162 affordable apartments available at FiDi office-to-rental conversion, from $1,056/month
Renderings courtesy of NYC Department of Housing Preservation and Development
A housing lottery opened this week for 162 affordable apartments at the latest office-to-rental conversion in the Financial District. Vanbarton Group is converting the 26-story office building at 77 Water Street, also known as 1 Gouverneur Lane, into 648 luxury rental apartments and 30,000 square feet of amenities. Qualifying New Yorkers earning 40, 80, or 100 percent of the area median income can apply for the units, priced between $1,056/month and $2,823/month for studio to two-bedroom apartments.
Vanbarton acquired 77 Water from Sage in 2024 for $90 million with plans to convert it into a residential building.
The project, led by architecture firm CetraRuddy, adds 50,000 square feet and seven new floors to the existing building, with nearly 650 studio to three-bedroom apartments. Amenities will include fitness and wellness facilities, resident lounges, and outdoor spaces.
Before any conversion plans were announced, the 1970s office building was known for two quirky attractions. For many years, a replica of a World War I fighter plane sat on its rooftop. And in the lobby, a whimsical turn-of-the-century penny candy store.
According to Untapped New York, the candy store has closed, and the rooftop plane has been deconstructed.
“Unfortunately, both were in a very advanced state of deterioration, making restoration unfeasible,” a spokesperson from Vanburton told Untapped. “While they could not be saved in their original form, we appreciate the fond memories and community connection to them, and are committed to honoring the character and history of the building as we move it into its next chapter.”
As Crain’s reported in February, the developer plans to remove two metal sculptures and some trees from the 77 Water Street plaza, the first makeover of the public space since it opened more than 50 years ago. The plan adds new benches, planters, and a handful of new trees to the plaza but removes “Cityscape Fountains” by artist Victor Scallo and “Helix,” Rudolph de Harak’s stainless steel sculpture.
The building sits a block from the East River, with easy access to the Seaport District, the ferry at Pier 11, and the rest of Lower Manhattan.
Qualifying New Yorkers can apply for the apartments until November 17, 2026. Complete details on how to apply are available here.
Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.
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