NYCRC FINANCING Print

NEW YORK CITY REGIONAL CENTER PROVIDING CAPITAL FOR THE REDEVELOPMENT OF THE ADMIRALS ROW SECTION OF THE BROOKLYN NAVY YARD

NYCRC is providing a $50 million loan to assist with the construction of a new Wegmans supermarket in one of Brooklyn’s food deserts

NEW YORK, NY – January 8, 2018 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $50 million loan 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 project involves 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 will transform 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 includes the construction of an approximately 74,000 square foot building that will be leased to Wegmans Food Markets Inc.  The new supermarket will provide much needed access to quality food and good-paying jobs to the surrounding community in Brooklyn including the residents of the Farragut, Ingersoll, and Walt Whitman public housing complexes proximate to the Navy Yard.  This will be the first Wegmans supermarket in New York City.  In addition to a long-awaited supermarket, the project also includes the construction of a new light industrial space to be leased to the Brooklyn Navy Yard Development Corporation, new retail space, as well as a community facility space and a parking structure.

This is the seventh NYCRC project offering in the Brooklyn Navy Yard.  To date, the NYCRC has provided $339 million of capital for projects within the Navy Yard.

“We are excited to help fund the construction of the Admirals Row section of the industrial park and help deliver on the promise to bring a supermarket to this part of Brooklyn,” said Paul Levinsohn, Managing Principal of the NYCRC. “Over the past eight years, the NYCRC has assisted in the transformation of New York City’s largest industrial park and further the Brooklyn Navy Yard Development Corporation’s charge to spur economic development and create new jobs.”   

“The Navy Yard’s focus on launching local businesses and generating jobs in the surrounding community perfectly complements our mission of helping create quality jobs for New Yorkers,” said George Olsen, Managing Principal of the NYCRC. 

About New York City Regional Center

The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program.  The company was the first EB-5 regional center approved in New York City.  To date, the NYCRC has secured approximately $1.5 billion of capital for 21 economic development projects in Brooklyn, Queens, Manhattan, and the Bronx.  Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

  • construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
  • redevelopment of the George Washington Bridge Bus Station in Washington Heights;
  • construction of a wireless infrastructure network in New York City’s subway stations; 
  • redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
  • expansion of Steiner Studios, New York City’s largest film and television studio;
  • construction of the City Point development in Downtown Brooklyn;
  • construction of a hotel and medical office complex in Washington Heights; 
  • construction of key components of the Atlantic Yards redevelopment in Brooklyn;
  • expansion of the Hutchinson Metro Center in the Bronx;
  • construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi infrastructure network to the streets of New York City. 

In addition to fueling economic development, NYCRC offerings have enabled over 4,650 individuals to become permanent residents of the United States through the EB-5 Immigrant Investor Program. 

For more information about the NYCRC, please visit www.nycrc.com.

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