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.