77 Water Street Housing Lottery: 162 Apartments at 1 Gouverneur Lane From $1,056 a Month, Applications Due November 4, 2026
Quick answerAs of October 7, 2026, the NYC Housing Connect listing for 1 Gouverneur Lane, the former 77 Water Street office tower in Manhattan's Financial District, sets an application deadline of November 4, 2026 for 162 income-restricted apartments. Rents run from $1,056 for a one-bedroom to $2,823, and applications go through Housing Connect online or by mail. A voucher holder does not have to meet the minimum income, and 73 of the 162 rents are under the 2026 CityFHEPS maximum.
Last checked: October 7, 2026, against the Housing Connect advertisement for lottery 7662, which on that date showed applications due November 4, 2026; the Housing Connect FAQ; HPD's guide Applying for Affordable Housing; Department of Buildings filings for the lot (job M01157498); the CityFHEPS payment standards and utility allowances in DSS-8r (effective April 1, 2026); and Commercial Observer's reports on the purchase and the construction loan. The advertisement sets the rules; confirm there before you apply.
- 162income-restricted apartments
- Nov. 4the 2026 application deadline in the listing
- $1,056the lowest rent, for a one-bedroom
- 33one-bedrooms at that $1,056 rent
- 83studios at $2,643, the largest group
- 647apartments in the whole building
An Office Tower Becoming 647 Apartments
1 Gouverneur Lane is the residential address of 77 Water Street, a 26-story Financial District office tower that is being converted to housing.
- The developer: Commercial Observer reported in September 2024 that Vanbarton Group was buying 77 Water Street from Sage for about $95 million to convert it. In December 2024 it reported a $280 million loan from Tyko Capital for the purchase and construction, a plan to make 25% of the apartments affordable, and completion expected by the second quarter of 2027.
- The plan on file: Department of Buildings records show a conversion job for 647 apartments on 33 stories, filed February 21, 2025, with the permit issued December 23, 2025. The filing lists 26 existing stories, and its applicant is John Cetra of CetraRuddy Architecture.
- Two apartment counts: Commercial Observer's December 2024 report gave 625 apartments. The Department of Buildings filing, made in February 2025, is for 647, the figure used here.
- The affordable share: Housing Connect describes the lottery as "162 income restricted units - 467-M". That is 25% of the 647 apartments. 467-m is the state tax exemption for turning offices into housing, and the advertisement says the building "is anticipated to receive a Tax Exemption through the 467-m Program."
- September 2024Commercial Observer reports Vanbarton Group's contract to buy 77 Water Street.
- December 2024a $280 million acquisition and construction loan is reported.
- February 21, 2025the conversion is filed with the Department of Buildings.
- December 23, 2025the permit is issued.
- October 4, 2026the building is on Housing Connect with its rents.
- By October 7, 2026the listing carries the full advertisement and an application deadline.
- November 4, 2026applications are due.
What it means: the conversion went from a purchase contract to an application deadline in a little over two years.
Source: Commercial Observer; Department of Buildings job M01157498; Housing Connect listing for lottery 7662.
Rents and Income Limits in the 1 Gouverneur Lane Housing Connect Lottery
The 162 apartments are split across three income levels, and more than half are studios priced for 100% of the area median income.
| Apartments | Rent | People | Yearly income |
|---|---|---|---|
| 33 one-bedrooms, 40% AMI | $1,056 | 1 to 3 | $40,526 to $61,080 |
| 20 one-bedrooms, 80% AMI | $2,234 | 1 to 3 | $80,915 to $122,160 |
| 20 two-bedrooms, 80% AMI | $2,664 | 2 to 5 | $97,063 to $146,560 |
| 83 studios, 100% AMI | $2,643 | 1 to 2 | $94,423 to $135,700 |
| 6 one-bedrooms, 100% AMI | $2,823 | 1 to 3 | $101,109 to $152,700 |
What it means: the 33 one-bedrooms at $1,056 are the apartments most lower-income renters could qualify for; the other 129 need about $81,000 a year or more.
Source: Housing Connect advertisement for lottery 7662, read October 7, 2026. The top of each range is for the largest household allowed. The listing's apartment records give one of the 83 studios a minimum of $94,903; its rent table gives $94,423 for all of them.
| Household size | 40% AMI maximum | 80% AMI maximum | 100% AMI maximum |
|---|---|---|---|
| 1 person | $47,520 | $95,040 | $118,800 |
| 2 people | $54,280 | $108,560 | $135,700 |
| 3 people | $61,080 | $122,160 | $152,700 |
| 4 people | not offered | $135,680 | not offered |
| 5 people | not offered | $146,560 | not offered |
What it means: your yearly household income before taxes has to be at or under the number for your household size. Households of four or five can apply only for the 20 two-bedrooms, and no apartment has three bedrooms.
Source: the same advertisement.
| Household size | 40% AMI apartments stop at | The next apartments start at | Yearly incomes left out |
|---|---|---|---|
| 1 person | $47,520 | $80,915 | $47,521 to $80,914 |
| 2 people | $54,280 | $80,915 | $54,281 to $80,914 |
| 3 people | $61,080 | $80,915 | $61,081 to $80,914 |
What it means: without a voucher, a household of one to three people whose income falls in the last column qualifies for no apartment in this lottery.
Source: VoucherMatch's arithmetic from the income ranges in the advertisement.
Tenants pay for electricity, which runs the stove. The advertisement says: "Rent includes water, gas and heat." The listing shows no deposit or application fee.
Which Apartments a Voucher Can Cover at 1 Gouverneur Lane
A voucher holder can apply without meeting the minimum income, and 73 of the 162 apartments are under the 2026 CityFHEPS maximum, before and after the electricity allowance.
The Housing Connect FAQ says: "Minimum income requirements do not apply if you have a voucher or a rental subsidy. However, rent should be within maximum limits allowed by your voucher or rental assistance program."
View the data table
| Apartment | Rent at 1 Gouverneur Lane | CityFHEPS maximum |
|---|---|---|
| 1 bedroom, 40% AMI | $1,056 | $2,734 |
| 1 bedroom, 80% AMI | $2,234 | $2,734 |
| 2 bedrooms, 80% AMI | $2,664 | $2,997 |
| Studio, 100% AMI | $2,643 | $2,604 |
| 1 bedroom, 100% AMI | $2,823 | $2,734 |
What it means: the 40% and 80% apartments are $333 to $1,678 under the maximum. The 83 studios are $39 over it and the six 100% one-bedrooms are $89 over.
Source: rents from the Housing Connect advertisement; maximums from DSS-8r, effective April 1, 2026, all utilities included. NYCHA's 2026 Section 8 standards for new rentals are the same figures.
| Apartment size | 2026 CityFHEPS maximum | Allowance for electricity with a cooking range | Maximum less the allowance |
|---|---|---|---|
| Studio | $2,604 | $111 | $2,493 |
| 1 bedroom | $2,734 | $126 | $2,608 |
| 2 bedrooms | $2,997 | $167 | $2,830 |
What it means: after the allowance, the 40% and 80% apartments are still $166 to $1,552 under. The studios are $150 over and the 100% one-bedrooms are $215 over.
Source: DSS-8r, 2026 payment standards and 2026 utility allowance schedule, monthly; subtraction by VoucherMatch. DSS-8r says its maximums apply "if all utilities are included in the lease," and here tenants pay for electricity.
- Your maximum follows your household, not the apartment. CityFHEPS sets it by family size: a studio or one-bedroom amount for one or two people, the two-bedroom amount for three or four.
- Two people in a two-bedroom: their maximum is the one-bedroom figure, $2,734, which is $70 above the $2,664 rent before the electricity allowance and below it afterward. Ask your caseworker before counting on one.
- The maximum income still applies. A voucher removes the floor, not the ceiling.
- Expect to show proof. HPD says the marketing agent "will contact you for proof of the subsidy and the amount of rent it covers."
- Credit: HPD's FAQ says "Applicants qualifying with rental subsidy are not subject to a credit check or review of rental history."
The allowance above is the CityFHEPS schedule. With a Section 8 voucher, ask your housing agency which allowance it applies. For how allowances work, see Section 8 utility allowances in NYC and the 2026 Section 8 payment standards in NYC. Not sure which program you have? See CityFHEPS vs Section 8.
How the Rents Compare With Typical Rents in the Financial District
Every rent in the lottery is at least $557 under what HUD estimates an ordinary apartment costs in ZIP code 10005, before the electric bill.
View the data table
| Apartment | Rent at 1 Gouverneur Lane | HUD fair market rent, ZIP 10005 |
|---|---|---|
| 1 bedroom, 40% AMI | $1,056 | $3,380 |
| 1 bedroom, 80% AMI | $2,234 | $3,380 |
| 2 bedrooms, 80% AMI | $2,664 | $3,680 |
| Studio, 100% AMI | $2,643 | $3,210 |
| 1 bedroom, 100% AMI | $2,823 | $3,380 |
What it means: the 33 one-bedrooms at $1,056 cost less than a third of HUD's figure, and the 100% apartments are $557 to $567 under it.
Source: rents from the Housing Connect advertisement; fair market rents from HUD's Small Area Fair Market Rents for fiscal year 2027, in effect since October 1, 2026. HUD's figure is its estimate of the 40th-percentile rent in the ZIP code with utilities included.
- What HUD's figure is for: HUD publishes it as a basis for Section 8 payment amounts. It is the closest public measure of what an ordinary apartment in the area rents for.
- Utilities: HUD's figure includes all utilities. The lottery rents include water, gas and heat but not electricity, so the real gap is smaller than the chart shows by the electric bill.
- Apartments in this area: see voucher apartments in ZIP 10005 and Section 8 apartments in the Financial District.
Who Gets Preference in This Lottery
As of October 7, 2026, the listing names no preference group and no set-aside: no community board, municipal employee or disability line appears.
- Community board residentsHPD's FAQ says this preference "does not apply to developments that do not receive City financing, e.g., those that only receive a tax exemption." The advertisement names the 467-m tax exemption and no other program.
- Disability set-asidesHPD's FAQ describes 5% of apartments for mobility disabilities and 2% for hearing or vision disabilities. This listing does not show them, so ask before relying on one.
- New York City residentsHPD's FAQ says people outside the city can apply, but "preference is given to current New York City residents."
What it means: preferences change the order in which applications are reviewed, so check the advertisement again before you apply.
Source: Housing Connect listing for lottery 7662, read October 7, 2026; Housing Connect FAQ.
What the Building Will Have: Amenities, Pets and Transit
The listing shows a doorman, a gym, washers and dryers in the apartments and a smoke-free building.
- Staffdoorman, concierge and an on-site resident manager.
- In the apartmentswashers and dryers, dishwashers, air conditioning and smart heating and cooling controls. The listing also names "High-end kitchen appliances" and "High-end countertops and finishes."
- Shared spacesgym, spa, yoga and dance studio, media room, party room, children's playroom, business center, outdoor and rooftop terraces, a shared laundry room, bike storage lockers and package lockers. The building has an elevator and an accessible entrance.
- Petsat most two, with a combined weight of no more than 50 pounds when fully grown. Rottweiler, Doberman, Pitbull and German Shepherd dogs "with an aggressive nature as determined by Owner," caged birds and cat breeds "with an aggressive nature" need written consent. Fish tanks are not permitted. A dog park and a dog washing station are listed.
- Smokingthe building is listed as smoke-free.
What it means: the advertisement's pet sentence opens "Service/Support animals are allowed a maximum of 2 Pets of any kind," which is unclear, so confirm the pet rule before you apply with one.
Source: Housing Connect advertisement for lottery 7662, read October 7, 2026.
| Stop | Lines | Straight-line distance |
|---|---|---|
| Water St/Wall St bus stop | not given in the listing | about 0.1 miles |
| Bowling Green | 4, 5 | about 0.3 miles |
| Fulton St | A, C, J, Z, 2, 3, 4, 5 | about 0.4 miles |
What it means: the nearest subway station in the listing, Bowling Green, is about 0.3 miles away.
Source: stops and coordinates in the Housing Connect listing; distances calculated by VoucherMatch in a straight line, so the walk is longer. The listing also notes the building is close to ferry service.
How to Apply Before November 4
Applying is free, goes through Housing Connect online or by mail, and the day you apply does not change your odds.
- 1Make a profilecreate an account at housingconnect.nyc.gov and fill in every household member, all income and any voucher.
- 2Open the listinggo to 1 Gouverneur Lane, lottery 7662, and check that your household size and income match a row in the tables above.
- 3Apply oncesubmit one application per household by November 4, 2026. HPD says a household that sends more than one is disqualified.
- 4Or apply on paperthe listing says to request an application by mailing a self-addressed envelope to 109 E 9th St, Storefront, Manhattan, NY 10003. Do not apply both online and by mail.
- 5Keep your profile currentHPD says a profile that becomes incomplete before log numbers are assigned gets no log number.
What it means: HPD says the chances are the same online or by mail, and one household gets one entry.
Source: Housing Connect listing for lottery 7662, read October 7, 2026; Housing Connect FAQ; HPD's Applying for Affordable Housing guide.
Watch outon October 7, 2026, 1 Gouverneur Lane did not appear in the results of Housing Connect's open-lottery search, although its listing carried the deadline and the application instructions. Use the direct link in step 2. If the page does not let you apply after you log in, HPD's applicant hotline is 212-863-7990, answered on weekdays from 9am to 5pm.
- November 4, 2026applications are due.
- A few weeks laterHousing Connect gives every complete application a random log number.
- When your number is reachedthe marketing agent asks for documents to confirm your household and income. HPD's guide says you will have "a few business days" to send them.
- Before a leaseyou choose between showing 12 months of full rent payments and a credit review. The check fee cannot exceed $20.
- 2 to 12 monthshow long HPD's guide says it may take for applications to be processed.
What it means: plan on where you will live for the next year while this runs. HPD's guide warns that an applicant may never be contacted.
Source: Housing Connect FAQ and HPD's Applying for Affordable Housing guide.
- ID for every adult. a driver's license, state ID or IDNYC
- Birth certificates. or school letters for children under 18
- Income. recent pay stubs and your latest tax return
- Proof of address. HPD lists it among the documents a marketing agent can ask for
- Assets. bank and investment statements
- Voucher. your shopping letter or voucher, showing the rent it covers
Watch outthere is an asset limit. The advertisement sets it at $67,840 for the 40% apartments, $135,680 for the 80% apartments and $169,600 for the 100% apartments. HPD says balances in designated retirement and college savings accounts are not counted toward it.
What the Listing Still Leaves Out
Besides preferences, the advertisement leaves four things unstated as of October 7, 2026.
- Extra feesnothing says which amenities cost extra for the income-restricted apartments or whether pets carry a fee.
- The marketing agent's namethe advertisement names no company. Its "More information" link goes to mgnyconsulting.com, the site of MGNY Consulting, whose office address there is 109 East 9th Street, the street address the listing gives for paper application requests.
- Apartment sizesthe listing gives no square footage and no bathroom counts.
- Move-in datethe listing gives none. Commercial Observer reported in December 2024 that construction was expected to be complete by the second quarter of 2027.
What it means: ask about fees and move-in timing before you accept an apartment.
Source: Housing Connect advertisement for lottery 7662, read October 7, 2026; mgnyconsulting.com; Commercial Observer.
If You Need an Apartment Now
HPD's guide says applications may take 2 to 12 months to process, so keep searching while this lottery runs.
3 bedrooms, $2,816 a monthHarlem, ManhattanAccepts Section 8 (HCV) · HASA · EHV
3 bedrooms, $3,577 a monthHarlem, Manhattan
Studio, $2,479 a monthManhattan
Listed by landlords who say which vouchers they accept. These are separate from the lottery. See all Manhattan listings
- Voucher in hand: browse Section 8 apartments in Manhattan and CityFHEPS apartments in Manhattan from landlords who take vouchers, or narrow it to CityFHEPS apartments in the Financial District.
- No voucher yet: read how to get a housing voucher in NYC.
Frequently Asked Questions
When is the deadline for the 77 Water Street housing lottery?
November 4, 2026. That is the application deadline in the Housing Connect listing for 1 Gouverneur Lane, lottery 7662, as read on October 7, 2026.
How do I apply for 1 Gouverneur Lane on Housing Connect?
Create a Housing Connect profile, open lottery 7662 and submit one application per household by November 4, 2026. To apply on paper, mail a self-addressed envelope to 109 E 9th St, Storefront, Manhattan, NY 10003 to request an application.
Is 1 Gouverneur Lane the same building as 77 Water Street?
Yes. 77 Water Street was the office address. Housing Connect and city building records use 1 Gouverneur Lane for the same lot. 162 of its 647 apartments are income-restricted.
How much do you have to earn for 1 Gouverneur Lane?
At least $40,526 a year for the 33 one-bedrooms at $1,056, and $80,915 or more for the other 129 apartments. With a voucher, the minimum does not apply.
Can I use CityFHEPS or Section 8 at 1 Gouverneur Lane?
HPD says vouchers are accepted in Housing Connect apartments. The 73 apartments at 40% and 80% AMI are under the 2026 CityFHEPS maximums, including after the electricity allowance. The 89 at 100% AMI are over them.
What utilities are included in the rent at 1 Gouverneur Lane?
The advertisement says the rent includes water, gas and heat. Tenants pay for electricity, which runs the stove.
Are the rents at 1 Gouverneur Lane below market?
Yes. HUD's fiscal year 2027 fair market rent for ZIP code 10005 is $3,210 for a studio, $3,380 for a one-bedroom and $3,680 for a two-bedroom. Every rent in the lottery is at least $557 lower, before the electric bill.
Sources for this article (9)
- Housing Connect advertisement for lottery 7662 (housingconnect.nyc.gov)
- Housing Connect FAQ (housingconnect.nyc.gov)
- Applying for Affordable Housing (nyc.gov)
- DSS-8r (nyc.gov)
- purchase (commercialobserver.com)
- construction loan (commercialobserver.com)
- Small Area Fair Market Rents (huduser.gov)
- housingconnect.nyc.gov (housingconnect.nyc.gov)
- mgnyconsulting.com (mgnyconsulting.com)
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Every rule, date and dollar amount in this article is checked against the agency document it comes from, and the sources are listed above. How VoucherMatch articles are researched and corrected
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