New tenants recruited at Brooklyn Navy Yard

Real Estate Weekly, June 19, 1991

New tenants recruited at Brooklyn Navy Yard

Brooklyn Navy Yard Development Corporation (BNYDC) Chairman Richard Lutkins and BNYDC President Richard Aneiro announced that five new start-up businesses have leased space at the Navy Yard; three existing business are expanding and three are extending their leasehold commitments.

BNYDC Board Chairman Lutkins said: "Despite the gloom and doom we all hear about everyday about the economic downturn throughout the northeast region, the Navy Yard continues to be a magnet for both new and expanding businesses."

The following eight businesses have signed leases for a total of 36,780 square feet. Together, they will create 29 new jobs at the Yard by moving or expanding their businesses there. These businesses are:

* IST. Inc., a small start-up importer, fabricator and distributor, has leased a 2,400 square foot loft at the Yard to establish a new business.

* L. Harbert Inc., a plumbing contractor has leased 20,000 square feet of vacant land to service local plumbing contracts.

* Association of Brooklyn Clergy For Urban Development will open a 1,000-square-foot office to establish their church's urban development operations.

* Harold W. Bing Inc. a small, minority-owned Queens-based plumbing contractor, is relocating to Brooklyn and has leased approximately 6,500 square feet at the Yard for their business operations.

* Shark Products Inc., a start-up distribution company for personal care products has leased 5,400 square feet at the Yard. The company will be a subsidiary of All Ways Natural, a company which moved into the Yard three years ago. Since that time, the business has grown and expanded twice.

In addition to these start-ups, three current Brooklyn Navy Yard tenant companies are expanding their operations:

* Cromland Inc., a software programmer and distributor of computer supplies has leased an additional 680 square feet at the Yard. Since moving to the Navy Yard in 1988, Cromland has since expanded four times and now occupies a total of 6,490 square feet.

* Matson Services Inc., a minority-owned food service management and consulting firm initially leased 1,000 square feet at the Yard. The company is now adding an additional 300 square feet and has renewed their total lease for a two year term with a single three-year option.

* United Contracting & Restoration, a Hispanic-owned contracting firm, currently uses an 1,150-square-foot suite and is now expanding by an additional 500 square feet for use as their contracting office and headquarters.

Lease extensions, included:

* Modern Plastics, a company which manufactures and distributes plastic goods, has extended its current leasehold of approximately 1,000 square feet for a two year term with a single three year option.

* Rainbow Folding Box has been a Navy Yard tenant for 10 years. This Hispanic-owned firm has extended its leasehold to ten years on approximately 105,000 net square feet.

* Woodhull Hospital has extended its lease on 21,120 square feet of space used as an office and retrieval center, for five years with a single five-year option.

To date, approximately businesses, both large and small, employ more than 3,800 workers and collectively lease more than 4 million square feet at the 260-acre Navy Yard.