Greenpoint welcomes new not-for-profit development

Real Estate Weekly, Oct 18, 2000

Supporters of manufacturing in New York City had something to cheer about today as the GMDC Industrial Center -- a new building with eight industrial tenants -- opened. Developed by Greenpoint Manufacturing & Design Center Development Corporation (GMDC), a not-for-profit developer of affordable industrial space, the project is expected to create and retain approximately 150 manufacturing jobs.

Built in 1961, the two-story, 80,000-square-foot building has been used as a warehouse and bowling alley; but was largely unused for the past three years. GMDC purchased the building in May of this year, and undertook a $6.3 million renovation to ready the building for tenants.

"As this project demonstrates, manufacturing is alive and well in the City of New York," said David Sweeny, president of the Greenpoint Manufacturing and Design Center Development Corporation. "We are grateful for the support of our funders and partners, who understand the importance of saving blue-collar, industrial jobs in New York."

At the event, Sweeny announced GMDC's plans to develop an additional 1.5 million square feet of industrial space in the next three years. This project follows GMDC's successful development of its 400,000 square-foot flagship manufacturing center at 1155 Manhattan Avenue, which is home to 72 businesses that employ approximately 500 people.

"We believe that there is a real need to provide manufacturing firms with affordable, usable space, and we are committed to working with our sponsors to fill that need," said Mr. Sweeny. "This building is one step in this process. During the next three years, we hope to develop seven additional projects, with as much as 1.5 million square feet of space, in the area."

To mark the symbolic initiation of those projects, participants at today's event -- including Representative Nydia Velazquez, Councilman Ken Fisher, Assemblyman Joe Lentol, NYC Economic Development Corporation President Michael Carey, and NYC Investment Fund Board Member John Ross -- laid a brick foundation for new developments. The bricks used for the foundation were from GMDC's flagship project at 1155 Manhattan Avenue.

Tenants of the Wood Exchange building include Babette Holland Design, Inc.; Caro Woodworking Inc.; Designs by Robert Scott, Inc.; J.V.'s Carpentry Ind.; NAMDAN, Inc.; Penthouse Industries, Inc.; and Robert Strahan Custom Woodworking.

Originally founded in May 1992 to renovate 1155 Manhattan Avenue, the Greenpoint Manufacturing and Design Center Development Corporation has been supported by a number of corporate, philanthropic and government funders, including A.P. Sloan Foundation, Albert A. List Foundation, Assemblyman Joe Lentol, Brooklyn Borough President's Office, Chase Bank, Citigroup Foundation, Con Edison, State Senator Martin Connor, Deutsche Bank Americas Foundation, Economic Development Administration, Empire State Development Corporation, Enterprise Foundation, F.B. Heron Foundation, First Republic Bank, Council Member Ken Fisher, Foundation for Just Community, Fund For the City of New York, Greenpoint Savings Bank, HSBC, Independence Community Foundation, JP Morgan, Inc, John Kent, M&T Bank, New York City Council, New York City Economic Development Corporation, New York City Department of Business Services, New York City Investment Fund, New York Community Trust, New York Foundation, Nonprofit Finance Fund, North Fork Bank, State Senator Nellie Santiago, Scherman Foundation, Seedco, Inc., Stavros S. Niarchos Foundation, Victory State Bank.