Stellar 2014 Prompts Expansion for Brooklyn Navy Yard
2014 was a tremendous year for Brooklyn Navy Yard, with four new tenants, two expanding and 42 renewing, employing more than 300 people and occupying over 185k SF. That’s on top of a fully occupied 3.5M SF of leasable space with more than 300 businesses. Brooklyn Navy Yard Development Corp CEO David Ehrenberg points out this is largest expansion the city-owned industrial yard has seen since World War II, in fact. We’re talking about a mega-plan to create up to 5,000 more jobs in over 1.5M SF of new space. So in addition to the $200M worth of construction going on right now, they’re ringing in the new year with an extra $100M to go toward initiatives like a $140M renovation of a 1M SF building. They’re also adapting a former machine shop building into a 250k SF Green Manufacturing Center, and creating a 74k SF grocery store, along with 127k SF of light industrial space, 89k SF of retail space and a 7k SF office facility. The expanding tenants at Crye Precision and New Lab are already set to lease 85k SF and 84k SF of the Green Manufacturing Center once it opens. A 70k SF third wing has yet to be leased, but we’re pretty sure they’re not concerned.