Brooklyn’s waterfront is about to look a whole lot different. A massive new development in Greenpoint is set to bring more than 1,300 new homes to the East River waterfront, including 662 permanently affordable apartments.
The project, called Monitor Point, was approved by the NYC City Council this summer and will transform two long-vacant waterfront sites into a mixed-use neighborhood with housing, public open space, shops, community space, and a new home for the Greenpoint Monitor Museum. Construction is expected to begin in 2028.
And while the scale of the project is impressive, the affordable housing component is arguably the biggest headline: half of the development’s homes will be permanently affordable. Here’s what’s coming to the Greenpoint waterfront.
More than 1,300 homes are coming to the waterfront
Monitor Point will bring 1,324 rental homes to two sites at 40 Quay Street and 56 Quay Street, near the East River. Of those, 662 homes will be permanently affordable, while the remaining apartments will be market-rate.
The development is being created through a partnership between the MTA, the Greenpoint Monitor Museum and Gotham Organization, which plans to turn the former industrial sites into a new mixed-use community.
The MTA is leasing its portion of the property for 99 years, with revenue from the deal going toward transit projects across the system.
The new neighborhood will have more than just apartments
Monitor Point is planned as a full mixed-use development rather than simply a collection of residential towers. Plans call for more than 100,000 square feet of retail and commercial space, along with community space and a permanent home for the Greenpoint Monitor Museum.
There will also be a new waterfront walkway and public park, giving residents and visitors additional access to the East River waterfront. The project is expected to add more than an acre of publicly accessible open space.
The MTA will use the deal to fund transit improvements
There’s a transportation component to the project, too. Because the MTA owns part of the development site, the agency will lease the property to the development team for 99 years.
The revenue generated from that lease will be used to fund transit projects throughout the MTA system. One planned improvement tied to the development is making the nearby Nassau Avenue station fully accessible, giving G train riders a more accessible connection to the neighborhood.
When will Monitor Point be built?
Don’t expect to see crews breaking ground tomorrow. Construction on the massive development is currently not expected to begin until 2028.
Once complete, however, Monitor Point will bring a major new residential and commercial hub to the Greenpoint waterfront—with 1,324 homes, 662 permanently affordable apartments, new retail space, public open space and a waterfront walkway.
For a neighborhood already in the middle of a major transformation, it’s set to be another significant change along the East River.