NEW YORK | Monitor Pt (40 Quay St) | 640 / 490 / 260 FT | 56 / 41 / 21 FLOORS

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[NYguy]

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[NYguy]

There's always some idiot...


https://therealdeal.com/new-york/2026/05/28/development-deals-hit-new-york-council-roadblock/

Development deals hit Council roadblock


By Caroline Spivack
May 28, 2026

City Council member Lincoln Restler sparred with the Gotham Organization and the Metropolitan Transportation Authority Wednesday during a tense committee meeting on the Monitor Point project, rejecting the proposed 1,150-unit development on the Greenpoint waterfront without more income-restricted housing and a city commitment to completing Bushwick Inlet Park. With just weeks to go before the Council must take action on the proposal, Monitor Point appears to be at a political stalemate, and an increasingly likely candidate to test the city’s new housing appeals board.

The unfolding political battle has become the latest proxy for the city’s YIMBY-versus-NIMBY showdown, pitting pro-development housing advocates against neighborhood groups who’ve raised concerns about the project’s affordability and scale.

Ninety speakers packed the committee room to testify, a mix of those for and against the project, with housing advocates and labor unions rallying outside the building to chants of “What’s the point? Monitor Point!”

As proposed, Gotham would build three residential towers on land leased from the Greenpoint Monitor Museum and the MTA. Forty percent of the 1,150 apartments — or 460 units — would be permanently income-restricted for households earning 60 percent of area median income. The remaining 690 units would rent at market rates, with studios starting around $4,000 and three-bedrooms topping out near $9,500, according to Gotham president of development Bryan Kelly.

Restler said he remains “uncomfortable and opposed” to the project, arguing that the state-owned MTA parcel should deliver deeper affordability. “I don’t think this makes sense, and we’re going to have to see significant improvement for my position to change,” he said.

The Mamdani administration, meanwhile, has framed Monitor Point as “an opportunity to deliver new affordable housing, additional public amenities and critical infrastructure,” mayoral spokesperson Matt Rauschenbach said. He added that the city is working with Restler to advance the project.

Gotham has pointed to its spending on roughly $130 million in development rights, replacement MTA facilities and infrastructure needed to make the project viable and argues that adding more income-restricted units is unworkable on its end. “With the support of the city, if we can move the needle, we’ll move the needle,” said Kelly. “But to be clear, developers are executing upon a business plan. We also have constraints.”

[NYguy]

[NYguy]

https://therealdeal.com/new-york/2026/06...othams-monitor-point-after-zoning-fight/

City Council greenlights Gotham’s controversial Monitor Point
Council member Restler gives OK after Gotham upped affordable units to 50%


JUN 25, 2026
By Ben Miller

Gotham Organization’s embattled rezoning plan for its massive Monitor Point development in Greenpoint eked out approval at a City Council land use vote Thursday, after negotiating to bump up the share of affordable housing to nearly half of the proposed units.

“We just moments ago were able to reach a final agreement on this project,” Restler said before the City Council voted to approve the Monitor Point project.

“It’s come an extraordinarily long way, and I am pleased today to express my support for the amended proposal for a majority affordable housing development known as Monitor Point at 40 Quay Street in Greenpoint.”

Gotham’s newly pitched plan bumps the affordable housing component of the project up to 50 percent of the units from a recent 40 percent figure.

“For years, everybody involved in this project told me that it wasn’t possible to make this a 50 percent affordable housing project, and we just kept at it,” Restler told The Real Deal. “We looked at every possible angle at how we could add affordable housing. Gotham, the Mamdani administration and the MTA all stepped up with creative solutions.”

Those solutions included adding more units specifically for seniors and supportive housing, converting commercial space and taking air rights from across the street to expand an affordable building, according to Restler.

“It was not one single intervention or tool that got us there,” he said. “On public land we have a much higher standard for what we should expect in terms of affordable housing for our community, and we accomplished that here.” Restler added that this was the “hardest negotiation” of his entire Council career.

The updated plan allows Brooklyn Council member Lincoln Restler to claim a win on Monitor Point, which he threatened to hold hostage mid-ULURP process unless Gotham fully funded the nearby site slated for Bushwick Inlet Park and reached 50 percent affordability, or 662 of the units slated for development.

The Council member ultimately came around to a yes vote on the project. If Restler had kept the project from passing the land use vote, it could have led to the first test of a recently formed affordable housing appeals board consisting of Council Speaker Julie Menin, Borough President Antonio Reynoso and Mayor Zohran Mamdani.

The mayor, who offered President Donald Trump a sympathetic ear to talk ULURP reform during their November meeting at the White House, won’t likely stand in the way of building affordable housing or long-promised parkland on the MTA-owned site. His administration’s housing plan aims to speed up affordable housing construction across the five boroughs and eliminate bottlenecks at every stage of the development pipeline, and he appeared in an Instagram post with Lincoln Restler touring the Bushwick Inlet Park site.

“I really want to thank the Mamdani administration, I think this is probably their first big hairy ULURP of their first six months,” Restler said before the Council vote.

[NYguy]

https://therealdeal.com/new-york/2026/07...roves-gothams-monitor-point-development/

Gotham wins final go-ahead for Brooklyn waterfront apartment towers





Jul 17, 2026

It’s a done deal for the Gotham Organization — with a final approval of its controversial Monitor Point in Brooklyn won after the inclusion of more than 600 affordable homes.

The City Council gave its final go-ahead Thursday for the locally based developer to construct two towers with 1,324 apartments at 40-56 Quay Street, in Greenpoint, Crain’s New York reported. It will replace a truck wash station on 2 acres owned by the Metropolitan Transportation Authority.

The greenlight came three weeks after Council member Lincoln Restler cut an 11th-hour deal with Gotham to make half of the units affordable, boosting the number of affordable units to 662, from 248 units.

The deal included 161 affordable apartments for seniors and 110 supportive units for formerly homeless residents. Half of the affordable units will be set aside for residents earning between 30 percent and 60 percent of area median income.

“Our goal on these projects isn’t to make everybody happy — that’s impossible,” Restler said before Thursday’s vote. “It’s to strike a deal that we think will benefit our community for generations to come.”

[ChiND]

This location is where the U.S.S. Monitor from the famous Battle of Hampton Roads was built.

[NYguy]

Originally Posted by ChiND

This location is where the U.S.S. Monitor from the famous Battle of Hampton Roads was built.

That’s what the museum is for.

[ChiND]

Originally Posted by NYguy

That’s what the museum is for.

It’s going to be very nice.

[NYguy]

https://www.brownstoner.com/development/...asses-40-quay-street-affordable-housing/

Monitor Point Will Bring Three Towers, at Least 1,324 Units to Greenpoint Waterfront
The City Council passed a rezoning that paves the way for the giant Monitor Point development with its 56-, 41-, and 35-story towers.


by Anna Bradley-Smith
08/03/2026

The approval comes after negotiations between Council Member Lincoln Restler and developer Gotham Organization that increased the project’s number of affordable apartments.

The rezoning of 40-56 Quay Street, just north of Bushwick Inlet Park, was passed by the full City Council on July 16 and allows Gotham to lease land from the MTA for 99 years and develop three residential towers rising 56, 41, and 35 stories. It is also using air rights from the waterfront site adjacent to the MTA site, currently owned by the Greenpoint Monitor Museum. In exchange will include a new building for the museum as part of the development.