BROOKLYN, NY — The Metropolitan Transportation Authority Board has approved a redevelopment that would bring over 600 affordable apartments to Greenpoint.
The project, called Monitor Point, would redevelop the MTA-owned property at 40 Quay St.
The 840,000-square-foot project is expected to create approximately 1,324 rental homes, with 50% permanently affordable, along with more than 52,500 square feet of publicly accessible waterfront space, retail and community space, climate resiliency improvements and a permanent home for the Greenpoint Monitor Museum, according to the MTA.
"When New York City Transit bought this site in the 1990s, the North Brooklyn waterfront was an industrial enclave," MTA Chair and CEO Janno Lieber said. "Today our facility no longer fits in, so better to redevelop the land and create much-needed new housing while generating new revenue to fund transit improvements."
The 99-year ground lease is expected to generate $61 million in net present value for the MTA's capital program, in addition to real estate tax revenue.
The funding will allow the nearby Nassau Avenue G train station to be made fully accessible. The agreement also includes approximately $54 million in new facilities to replace three outdated MTA facilities.
Gotham Organization, the selected developer, will first construct a new facility at 213 Meadow St. in East Williamsburg to house the Mobile Wash Division and other NYCT operations, including an emergency response unit.
Construction is expected to begin in summer 2027. Once the facility is completed, the existing MTA building at 40 Quay St. will be demolished for construction of Monitor Point.
The project will also free the Emergency Response Unit's current site at 65 Commercial St., creating 25,000 square feet of additional parkland at Box Street Park, public bathrooms and $300,000 in annual funding for Bushwick Inlet Park.
Plans also call for shoreline restoration, environmental remediation and expanded waterfront access.
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