Despite the anticipated slowdown of commercial real estate, Brooklyn Navy Yard Development Corporation, or BDNYC, is reporting more than 160,000 square feet of new commercial leases within the former industrial complex. This figure does not include an additional 81,000 square feet of lease renewals and an unspecified inventory in their 2021 pipeline.
Brooklyn Navy Yard Development Corporation
The Brooklyn Navy Yard Development Corporation (BDNYC) has announced the successful acquisition of $42 million in financing for the renovation of “Building 127.”
New renderings are out for the Brooklyn Navy Yard development, consisting of a $2.5 billion urban manufacturing center. Once complete, the entire project will create around 5.1 million square feet for middle-class manufacturing companies. The mission-based non-profit Brooklyn Navy Yard Development Corporation is responsible for the plans.
Last December, YIMBY revealed the renderings for 399 Sands Street in the Brooklyn Navy Yard Industrial Park. Now, the official groundbreaking for the nine-story office building has occurred. The structure will house between 700 to 1,000 jobs once complete. It is part of the $1 billion redevelopment project dedicated to fueling New York City’s economy with infrastructure for 10,000 new jobs in manufacturing and creative businesses. The non-profit Brooklyn Navy Yard Development Corporation (BNYDC) is realizing the project through private developers, and Steiner NYC is responsible for 399 Sands Street.
The Brooklyn Navy Yard (BNY) has released its long-term plan for the development of the district, with the ambition of creating 10,000 new jobs in the coming years. This would bring total employment to 30,000 jobs for the area. Most exciting is news that another $2.5 billion will be invested into expanding the yard by five million square feet, for manufacturing space as well as complementary businesses from the creative, tech, and innovation sectors.