WSJ, others: New Project Brings Anchor to Brooklyn Navy Yard; Building 77 Slated for $80mm Renovation
As the Wall Street Journal’s Laura Kusisto reports, the Brooklyn Navy Yard has long been at the center of the City’s efforts to revive its struggling manufacturing sector. Now, 10 years after is revitalization began, the Navy Yard has reached a major milestone. The non-profit Brooklyn Navy Yard Development Corporation has announced that it will begin an $80 million renovation of the Yard’s largest structure, Building 77, which, with 1 million square-feet of room, represents a quarter of the Yard’s usable space.
The project is already off to a terrific start, having landed a key anchor tenant. Developer Jack Basch has announced that he will move his Shiel Medical Laboratory from another site on the Yard into 240,000 square-feet in Building 77. Once ensconced in Building 77, Mr. Basch anticipates adding 300-400 additional employees to his existing staple of approx. 600 employees. He will spend $20 million and take an additional 180,000 square-feet to lease to other companies in his industry.
According to the Journal‘s reporting, a recent study by the Pratt Center for Community Development found the Navy Yard gave a $2 billion boost to the local economy in 2011 and sustains 10,000 jobs, compared with 10 years ago when it contributed $516 million and supported 2,700 jobs.
In addition to Building 77, the Navy Yard plans renovation of an additional 1.8 million square-feet over the next few years, with new projects to include, among others, a green manufacturing center.
In addition to the Journal, the news had generated substantial coverage in a variety of highly regarded publications: