Hello Nitisha - So, first off, I need to apologize again for not reading your post closely enough. I didn't realize that the NLCD data set was an Imagine file. Imagine files don't work with the Con tool. This will add one extra step for you but you need to convert your NLCD data set to a GRID file. The easiest way to convert the data set is to right-click on the NLCD layer in the Table of Contents, navigate to Data and then Export Data. Set the format to GRID, name your file and then select save. The process shouldn't take very long for you. The entire state of Ohio took about 7 minutes to convert.
With the data set converted to the GRID format you can now use the Con Tool to select only those pixels identified as open water and then use the Raster to Polygon tool to convert the pixels to polygons. I did the entire process from beginning to end and I had no pixel difference between the original raster and the open water raster.
Again, sorry for the runaround over the last several days. So the steps should be as follows,
1) Convert NLCD data set to the GRID format by using the Export Data option.
2) Use the Con Tool to create a new raster based on a SQL expression that identifies only Open Water.
3) Use the Raster to Polygon tool to convert the raster created in step 2 to polygons (remember to deselect 'simplify polygons').
4) Create a new column in your new shapefile created in step 3 and calculate the area using Calculate Geometry.
Please let me know if this works for you. Good luck 🙂