Council Committee Clears Monitor Point After Deal for Half of Units to Be Permanently Affordable

Overview

• The City Council’s zoning and land-use committees voted unanimously to approve the Monitor Point plan, a key step that sends the proposal to a full Council vote after late negotiations.
• Councilmember Lincoln Restler backed the deal after the developer agreed to make 50% of the 1,324 units permanently affordable, a total of 662 homes that include about 110 supportive units and senior set‑asides.
• Gotham will build on MTA‑leased waterfront land at 40 Quay Street and is expected to pay roughly $39 million to the MTA over the first 25 years while funding relocation of the site’s MTA operations.
• The agreement includes an annual $300,000 park maintenance pledge, a public esplanade and commitments tied to finishing Bushwick Inlet Park, but community groups warn the three towers will change the park’s ecology and waterfront character.
• Construction cannot begin until the Quay Street MTA facility is demolished and moved, a timeline constraint officials say likely pushes practical completion toward about 2031 and makes the full Council vote the next decisive step.