The Brooklyn Navy Yard Development Corporation (BDNYC) has announced the successful acquisition of $42 million in financing for the renovation of “Building 127.”
Originally completed in 1904, Building 127 is the Brooklyn Navy Yard‘s final adaptive reuse development, and arrives on the tails of a $1 billion initiative to expand, restore, and invigorate the historic industrial complex.
Designed by S9 Architecture, the gut renovation will add 95,000 square feet of modernized industrial and manufacturing space. Project phases include the restoration and replacement of existing windows and the installation of new building systems including bathrooms, elevators, and loading docks.
New layouts also incorporate 30,000-square-foot column-free floor plates, and clear floor heights ranging from 20 to 30 feet.
According to a press release from BDNYC, the ground and second floors of Building 127 will be ideal for a medium-to-large scale manufacturing company, particularly one seeking loading and logistics infrastructure. The third floor, which includes a soaring, open-truss ceiling, will be most suited to accommodate a design firm looking to acquire a prototyping space and a modern base of operations.
Upon completion in 2020, the new building is expected to support more than 300 permanent jobs.
“As the final piece of the tremendous effort to redevelop historic buildings at the Navy Yard, Building 127 epitomizes what made this effort so important for New Yorkers: transforming underutilized space into places growing businesses can call home,” said Margaret Anadu, managing director and head of the Goldman Sachs Urban Investment Group. “We are excited about our long-term public-private partnership with the Navy Yard and continuing to support its successful creation of a new blueprint for revitalizing urban manufacturing and thoughtfully creating quality jobs that offer an accessible pathway to the middle class.”
Construction is currently underway.