NYCRC to provide a $30 million loan to assist with the redevelopment of a one million square foot light industrial building in the Navy Yard

NEW YORK, NY – August 1, 2016 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $30 million loan to the Brooklyn Navy Yard Development Corporation (“BNYDC”), the entity designated by the City of New York to oversee the government-owned industrial park.  The EB-5 capital will be used to assist with the next phase of redevelopment of Building 77, the largest building in the Navy Yard at approximately one million square feet.  Built in 1941, Building 77 was designated a free trade zone by the United States Customs Department.

“The NYCRC is proud to provide financing to help the redevelopment of New York City’s largest industrial park and further the Navy Yard’s mission to spur economic development and create new jobs,” said Paul Levinsohn, Managing Principal of the NYCRC. 

“The redevelopment of the Navy Yard is a key element of the City of New York’s plan to refurbish its industrial manufacturing sector and create additional jobs.  We are pleased to play a role in this effort,” added George L. Olsen, Managing Principal of the NYCRC. 

The project includes new interior and exterior construction work that will allow for additional multi-tenant light industrial space in the building.  The expanded space will allow the BNYDC to lease to both large companies as well as smaller tenants such as artisans, woodworkers, metal workers, and technology and creative companies.  The new construction will center on upgrading core building systems to accommodate a higher use load.  The project will continue the transformation of Building 77 into one of New York City’s leading hubs for industrial, manufacturing, and technology tenants.

About the NYCRC

The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program.  The company was the first EB-5 regional center approved in New York City.  Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

  • redevelopment of the George Washington Bridge Bus Station in Washington Heights;
  • construction of a wireless infrastructure network in New York City’s subway stations; 
  • construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
  • expansion of Steiner Studios, New York City’s largest film and television studio;
  • construction of the City Point development in Downtown Brooklyn;
  • redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
  • construction of a hotel and medical office complex in Washington Heights; 
  • construction of key components of the Atlantic Yards redevelopment in Brooklyn; and,
  • the expansion of the Hutchinson Metro Center in the Bronx.