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New York

Navy Yard’s old ammo depot to get $80M renovation

Building 77
Building 77

The Brooklyn Navy Yard’s biggest building, a 16-story former ammunition depot with two-foot-thick walls, will undergo an $80 million transformation to house a high-tech company, New York Observer reported.

Building 77, essentially abandoned, has a 1 million-square-foot interior; nearly a quarter of the space, 240,000 square feet, will be occupied by Shiel Medical Laboratory.

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The lab’s CEO, Jack Basch, estimates the move from his company’s Bay Ridge site to the bigger location will create 300 to 400 new jobs.

The Navy Yard will spend $60 million in base-building work financed through a loan using the federal EB-5 program.

“Thanks to $80 million of private investment from BNYDC and investors, Building 77 will come back to life as a hub of manufacturing and technology innovation,” Andrew Kimball, president and CEO of the Brooklyn Navy Yard Development Corporation, in a statement. [NYO] –Christopher Cameron

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Brooklyn Navy Yard