PRESS RELEASES - NYCRC FINANCING Print

NYCRC TO PROVIDE FUNDING FOR THE BROOKLYN NAVY YARD

NYCRC to provide a $42 million loan to assist with the continued redevelopment of the Brooklyn Navy Yard

NEW YORK, NY – January 10, 2012 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide a $42 million loan to the Brooklyn Navy Yard Development Corporation to assist with another key phase of redevelopment at the government-owned, 300-acre Brooklyn Navy Yard (“Navy Yard”), New York City’s largest industrial park and one of the most successful urban manufacturing districts in the country.  The loan will be used to facilitate the construction and renovation of Building 77, an approximately one-million square foot industrial building and the largest facility in the Navy Yard.  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 need substantial renovation. 

Given the building’s importance to the overall redevelopment of the Navy Yard, the Brooklyn Navy Yard Development Corporation sought funding from the NYCRC to assist with a major restoration and fit-out of the building.  The NYCRC is also helping to fund a series of infrastructure improvements surrounding the building within the Navy Yard, such as new parking, roads, sidewalks, pile foundations, and water and sewer systems. 

“The NYCRC is once again proud to provide funding that will help create additional jobs in New York City’s largest industrial park,” said Paul Levinsohn, Managing Principal of the NYCRC. 

“The redevelopment of the Navy Yard 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,” added George L. Olsen, Managing Principal of the NYCRC. 

The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  NYCRC is the first regional center approved in New York City.  The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City. 

The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that are creating much needed jobs.  NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard and the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC has also provided capital for key components of the Atlantic Yards development as well as the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to rehabilitate historic buildings along Lower Manhattan’s waterfront.

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