. Households selected are then screened for income, household size and other rules, and listings often include preferences for certain groups. Units are typically priced as a share of the area median income, so each apartment has its own minimum and maximum income.
Also drawn from: 162 affordable apartments available at FiDi office-to-rental conversion, from $1,056/month (6sqft)
Summary written by Bulwark from New York YIMBY’s reporting; the original article was not fully available, so check the source for details. The original story is at newyorkyimby.com. This is general information, not legal advice.
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