New York, NY – May 11, 2015 – (RealEstateRama) — U.S. Senator Charles E. Schumer today announced, after his push, the U.S. Economic Development Administration (EDA) will provide a commitment letter for $2 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 letter means that EDA intends to move forward and fund the project in Brooklyn, but that some small details still need to be worked out between the Navy Yard and the EDA in the coming weeks. 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 explained 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. In April, in a personal call, Schumer urged EDA to award the Brooklyn Navy Yard Development Corporation funding for the expansion project.
“At 99% capacity, Brooklyn Navy Yard is busting at the seams and so, that is why this federal funding—which will help renovate existing buildings and attract more businesses and jobs—is so incredibly important. I am pleased that the EDA understands the importance of economic- boosting projects, like the Brooklyn Navy Yard’s Building 77, and has moved into the final stage of awarding $2 million in federal grant funds,” said Senator Schumer.
“This funding from EDA truly demonstrates the federal government’s vote of confidence and commitment to rebuilding urban manufacturing and industrial job creation. Building 77 is the single largest capital project in our history and with this investment, EDA, with support from Senator Schumer’s office, is helping to create 3,000 jobs for New Yorkers” said David Ehrenberg, President & CEO of BNYDC.
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.
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