Brooklyn Navy Yard is First Project for NYC Regional Center Program
The re-development of the Brooklyn Navy Yard has received a boost from a federal program designed to raise capital for economic development projects in high unemployment areas.
The New York City Regional Center has so far raised $60 million in an investment that will create 1,200 new jobs at the city-owned industrial park from 120 investors from China, Korea, Venezuela, Mexico and Argentina seeking to secure U.S. residency. The loan will allow the Brooklyn Navy Yard Development Company to proceed with the $30 million Green Manufacturing Center, a 220,000-sq-ft, LEED Silver certified building. Construction began in June and is expected to take 18 months.