PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR THE BROOKLYN NAVY YARD
NEW YORK, NY – May 10, 2010 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $60 million loan to the Brooklyn Navy Yard Development Corporation to assist with the redevelopment of the government-owned, 300-acre Brooklyn Navy Yard (“Navy Yard”).The Navy Yard is 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 the Green Manufacturing Center, a 215,000 square foot vacant industrial building that is being transformed into New York City’s leading hub for green manufacturing and sustainable design.This building was previously used as a machine shop for the United States Navy during WWII but has sat vacant for decades.
EB-5 funds will be used to assist with surrounding infrastructure improvements in the Navy Yard such as the building of new roads, sewer and water lines and pile foundations and bulkhead walls to allow for the continued use of dry docks and adjacent berths to support maritime activity in the New York harbor.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.
“Now more than ever, we have to find innovative ways to secure private investment and finance important infrastructure projects, and Alan Fishman, Andrew Kimball and the Brooklyn Navy Yard Development Corporation are doing just that through the EB-5 program,” said New York City Deputy Mayor for Economic Development Robert C. Lieber.“We’ve already pumped $140 million into the growing Navy Yard, which is fast becoming a nationwide model for a successful urban industrial park, and this new infusion of capital will go a long way towards helping us complete its expansion.”
“It is no surprise that securing private financing for economic development projects has been challenging,” said Alan Fishman, Chairman of the Brooklyn Navy Yard Development Corporation.“Affordable financing through the New York City Regional Center will jump-start some of our projects and create good paying, green collar careers.”
“The New York City Regional Center is a tremendous alternative lending source that accelerates the largest expansion of the Navy Yard since WWII and creates more than a thousand jobs, many of which will go to residents in the surrounding community,” said Andrew Kimball, President and CEO of the Brooklyn Navy Yard Development Corporation.
“The NYCRC is proud to provide financing to help the redevelopment of New York City’s largest industrial park,” said Paul Levinsohn, Managing Principal of the NYCRC.
“This project is a critical component of New York City’s efforts to expand its industrial and manufacturing sector,” 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 EB-5 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.
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