Brooklyn Navy Yard Currently Employs More than 7,000 People & is Nearly At Leasing Capacity; Expanding Building 77 at the Navy Yard Would Provide Additional Space for Thousands of Jobs
In Personal Call to Acting Regional Administrator, Schumer Urges U.S. Economic Development Administration to Award Much-Needed Federal Grant to Renovate Two Floors of Brooklyn Navy Yard’s Building 77 to Help Accommodate Even More Businesses
New York, NY – April 29, 2015 – (RealEstateRama) — U.S. Senator Charles E. Schumer today urged the U.S. Economic Development Administration (EDA) to provide $2.5 million in federal grant funding for the Brooklyn Navy Yard’s jobs expansion project, which will go towards renovating two floors of Building 77 to create move-in ready 3,000-5,000 square foot units for small- and medium-sized businesses. The Brooklyn Navy Yard’s 4.5m square foot of leasable space is already 99 percent occupied with more than 330 businesses, including 5,000 employees. Schumer today said that renovating this building will allow Brooklyn Navy Yard to accommodate even more businesses.
The Brooklyn Navy Yard Development Corporation recently submitted an application for funding to the EDA. The application is for the Public Works and Economic Adjust Assistance Program. The total project cost is $5 million; Brooklyn Navy Yard is requesting $2.5 million in federal EDA funds and will provide the cost difference. In a personal call, Schumer urged EDA to award the Brooklyn Navy Yard Development Corporation funding for the expansion project.
“The renaissance of Brooklyn Navy Yard is an economic development and job-creation miracle that – at 99% capacity — is busting at the seams. The bottom line is that the Navy Yard must have the ability to expand and renovate its existing buildings to attract even more small-to-medium-sized businesses to bring in even more jobs, jobs, jobs,” said Senator Schumer.
Schumer continued: “The EDA has always funded important economic-boosting projects, like the one at the Brooklyn Navy Yard—which will create one million square feet of office space for an additional 3,000 employees. The Brooklyn Navy Yard has already impressed the local community by transforming older, underutilized buildings into new space for economic development and job growth. The EDA should undoubtedly provide $2.5 million in federal funds to the Brooklyn Navy Yard and support this very important project,” said Senator Schumer.
The Brooklyn Navy Yard Development Corporation aims to promote local economic development and job creation, develop underutilized areas and oversee modernization of the Yard’s infrastructure and assets while maintain its historical integrity. The 300-acre industrial park is now home to over 300 industrial tenants, employing more than 7,000 people.
Building 77, of the Brooklyn Navy Yard, is currently owned by New York City and is being transformed into a hub for private manufacturing. New York City is investing $140 million in the expansion. If granted funding from the EDA, the award would go towards renovating two floors in Building 77 (120,000 sq feet). Schumer said that this important project will help grow the local economy by adding approximately 3,000 jobs.
