The Real Deal New York

Brooklyn Navy Yard Development Corp. takes over building after tenant falls through, lands new financing

A $42M financing package is being used to renovate Building 127
October 30, 2018 10:18AM

A rendering of Building 127 (Credit: S9 Architecture via Curbed NY)

The Brooklyn Navy Yard Development Corp.  has received a $42 million financing package to renovate one of its buildings.

The repositioning of Building 127, located between Third and Fourth Streets on Morris Avenue, will give it 95,000 square feet of industrial-manufacturing space, according to the New York Post. The structure was built in 1904 and has been used in the past to make boat parts and pack sugar.

The Dutch business-incubator firm B. Amsterdam previously had agreed to lease the whole building for 26 years, but the deal ultimately fell through.

The new financing includes $25 million from Goldman, $10 million from Chase, $4 million from the city and other types of equity from five other organizations.

S9 Architecture and Engineering will oversee the renovation.

The Brooklyn Navy Yard is in the midst of a $2.5 billion master plan that aims to eventually create 30,000 jobs on the site. Developers Rudin Management and Boston Properties are in the midst of building Dock 72, an office building on the site which will be anchored by WeWork. [NYP] – Eddie Small