A former office tower on Water Street is taking applications for 162 below-market apartments. The city's Housing Connect lottery for 1 Gouverneur Lane in the Financial District, also known as 77 Water Street, is open until Tuesday, November 17, with rents from $1,056 to $2,823 a month depending on household income.

The building is a 26-story former office building near the East River, a short walk from South Street Seaport, that the Vanbarton Group bought in December 2024 to convert into apartments.

The apartments and the rents

The lottery covers 162 income-restricted units, set at three levels of area median income (AMI). Each tier has a minimum income and a maximum that depends on household size:

  • 40 percent of AMI: 33 one-bedrooms at $1,056 a month, for households of one to three. Income must be at least $40,526, with a maximum of $47,520 for one person, $54,280 for two and $61,080 for three.
  • 80 percent of AMI: 20 one-bedrooms at $2,234 a month (minimum income $80,915, maximum $95,040 to $122,160 for one to three people), and 20 two-bedrooms at $2,664 a month for households of two to five (minimum $97,063, maximum $108,560 to $146,560).
  • 100 percent of AMI: 83 studios at $2,643 a month for one or two people (minimum $94,423, maximum $118,800 or $135,700), and six one-bedrooms at $2,823 a month for one to three people (minimum $101,109, maximum $118,800 to $152,700).

Rent includes water, gas and heat. Tenants pay for electricity, which also runs the stove.

What comes with the building

According to the listing, each apartment has a washer and dryer and a dishwasher. The building lists a gym, spa, yoga and dance studio, media room, party room, children's playroom, business center, and outdoor and rooftop terraces, along with a dog park, a dog-washing station and bike storage. There is a doorman, a concierge and an on-site manager, and package lockers. The building is smoke-free, and up to two pets are allowed, with a combined weight of up to 50 pounds at full maturity; some breeds are restricted and fish tanks are not allowed.

A second conversion on Water Street

Vanbarton announced the purchase of 77 Water Street on December 4, 2024, describing a 547,000-square-foot office building it planned to turn into 649 apartments, from studios to three-bedrooms, with more than 30,000 square feet of amenities. It is the company's second office conversion on the street. Its first, Pearl House at 160 Water Street, has 588 apartments, and its first residents moved in in January 2024.

The city's Department of Housing Preservation and Development supervises the lottery, and the building is expected to receive a tax exemption through the city's 467-m program.

How to apply

Applications are made online through NYC Housing Connect, under lottery number 86527662, by November 17, 2026. Paper applications can be mailed to 1 Gouverneur Lane, c/o MGNY Consulting Corp., 109 East 9th Street (storefront), New York, NY 10003.

The building is a few blocks from the Wall Street station on the 2 and 3, with the 4 and 5 at Wall Street and the R and W at Whitehall Street also nearby. The Wall Street and Pier 11 ferry landing is a short walk east.

Sources