Brooklyn Navy Yd gets $3M expansion grant

Real Estate Weekly, Feb 19, 1992

The Brooklyn Navy Yard Development Corporation (BNYDC) announced that it has received a grant of $3 million from the federal Economic Development Administration to help fund the cost of renovating several structures at the 260-acre former military base turned industrial park. Construction on projects to be financed with these funds, which will be matched with $2 million in navy yard funds, will begin this spring.

It was also announced that seven firms, predominantly minority-owned small businesses, have leased space for their operations at the Navy Yard. Also, one current tenant has agreed to lease additional space at the Yard to accommodate an expansion of its business, while two other existing tenants have extended the leases for the space that they now occupy.

Of the new tenants, four firms are involved in construction or related trades, one is a refinisher of antiques, another produces custom-made wood furniture and the final new tenant is a building maintenance contractor. They are as follows: *Carlton Boilers, a small, minority-owned firm that installs and maintains boilers, will move its six employees into 500 square feet of space *Dalmar R.E. James & Associates, a minority-owned construction management and architecture start-up venture, is leasing 950 square feet of space *Inheritance Antiques, a minority-owned firm that specializes in refinishing antiques, is leasing 3,200 square feet of space *Reliable Maintenance Co., a minority-owned building maintenance and cleaning contracting firm, has leased 620 square feet of space for its three-person operation *Valent Industries, a construction supply and concrete manufacturer, will lease 3.5 acres of land to establish a redi-mix operation that will supply downtown Brooklyn and the surrounding area with concrete *William L. Waters, a minority-owned mechanical contracting firm, will lease a 4,000 square foot loft to house its seven-person operation *William and Luis Woodworking, Inc., will move its custom furniture and cabinet production shop, with five employees, to 2,800 square feet of space

In addition to these new tenants, Jasco Designs, a small jewelry firm that now occupies 1500 square feet of space, will expand its operations into an additional 900 square feet of space. Two other tenants, House of Trimmings and Ressler Importers, Ltd., that occupy a total of 25,000 square feet of space, have agreed to extend their leases for space at the Yard.

Last year, 33 new tenants moved to the Navy Yard, while 13 existing tenants expanded their operations and 5 others extended their leases. This represents a total of 300 new jobs created at the Yard, and an increase of over 300,000 square feet in the amount of space that is now occupied.