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

TRD 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

205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties