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NYC Council approves rezoning plans for up to 3,250 homes
The Monitor Point project in Greenpoint is set to include 662 total units, with affordability raised to 50% and additional open-space commitments plus a 99-year ground lease.
The New York City Council approved rezoning plans that are expected to create up to 3,250 homes across the five boroughs, according to Commercial Observer. The approvals include projects led by the Gotham Organization in Greenpoint, Proto Property Services in Brooklyn, and Friedland Properties and the Chapman Group in Manhattan’s Hell’s Kitchen.
Commercial Observer reported that the Gotham Organization’s Monitor Point rezoning application would deliver 1,324 total units, including 662 affordable homes after City Council committees negotiated for 50% affordability rather than 40%. The plan also calls for a new location for the Greenpoint Monitor Museum and an acre of green space, and it notes that the developer had previously planned 25% affordability as recently as April 2025.
The Monitor Point site will be developed across two towers at 40 Quay Street under a 99-year ground lease with the Metropolitan Transportation Authority, which previously had a wash facility at the location, Commercial Observer said. Brooklyn Councilmember Lincoln Restler argued that public-land developments should be primarily for the public good, pointing to commitments for open space and annual funding to maintain Bushwick Inlet Park.
Commercial Observer also said Proto’s project at 2950 West 24th Street in Coney Island would be an 18-story mixed-use building with 408 units of specialized housing, while Dewitt Clinton Park North in Hell’s Kitchen would include 617 units across two buildings. Four additional smaller projects were approved on Thursday, including a Bedford-Stuyvesant development at 1166 Bedford Avenue with 144 all-affordable units, and a Staten Island project at 198-208 Richmond Terrace with 118 units.