Brooklyn Navy Yard – Building 77 (Phase I)

A NYCRC-managed entity provided a $42 million loan to help fund the first phase of redevelopment of Building 77, the largest building in the Brooklyn Navy Yard at approximately one million square feet. 

The loan was made to the Brooklyn Navy Yard Development Corporation, the entity designated by the City of New York to oversee the government-owned industrial park. Built in 1941, Building 77 once housed the offices of the Commandant, the head officer overseeing the Navy Yard for the United States Navy during WWII. Building 77’s core systems suffered heavily from years of neglect and exposure to the elements and needed substantial renovation.

The project focused on interior and exterior construction work to allow for additional multi-tenant light industrial space in the one million square foot building. The construction centered on upgrading core building systems to accommodate a higher use load. This work included improvements in ventilation, heating, lighting, electrical, fire alarm, information technology, and other building systems. The work also included the installation of new elevators and new windows on floors 3 through 11 to allow light and air into these floors which were previously windowless. The renovation has allowed leasing to both large companies as well as smaller tenants such as artisans, woodworkers, metal workers, and technology and creative companies. Today, Building 77 is one of New York City’s leading hubs for industrial, manufacturing, and technology tenants. The loan also helped to fund a series of infrastructure improvements surrounding the building such as new parking, roads, sidewalks, pile foundations, and water and sewer systems.

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 redevelopment of Building 77 is a truly transformative project for the Brooklyn Navy Yard and the entire borough. Reinvestment in this space will generate good-paying jobs for hard working New Yorkers while supporting the city’s burgeoning manufacturing and technology sectors.”

– U.S. Congresswoman Nydia M. Velázquez