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Sitting on 300 acres in Brooklyn, NY along the East River between the
Manhattan and Williamsburg Bridges, the Brooklyn Navy Yard was once the
premier shipyard of the U.S. Navy serving as a site to build frigates in
the early 1800s and battleships in the 1940s.
During its peak in World War II, the Navy Yard employed 70,000 workers. Closed by the federal government in 1966 and sold to New York City the next year, the Navy Yard languished and employment dropped to a low of approximately one thousand jobs in the late 1970s and into the early 1980s.
Now, over thirty years later, the Navy Yard is experiencing a renaissance. Under the leadership of nonprofit Brooklyn Navy Yard Development Corporation (BNYDC), along with significant support from the City of New York, as well as State and Federal agencies, the Navy Yard has been transformed into an industrial park that serves as a model for urban manufacturing. Currently, the Navy Yard has 40 buildings representing 4.5 million leasable square feet. There are 6,400 employees across 300 businesses including design, filmmaking, and manufacturing with an emphasis on innovation and sustainability.
During its peak in World War II, the Navy Yard employed 70,000 workers. Closed by the federal government in 1966 and sold to New York City the next year, the Navy Yard languished and employment dropped to a low of approximately one thousand jobs in the late 1970s and into the early 1980s.
Now, over thirty years later, the Navy Yard is experiencing a renaissance. Under the leadership of nonprofit Brooklyn Navy Yard Development Corporation (BNYDC), along with significant support from the City of New York, as well as State and Federal agencies, the Navy Yard has been transformed into an industrial park that serves as a model for urban manufacturing. Currently, the Navy Yard has 40 buildings representing 4.5 million leasable square feet. There are 6,400 employees across 300 businesses including design, filmmaking, and manufacturing with an emphasis on innovation and sustainability.
Goldman Sachs, through its Urban Investment Group (UIG), has
contributed to this revival by helping finance the renovation of
Building 128, a 215,000 square foot building in the heart of the Navy
Yard. UIG helped BNYDC identify new sources of capital, invested its own
capital in the project, and brought together the public and private
parties needed to make the project work. Helping the BNYDC navigate the
complexity of this type of financing enabled the Navy Yard to continue
its growth and expansion.
Building 128: From Aircraft Carrier Mechanics to Green Manufacturing
One of the businesses that will benefit from the renovation of Building 128 hearkens back to the Navy Yard’s military days. Crye Precision designs and manufactures camouflage uniforms and body armor for various branches of the US Military. The development will include 85,000 square feet to be leased out to Crye in order to consolidate its operations at the Navy Yard and expand production.
Building 128: From Aircraft Carrier Mechanics to Green Manufacturing
One of the businesses that will benefit from the renovation of Building 128 hearkens back to the Navy Yard’s military days. Crye Precision designs and manufactures camouflage uniforms and body armor for various branches of the US Military. The development will include 85,000 square feet to be leased out to Crye in order to consolidate its operations at the Navy Yard and expand production.
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