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BNYDC is completing upgrades to the two-story property to ready it for redevelopment.
Pierre, the deal involved a number of stakeholders and required negotiating terms that were acceptable to a private developer, fulfilled BNYDC's job-growth mission and satisfied commitments made to other project shareholders.
As part of the announcement, BNYDC released new renderings of the five-story building that will also house a Wegmans supermarket, expected to open this fall.
BNYDC also recently announced a $2.5 billion master plan to create 10,000 additional jobs housed in vertical manufacturing buildings, which would bring the total number of jobs at the Yard to 30,000 in the coming decades.
BNYDC will serve as developer and market the space in-house.
"The Yard is quickly becoming a model for creating sustainable, made in NYC middle class jobs and Nanette Lepore is a perfect example," said David Ehrenberg, President & CEO of BNYDC. "Nanette knows that Building 77 provides an ideal home for companies that want the flexibility to grow, and we're thrilled to add her company to our growing roster of fashion manufacturing tenants."
The expansion will create 40-65 permanent jobs, adding to HITN's 57 jobs at the Yard, helping to further BNYDC's mission to create high-quality, accessible, middle-class jobs.
"BNYDC continues to demonstrate its ability to fulfill its mission of creating middle-class jobs for New Yorkers at the Brooklyn Navy Yard," said the organization's president and CEO David Ehrenberg.
Gordon Memorial Award for refinancing the Brooklyn Navy Yard Development Corporation's (BNYDC) $60 million of EB-5 debt that encumbered the economics of their leasehold interest with the City of New York for the 300-acre Brooklyn Navy Yard.
Building 77, a one million-square-foot property adjacent to Dock 72, is undergoing a $185 million renovation by the Brooklyn Navy Yard Development Corporation (BNYDC).
The Brooklyn Navy Yard is owned by the City of New York and managed by the not-for-profit Brooklyn Navy Yard Development Corporation (BNYDC).
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