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

New York /
Oct.October 30, 2018 10:18 AM

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


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...