Brooklyn Navy Yard - Steiner Admirals Row

A NYCRC-managed entity provided a $50 million loan to help fund the construction of a Wegmans supermarket as well as new retail and light industrial space in the Brooklyn Navy Yard.

The loan was made to an affiliate of Steiner NYC, the real estate company selected to develop and operate the next phase of redevelopment at the Brooklyn Navy Yard, New York City’s largest industrial park. The loan assisted the redevelopment of the Admirals Row section of the Navy Yard, an unused, six-acre site situated at the southwest corner of the industrial park. The project transformed this section of the Navy Yard into a new commercial and industrial center that is critical to both the Navy Yard and those communities adjacent to the industrial park.

The project included the construction of an approximately 74,000 square foot building leased to Wegmans Food Markets. The new Wegmans supermarket is providing much needed access to quality food and good-paying jobs to the surrounding community in Brooklyn including the over 12,000 residents of the Farragut, Ingersoll, and Walt Whitman public housing complexes close to the Navy Yard. This area was previously designated a food desert – an underserved neighborhood where residents lack easy access to affordable, healthy food, particularly fresh produce. This was the first Wegmans supermarket opened in New York City.

In addition to a long-awaited supermarket, the loan also funded the construction of approximately 126,000 square feet of light industrial space leased to the Brooklyn Navy Yard Development Corporation; 87,000 square feet of retail space; a 480-space parking structure and 277 surface parking spaces; and a community facility space. The project also included a series of surrounding infrastructure improvements to support the development.

“This is a tremendous win for this community and for the people of New York City. For thousands of residents who have waited for a supermarket with healthy food they can afford, for the people hoping the next good job at the Navy Yard could be theirs, the Admirals Row project delivers … I congratulate the Brooklyn Navy Yard, Steiner NYC, Wegmans, and all the community voices who have worked tirelessly for years to bring us to this day.”

– Former New York City Mayor Bill de Blasio