Brooklyn Navy Yard – Building 128

A NYCRC-managed entity provided a $60 million loan to help fund the redevelopment of Building 128, a vacant 215,000 square foot building into a high-tech manufacturing complex in the Brooklyn Navy Yard.

The loan was made to the Brooklyn Navy Yard Development Corporation, the entity charged with overseeing the government-owned, 300-acre Brooklyn Navy Yard, New York City’s largest industrial park and one of the most successful urban manufacturing districts in the country. Loan proceeds were used for the construction and renovation of Building 128, a vacant industrial building that was transformed into New York City’s leading hub for green manufacturing and sustainable design. This building was previously used as a machine shop for the United States Navy during WWII but had sat vacant for decades. The loan was also used for surrounding infrastructure improvements in the Brooklyn Navy Yard such as the building of new roads, sewer and water lines, pile foundations, and bulkhead walls to allow for the continued use of dry docks and adjacent berths to support maritime activity in the New York harbor. The redevelopment of the industrial park 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 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. 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