Brooklyn Navy Yard – Building 127

NYCR-CDE provided $12 million of New Markets Tax Credit financing to help fund the redevelopment of Building 127 in the Brooklyn Navy Yard, New York City’s largest industrial park. 

The capital was used to transform Building 127 into approximately 100,000 square feet of affordable, modern industrial space for product design, hardware, tech, and light industrial manufacturing companies. Built in 1903, Building 127 previously served as a boat construction and repair facility for the United States Navy. The redeveloped space has provided an ecosystem for early-stage companies, entrepreneurs, and creative professionals. The renovated building comprises three single-unit floors of approximately 30,000 square feet each. The project included the restoration and replacement of existing windows, the installation of mechanical, plumbing, and electrical systems including necessary loading docks. The redevelopment of buildings in the Brooklyn Navy Yard is a key element of the City of New York’s plan to spur economic growth, refurbish its industrial manufacturing sector, and create additional jobs. 

The Brooklyn Navy Yard is a mission-driven industrial park that is a nationally acclaimed model of the viability and positive impact of modern, urban industrial development. The Navy Yard is owned by the City of New York and is home to approximately 550 businesses employing more than 11,000 people and generating over $2.5 billion per year in economic impact for the city. Through its nationally recognized Employment Center, the Navy Yard works closely with project tenants to provide job opportunities for residents of the surrounding communities. The industrial park was once the nation’s most storied naval shipbuilding facility, and for over 150 years built and launched America’s most famous fighting ships, including the USS Maine, USS Arizona, and USS Missouri.

“The Brooklyn Navy Yard is an economic success story if there ever was one … It’s an outstanding source of jobs and economic activity for New Yorkers.”

– Former New York City Mayor Michael R. Bloomberg