BNYDCBrooklyn Navy Yard Development Corporation (New York)
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The deal also included drafting and negotiating the lease of 125,000 square feet of light industrial space to BNYDC for eventual sublease to end-users, in accordance with BNYDC's mission, according to the firm.
BNYDC is the not-for-profit corporation that manages the Brooklyn Navy Yard on behalf of its owner, the City of New York.
BNYDC is especially focused on leasing to smaller food manufacturing and retail companies, with a strong preference for local and Minority and Women Owned Business Enterprises (MWBE).
Should the BNYDC rent out a big chunk of its space to a major industrial firm, or is the borough better served with many small employers?
The BNYDC is currently marketing Building 77, a one million square feet, 16-story former warehouse it is converting into manufacturing space in a $140 million renovation.
This gives us further confirmation of our need to add new space as quickly as possible and give our tenants room to grow," said David Ehrenberg, president and CEO of BNYDC.
To add manufacturing space and intensify job creation, BNYDC is proceeding with several development initiatives.
Prior to being appointed as president and CEO of the BNYDC in 2013, Ehrenberg was a senior manager at the NYCEDC for seven years, where he oversaw major economic development projects including the future Cornell campus on Roosevelt Island, the redevelopment of Seward Park on the Lower East Side, and the Atlantic Yards Project.
BNYDC has already begun stabilization work on both buildings.
Structural engineers from Robert Silman Associates will get immediate access to the site to stabilize the two structures under contract to BNYDC.
NYCRC raised $60 million for BNYDC by attracting 120 investors from around the world seeking to secure US residency for themselves and their children, under 21 years old.