The Real Deal New York

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

March 06, 2013 11:30AM

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.

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