Brooklyn Navy Yard, New York City
Our Urban Investment Group (UIG) is committed to the redevelopment of the Brooklyn Navy Yard, to preserve the historic infrastructure of what was once the nation’s premier shipyard and a major industrial center that employed tens of thousands of individuals.
In September 2012, UIG made a $7.3 million New Markets Tax Credit equity investment to finance the renovation of Building 128, to convert a complex of three vacant connected steel buildings into a modern light industrial facility located in the Brooklyn Navy Yard.
The project will include construction of 215,000 square feet that 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 job opportunities 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 will contribute 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 Mayor Bloomberg’s administration’s efforts to create additional jobs in the five boroughs.