Housing lottery launches for 330 rent-stabilized apartments in former Financial District office tower
- Households that earn $31,955 to $173,340 are eligible to apply. Rents start at $932 for a studio
- The pet-friendly building was once home to JPMorgan Chase and the National Enquirer
The tower represents the largest office-to-residential conversion in the U.S., according to a representative for developers.
Housing lottery applications are open for 330 rent-stabilized apartments at a former office tower in Manhattan’s Financial District. Households that earn $31,955 to $173,340 are eligible to apply, depending on the number of people you live with. Rents start at $932 for a studio.
Located at 25 Water St., the pet-friendly building has a gym, spa, pool, media room, playroom, terrace, and bike storage lockers—though fees apply for access to some of those amenities. It’s located near the Whitehall Street–South Ferry station serving the N, R and W trains and the South Ferry station—the southernmost stop on the 1 train.
The building, which has a whopping 1,320 apartments total, represents the largest office-to-residential conversion in the U.S., according to a representative for developers GFP Real Estate, Metro Loft, and Rockwood Capital. Once the home of JPMorgan Chase, the National Enquirer, and the New York Daily News, the 32-story tower started leasing market-rate units in January.
The rent-stabilized apartments are set aside for New Yorkers earning from 40 to 90 percent of the area median income (AMI)—a metric that depends on how many people you live with. Currently the AMI for New York City is $124,300 for a two-person household. The apartments available include studios as well as one-, two-, and three-bedroom apartments.
There are 186 one-bedroom apartments available for households earning from $77,109 to $111,870. The rent for these apartments is $2,249.
Applications must be submitted online or postmarked no later than May 5th.
If you’re interested and think you might qualify for one of these apartments, you can create a profile and apply online via NYC Housing Connect. For details on this particular lottery, click here. Don’t apply more than once, or you could be disqualified.
Winning a rent-stabilized apartment can be life changing: Rent increases are capped and lease renewals are automatic, providing long-term stability for NYC renters. Need more information on how the housing lottery works? Check out “6 steps for applying to NYC's affordable housing lottery.”
For some advice from successful applicants read “How to land a rental apartment through NYC's affordable housing lottery.” And if you or someone you know is having trouble with the application process, consider reaching out to a housing ambassador in the community.
Note: Brick Underground is in no way affiliated with New York City’s Department of Housing Preservation and Development or the Housing Development Corporation. If you are interested in applying to these or other affordable housing developments, please go to NYC Housing Connect for information and instructions.
Have you successfully won an apartment through the affordable housing lottery? If you have first-person advice to share about the process, we’d love to hear from you. Please send us an email. We respect all requests for anonymity.
