Lottery opens for 162 affordable apartments in a FiDi office conversion at 1 Gouverneur Lane, from $1,056 a month

A housing lottery is open for 162 affordable apartments at 1 Gouverneur Lane, the former 77 Water Street office tower in the Financial District, New York YIMBY and 6sqft reported. Applications must be submitted online or postmarked by Nov. 17, 2026.

The lowest rent is $1,056 a month, for 33 one-bedrooms set aside for lower-income households.

Rents and income ranges

The apartments are split across three income tiers, according to New York YIMBY:

• 40% of area median income: 33 one-bedrooms at $1,056 a month, for incomes of $40,526 to $61,080.
• 80% AMI: 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.
• 100% AMI: 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.

The top of each income range applies to the largest household allowed for that unit, so check the limit for your household size on the official listing. Rent includes water, gas and heat; tenants pay for electricity, which runs the stove.

The building

Vanbarton Group is converting the 26-story office building, designed by CetraRuddy Architecture, into roughly 650 rentals: 647 according to New York YIMBY and 648 according to 6sqft. The project adds seven floors and about 50,000 square feet. Vanbarton bought the building from Sage in 2024 for $90 million, 6sqft reported, and completion is expected in 2027.

Apartments will have washers and dryers, air conditioning and smart heating and cooling controls. Listed building amenities include a gym, spa, yoga and dance studio, media and party rooms, a children's playroom, an outdoor terrace, a dog park, bike storage, a doorman and a concierge. The building is a block from the East River, close to the Seaport and the Pier 11 ferry landing.

Longtime downtown workers may remember the building's quirks. 6sqft noted that the replica World War I fighter plane on its roof has been taken down and the penny candy store in its lobby has closed.

How to apply

• Apply on NYC Housing Connect by searching for 1 Gouverneur Lane. Paper applications must be postmarked by Nov. 17.
• Check that your household size and total income fall inside a row in the table before you apply.
• Questions about the listing go to Housing Connect through 311, according to 6sqft.

Another lottery closing soon: 57 apartments at DOMI in Dutch Kills, due Nov. 10.