Brooklyn Navy Yard – Building 77 (Phase II)

A NYCRC-managed entity provided a $30 million loan to help fund the second 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.

Another NYCRC-managed fund previously provided a $42 million loan to assist with the first phase of redevelopment of Building 77. Both loans helped fund interior and exterior construction work to allow for additional multi-tenant light industrial space in the building. The expanded space allows the Brooklyn Navy Yard to lease to both large companies as well as smaller tenants such as artisans, woodworkers, metal workers, and technology and creative companies. The construction centered on upgrading core building systems to accommodate a higher use load. Today, Building 77 into one of New York City’s leading hubs for industrial, manufacturing, and technology tenants. The loan was also used to fund a series of surrounding infrastructure improvements such as new water and sewer systems and upgrades to the electrical distribution system.

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 City’s return on its investment in Building 77 will come through the jobs that the project will generate. This is exactly the type of partnership needed to grow the industrial sector and create real opportunity for New Yorkers.”

– Henry Gutman, Board Chairman, Brooklyn Navy Yard Devel. Corp.