Largest structure in Brooklyn Navy Yard to get $60 million renovation
The nonprofit Brooklyn Navy Yard Development Corp. says it will soon begin renovating the old military base’s largest structure, the 1 million sf Building 77. The project has landed an anchor tenant: a Brooklyn-based developer and entrepreneur who is taking over 240,000 sf for his own medical lab and to rent to other companies. The development corporation plans to spend $60 million to renovate the structure, money raised through the federal EB-5 program, which grants visas to foreign investors in local development projects, and state and federal tax credits.
All told, 1.8 million sf of space, including a green manufacturing center, will be redeveloped at the Navy Yard in the next few years. A few other spaces scattered throughout the site, including a Civil War-era hospital that developers envision as a media campus, are still available for renovation. There are also 20 undeveloped acres at the site that the corporation hopes will attract developers who want to construct new facilities.