The Real Estate Board of New York to The City Council Subcommittee on Zoning and Franchises on the Monitor Point Project

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. REBNY appreciate the opportunity to testify at today’s hearing in support of the Monitor Point Project.

Monitor Point reflects the kind of ambitious, forward-looking development New York City should be advancing to address its ongoing housing crisis. According to the Mayor’s recently released Housing Plan, the City has a goal of producing 200,000 affordable units over the next decade. Monitor Point would create approximately 460 permanently affordable homes for working families in a transit-rich, high-opportunity neighborhood, all without depending on limited public subsidy resources. Importantly, the site could otherwise be developed as-of-right without any affordability obligations, making this proposal a strong example of how the ULURP process can secure substantial public benefits through private investment.

In addition to expanding housing opportunities, the project is expected to generate meaningful economic activity throughout both the construction and operational phases. Development of the site will support hundreds of union construction jobs, alongside commitments to local hiring and participation by minority- and women-owned business enterprises.

The proposal also includes significant infrastructure and resiliency improvements that extend well beyond the project site itself. Through a public-private partnership, the applicant would deliver a new state-of-the-art MTA facility, fund more than $100 million in infrastructure upgrades prior to construction, and provide a long-term revenue stream to support the City’s transit network through 100 years of rent payments. The project would further create approximately 50,000 square feet of publicly accessible waterfront open space, improve pedestrian and street connectivity, stabilize the shoreline, and establish a permanent location for the Greenpoint Monitor Museum, converting an underutilized industrial property into a resilient community resource.

REBNY believes projects that integrate housing production with infrastructure investment and public realm improvements are essential to the City’s long-term economic and environmental sustainability. Developments like Monitor Point can help ease pressure on the existing housing market, support continued workforce growth, and contribute to vibrant mixed-use neighborhoods where residents and businesses can succeed.

REBNY encourages the City Council to approve the Monitor Point application. The proposal demonstrates how private investment can be leveraged to advance affordable housing, resiliency, transit infrastructure, open space, and broader economic benefits for both Greenpoint and New York City.

Thank you for considering these points.

CONTACTS:

Maddie DeCerbo

Director of Urban Planning

Real Estate Board of New York

Mdecerbo@rebny.com


Dev Awasthi

Vice President, New York City Legislative Affairs

Real Estate Board of New York

Dawasthi@rebny.com