An August 2023 study showed that office to residential conversion projects would create 4,000 new apartments in NYC over the next few years, and a housing lottery just opened up for one of them!
In the Financial District stands 25 Water Street, America’s largest office-to-residential conversion, and while it began leasing 1,300+ apartments earlier this year, an additional 330 units have officially opened up via a housing lottery! The building used to be the office of Daily News and JPMorgan Chase, and the one-million-square-foot brick fortress includes 100,000 square feet of amenities such as pickleball courts, a pool, a gym, and a spa.
330 units are listed in the FiDi affordable housing lottery, ranging from studios to three-bedrooms, and New Yorkers making an income between $31,955 and $173,340 are eligible. The pet-friendly residence features modern apartments equipped with high-end appliances, including in-unite washers, dryers, and dishwashers, and seamlessly combines luxury with affordability. An amazing array of amenities includes, but isn’t limited to, the following:
- Bike storage lockers
- Gymnasium
- Spa
- Pool
- Community center
- Media room
- Party room
- Recreation room
- Business Center
- Children’s playroom
- Outdoor terrace
Of the 330 available units, 238 are studios starting at $932, 73 are one-bedrooms starting at $989, 12 are two-bedrooms starting at $1,166, and 7 are three-bedrooms starting at $1,328. Considering rent for the building’s apartments not part of this lottery ranges from $3,000+ a month for a studio to about $10,000 for a three-bedroom, you won’t want to pass this opportunity up.
Interested residents have until May 5th, 2025 to apply to the FiDi affordable housing lottery. Lucky for you, we spoke with pros to uncover five secret tips to win an NYC housing lottery. And when you think about the fact that less than 5% of rents are affordable for NYC residents making the city’s average salary and rents are rising 7x faster than wages in NYC, you’ll want to do all you can to win this lottery.
And be sure to also check out the Park Slope/Gowanus affordable housing lottery, which has one and two-bedroom units starting at $874.
📍 25 Water Street
🚫 Deadline to apply: May 5th, 2025