NYCRC to provide a $77 million loan to assist with the redevelopment of the Battery Maritime Building

NEW YORK, NY – July 20, 2011 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $77 million loan to an affiliate of The Dermot Company, the real estate company designated by the New York City Economic Development Corporation to oversee the redevelopment of the Battery Maritime Building.  The loan is assisting the renovation and rehabilitation of this iconic-government-owned building, one of New York City’s last remaining historic landmark ferry terminals, to include a new hotel, restaurant, and public community space along the waterfront. 

The Battery Maritime Building was built by the City of New York in 1909 and was once a major transportation facility.  It was designated a New York City Landmark in 1967.  Unfortunately, the building has been vacant for years and had fallen into a state of disrepair.  The revitalization of this structure will bring day and nighttime activity to the waterfront, increase visitor levels and consumer spending in Lower Manhattan, and provide expanded ferry service.  A newly redeveloped Battery Maritime Building will also serve as the gateway to Governors Island, the 172-acre island in New York Harbor.  The redevelopment of the East River waterfront in Lower Manhattan is an important priority of the City of New York. 

“The EB-5 funding will help to increase visitor levels and consumer spending in Lower Manhattan, two key priorities in the continued growth of this section of Manhattan following the tragic events of September 11th,” said Stephen N. Benjamin, Vice President of The Dermot Company.

“The NYCRC is pleased to assist with the redevelopment of one the most historic structures along Lower Manhattan’s East River waterfront,” said Paul Levinsohn, 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, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC is also providing funding for key components of the Atlantic Yards development in Brooklyn. 

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