Manhattan Housing Lottery Opens 162 FiDi Units With Rents From $1,056

What happened

A housing lottery is open for 162 affordable apartments at 1 Gouverneur Lane in Manhattan's Financial District, near FDR Drive. 6sqft reports the building is also known as 77 Water Street. The units range from studios to two-bedrooms, with rents from $1,056 to $2,823 a month, according to the city's Housing Connect listing as reported by Patch and 6sqft. Applications are due Nov. 17, 2026.

Patch reports the apartments are for households earning up to 100 percent of area median income (AMI), with incomes from $40,526 to $152,700 a year depending on the unit and household size. 6sqft and ForumDaily say units are offered at 40, 80 and 100 percent of AMI. ForumDaily also reports asset limits, says households of up to five people can apply, and says rent includes heat, gas and water. ForumDaily lists 83 studios, 53 one-bedrooms and 20 two-bedrooms. That totals 156, not the 162 that Patch and 6sqft report. ForumDaily also describes the $1,056 rent as a one-bedroom price, while Patch and 6sqft give $1,056 only as the bottom of the overall range.

The building is a 26-story office tower being converted to apartments by Vanbarton Group, with CetraRuddy as architect. 6sqft says the project adds seven floors and will have 648 rentals in total. New York YIMBY says 647 residences, with completion in 2027. 6sqft reports Vanbarton bought the building from Sage in 2024 for $90 million. ForumDaily says the project falls under HPD's 467-m program.

As Patch describes the process, applicants who apply for an eligible unit get a log number, and an automated system picks numbers at random. ForumDaily adds that selected households must then verify their financial documents. 6sqft says questions should go to Housing Connect through 311.