Brooklyn Navy Yard Redevelopment Project (Phase I)Loan Amount: $60,000,000
The NYCRC provided 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”), New York City’s largest industrial park and one of the most successful urban manufacturing districts in the country. The loan was 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 were also 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.