The Real Deal New York

Brooklyn Navy Yard could grow to 24.5M square feet

WeWork’s building is only the beginning of commercial development

July 10, 2015 09:30AM

Brooklyn Navy Yard

Brooklyn Navy Yard

This week’s announcement of Boston Properties and Rudin Management’s WeWork-anchored Brooklyn Navy Yard building is fueling speculation about future opportunities at the yard — and how developers can use huge reservoirs of untapped rights there.

Dock 72, where WeWork will be located, is slated to total 675,000 square feet. But impressive as this size is, it only represents a fraction of the potential for development at the yard, Crain’s reported. While an exact calculation has not been completed, rough estimates show that there are between 15 and 20 million square feet of unused development rights, which could bring the total to 24.5 million square feet.

For context, the Hudson Yards development will total 17 million square feet.

“It is an enormous amount of property to think about,” said Clare Newman, Brooklyn Navy Yard Development Corp.’s chief of staff. “There is a lot of opportunity at the yard, and that is what makes it an exciting place to be.”

Demand for space at the yard is also vast, with businesses on wait lists for the existing space. [Crain’s] — Tess Hofmann