NYCRC FINANCING Print

NEW YORK CITY REGIONAL CENTER TO PROVIDE CAPITAL FOR A NEW HIGH-TECH MANUFACTURING FACILITY IN THE BROOKLYN NAVY YARD

NYCRC to provide a $12 million loan to assist with the next phase of redevelopment at New York City’s largest industrial park

NEW YORK, NY – January 15, 2016 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $12 million loan to an affiliate of Macro Sea, the real estate company selected by the Brooklyn Navy Yard Development Corporation to oversee the  construction of an 84,000 square foot high-tech manufacturing facility within the Navy Yard.    The new interdisciplinary manufacturing center is providing collaborative work space for digital manufacturers, architects, university researchers, entrepreneurs, and inventors. The space includes private studios, conference rooms, co-working desks, and a state-of-the-art prototyping workshop. The space also includes a full metal shop, wood shop, and 3-D printing area to allow tenants to take their ideas from concept to prototyping to production all under one roof.

“The project is part of a broader strategy to revitalize New York City’s high-tech manufacturing base by drawing on its strength as a hub for design schools, universities, and technology companies.   We look forward to assisting this effort,” said Paul Levinsohn, Managing Principal of the NYCRC.

About the NYCRC

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.  Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

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