August 2012 - Empire State Development - New York State

Organization History: The Brooklyn Navy Yard Development Corporation is a not-for-profit
corporation that manages the 300-acre Brooklyn Navy Yard (the “Navy
Yard”) under a 99-year lease with the City of New York (the “City”). The
Navy Yard was established in 1801 and was once the site of one of the
nation’s most storied U.S. Navy ship building facilities through World War
II. The federal government closed the location as a ship manufacturer in
1966 and the site was sold to the City. BNYDC’s mission is to promote
local industrial economic development and employment, develop
underutilized areas of the Navy Yard, oversee modernization of the Navy
Yard’s infrastructure, and manage waterfront assets including three
active dry docks and five piers.
Currently, the Navy Yard’s 4.5 million square feet of leaseable space,
spread over 40 buildings, is 99% occupied with more than 275 tenants
with approximately 6,000 employees. There is a broad range of
businesses at the Navy Yard, including movie studios, e-commerce,
furniture manufacturers, ship repair, metal fabrication, architectural
designers, fine artists, film and exhibition set fabricators, electronics
distributors, food processors, and construction.
Past ESD Support:
In 2009, BNYDC approached ESD for assistance for the project through
the Downstate Revitalization Fund. The incentive proposal was accepted
by BNYDC in December 2009, and in March 2011, ESD approved the
$1,000,000 capital grant (W932) to assist with a portion of the
construction costs for the Project. The grant disbursement agreement
was fully executed in January 2012.
B. The Project
Completion: May 2014
In June 2012, ESD approved a $12,000,000 New Market Tax Credit
allocation for the Project.
Activity:
The Project involves the redevelopment of Brooklyn Navy Yard Buildings
28, 123, and 128 into a 215,000-square-foot, multi-tenanted industrial
facility (the “Green Manufacturing Center”). BNYDC plans to adaptively
reuse the steel frames and concrete foundations of these buildings,
which are three separately constructed yet connected turn-of-thecentury
former U.S. Navy machine shops.
BNYDC has completed designs for the project and anticipates that
construction will begin during the third quarter of 2012. As part of
BNYDC’s commitment to sustainable growth, BNYDC aims to achieve a
LEED Silver certification from the U.S. Green Building Council for this
Project.
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