EB-5 capital used to assist the transformation of the Admirals Row section of the Brooklyn Navy Yard into a new commercial and industrial center

NEW YORK, NY – July 2, 2020 – The New York City Regional Center (“NYCRC”) is pleased to announce that the first I-829 petition has been filed in the Steiner Brooklyn Navy Yard Redevelopment Project III (“EB-5 Project”).  I-829 petitions have now been filed in 18 NYCRC offerings.  To date, 1,717 I-829 petition approvals have been issued in NYCRC offerings resulting in 5,000 individuals (EB-5 investors and family members) achieving permanent residency in the United States. 

The EB-5 Project included the redevelopment of the Admirals Row section of the Brooklyn Navy Yard, a previously unused six-acre site within New York City’s largest industrial park.  The Project involved the completed construction of an approximately 74,000 square foot building leased to Wegmans Food Markets Inc. (“Wegmans”), the nation’s highest-ranking retail employer and premier supermarket operator.  Founded in 1916, Wegmans is an 85-store supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, and Massachusetts.  The new supermarket is providing much needed access to quality food and good-paying jobs to the more than 12,000 residents of the Farragut, Ingersoll, and Walt Whitman public housing complexes nearby the Navy Yard.  This is the first Wegmans supermarket in New York City.

In addition to a long-anticipated supermarket, the Project also includes the construction of approximately 87,000 square feet of retail space; approximately 126,000 square feet of light industrial space that was leased to the Brooklyn Navy Yard (“BNYDC”); approximately 7,000 square feet of community facility space; 266 surface parking spaces; and a new 430-space parking structure built as the base of approximately 230,000 square feet of additional industrial space leased to the BNYDC.  The Project is on land owned by the City of New York and involves the BNYDC, the entity in charge of the government-owned Navy Yard. 

Construction of the EB-5 Project is complete and the I-829 petition submission reflects that 1,515 jobs were created from construction. 

This is the seventh NYCRC project offering in the Brooklyn Navy Yard.  To date, the NYCRC has provided $339 million of EB-5 capital for projects within the industrial park.

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