Brooklyn, NY (2014)

Brooklyn Navy Yard, Building 77

Investment

  • NMTC Amount: $42,000,000
  • Total Project Cost: $171,288,465

IMPACT

  • 3,000 FTE jobs
  • 112 construction jobs

Investor

Project Description

NMTC financing helped the Brooklyn Navy Yard Development Corporation (BNYDC) complete the substantial renovation of Building 77, the largest, mainly vacant building in the Brooklyn Navy Yard. Building 77 has been underutilized and deteriorating for many years and is situated in a critical location at the center of the Navy Yard’s campus.

This $171 million renovation transformed the vacant industrial building into a hub for manufacturing and technology-based businesses. The creation of space for technology and industrial businesses in Building 77 generated opportunities for existing businesses to expand and new businesses to locate within the Brooklyn Navy Yard.

IMPACT

The project created over 3,000 direct permanent full-time jobs, including a range of positions in the tech, manufacturing, creative, medical services/diagnostics technology, and industrial fields. BNYDC operates an on-site Employment Center to help place local residents in jobs with Yard businesses. The employment center partners with Brooklyn Workforce Innovations, which provides intensive sector-based training programs for job seekers across a range of skill and education levels. Along with a consortium of leading workforce organizations across NYC, BWI’s efforts include apprenticeship programs and job skills training in a variety of areas relevant to Yard tenants, including warehouse fulfillment and distribution, entertainment and media production, sustainable construction, green manufacturing, and woodworking.

MAP

63 Flushing Avenue, Brooklyn, NY 11205

Related Projects