Brooklyn Navy Yard Revitalization
Restoring a Landmark While Building a Vibrant Industrial Park
Goldman Sachs played an integral role in the revitalization of the historic Brooklyn Navy Yard, once the premier shipyard of the United States Navy. We helped the project’s leadership navigate the complexities of its financing and invested $22.2 million in 215,000 square feet of light manufacturing space, enabling the Navy Yard to develop into a vibrant industrial park.
Located on 300 acres in Brooklyn along the East River, the Navy Yard was the construction site of frigates in the early 1800s and battleships in the 1940s. At its peak in World War II, the Navy Yard employed 70,000 workers. By 1966, as it fell into disuse, the Navy Yard was closed by the federal government and sold to New York City. Employment dropped to a low of about 1,000 jobs in the late 1970s and early 1980s.
A generation later, the site has been revived, becoming a model for urban manufacturing with the assistance of our Urban Investment Group. We have identified new sources of capital and brought together the public and private parties needed to make the project work. We have also contributed to the revival of this landmark site by helping finance the renovation of Building 128, which is located at the heart of the Navy Yard and has attracted 370 new jobs to Brooklyn.
Through the leadership of nonprofit Brooklyn Navy Yard Development Corporation, along with support from the City of New York and state and federal agencies, the Navy Yard now comprises 40 buildings, representing 4.5 million leasable square feet. The Navy Yard employs 6,400 people across 300 businesses, including design, filmmaking and manufacturing, with a particular emphasis on innovation and sustainability.