20K for over water bungalows?
No. It's 20k for the standard room there. Don't think you can book an OWB with just points; you'd have to pay for the upgrade, but cmiiw.
As for flights, I know you said you're going from NYC area, but you'll probably have a hard time finding availability to MLE for this winter break. I just booked for March from Philly and there was a lot of availability on Qatar (bookable with AA points), so you may want to think about flying out of other airports that are close by. Routing from Philly happened to be good - one short stopover in DOH in both directions. 135k per person RT in business.