U.S. Department of Commerce Invests $2 Million to Support Manufacturing in the Brooklyn Navy Yard
Contact: Public Affairs Department, (202) 482-4085
October 2, 2015
WASHINGTON – As part of Manufacturing Day today, U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine announced in Brooklyn, New York that the Economic Development Administration (EDA) is awarding a $2 million grant to the Brooklyn Navy Yard Development Corporation (BNYDC) to create space for manufacturers and startups. This investment builds on roughly $20 million in past investments to the Brooklyn Navy Yard, and, according to grantee estimates, this project will create more than 375 manufacturing jobs and generate more than $2 million in private investment.
“American manufacturing is experiencing a renaissance and creating high-paying, high-tech jobs all across the country,” said Deputy Assistant Secretary Erskine. “The EDA investment announced today continues EDA’s long-standing support of the Brooklyn Navy Yard, which is a prime example of the power of economic development to create jobs and economic growth.”
“This project will enhance Brooklyn Navy Yard while creating economic opportunity and the chance for well paying, green manufacturing jobs. I’m pleased to see this initiative moving forward,” said U.S. Representative Nydia M. Velázquez.
“At one million square feet, BLDG 77 is by far our largest project to date and would not be possible without public support,” said BNYDC President & CEO David Ehrenberg. “The EDA investment is a vote of confidence in the tremendous economic impact this project will have, not only for the Yard’s existing businesses but for the 3,000 jobs that will be created.”
EDA’s investment will renovate two floors of Building 77 at the Brooklyn Navy Yard into industrial suites to prepare them for growing companies as part of the redevelopment and renovation of this historic former naval stores building. The renovated space will meet LEED certification and is expected to attract small and medium-sized start-up and expanding manufacturing tenants.
EDA has invested in the Brooklyn Navy Yard over the past 50 years, transforming the area into a manufacturing hub. From 1801 to 1966, the Brooklyn Navy Yard was an active U.S. military installation, but it closed in July 1966 and displaced almost 9,500 workers. That year, EDA designated the area around the Yard as a redevelopment area and began providing financial support for its redevelopment. By 1970, EDA had provided $15 million to fund technical assistance and infrastructure rehabilitation of existing buildings for industrial reuse, attracting 14 employers to the Yard. In 2009, EDA invested $2.5 million in a green manufacturing center in the Brooklyn Navy Yard through a grant to BNYDC. This investment supported the rehabilitation of approximately 250,000 square feet of space for new and growing green manufacturing companies, creating 800 new jobs and leveraging approximately $45 million in private investment.
About the U.S. Economic Development Administration (www.eda.gov)
The Economic Development Administration marks 50 years of public service, leading the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.