Goldman Sachs is committed to the redevelopment of the Brooklyn Navy Yard. Once the US Navy’s premier shipyard, the site languished in disuse during the 1970s and early 1980s. Through a series of investments that focus on preserving the site’s historic infrastructure while bringing in innovative and sustainable businesses, our efforts will help to return the complex to its former status as a major industrial center.
In September 2012, Goldman Sachs made a $7.3 million New Markets Tax Credit equity investment to finance the renovation of Building 128, converting three vacant buildings into a modern light industrial facility.
The project also includes 215,000 square feet of new construction, which will house Crye, a designer and manufacturer of camouflaging uniforms and other body armor for various branches of the U.S. Military, and Macro Sea, a shared manufacturing design and work space that will serve as a hub for learning and innovation, industry training and the commercialization of new manufacturing businesses.
Over 370 jobs are expected to be created as result of this commitment; many are expected to go to low-income workers in surrounding areas, which have suffered from high rates of unemployment and poverty as well as a decline in traditional industries.
The project contributes to the ongoing revitalization and transformation of the Brooklyn Navy Yard, which has been identified as a “top priority” project in the New York City Regional Economic Development Council Strategic Plan issued in November 2011 and a key component of New York City efforts to create additional jobs in the five boroughs.