In what could be a significant development for the growing tech hub the Brooklyn Navy Yard, Mayor Bill de Blasio announced earlier this week that a stop on the East River Ferry would be added there. The addition of the stop would be another win for the Navy Yard, which is already attracting top-level tech companies, both at 1776 and next door, at New Lab. The Navy Yard hopes for that momentum to continue, with the upcoming opening of Building 77.
7. Brooklyn Navy Yard breaks ground on $380 million tech and innovation hub. In May, the City and the Brooklyn Navy Yard Development Corporation joined partners Rudin Development, Boston Properties, Inc. and WeWork to break ground at Dock 72 today, marking a major milestone in the 200-year history of the Brooklyn Navy Yard. The transformative 675,000 square-foot building will bring $380 million in private investment and 4,000 living wage jobs to the Brooklyn Navy Yard. Dock 72 will serve the rapidly emerging technology and creative industries in Brooklyn, and the project will be one of the largest New York City commercial buildings to be constructed outside of Manhattan in decades.
The joint venture developing a waterfront office building in the Brooklyn Navy Yard has secured a $250 million construction loan, allowing the partners to move forward with the project called Dock 72. Rudin Development and Boston Properties Inc. secured the financing from lenders led by J.P. Morgan Chase & Co., M&T Bank Corp. and U.S. Bank. The joint venture last year broke ground on the 16-story, 675,000-square-foot building, where co-working giant WeWork Cos. plans to take 222,000 square-feet of space. “Co-working space is an integral part of New York’s new economy, transforming the way people do business,” said Michael Rudin, a partner in Rudin Development. “With the development of Dock 72, we are building the infrastructure to meet that growing demand.” The $410 million project, located on a strip of land in Wallabout Bay in the East River, is geared toward the creative sector and will offer a wide range of amenities including a health and wellness center and a rooftop conference center. The building will be ready for tenants to build out their spaces in late 2017 and will be completed in early 2018.
Who says the market for construction finance is dead? Rudin Management and Boston Properties landed a $250 million loan for Dock 72, their tech-focused office building at the Brooklyn Navy Yard. The developers secured financing for the $410 million project from J.P. Morgan Chase, M&T Bank Corp. and U.S. Bank, the Wall Street Journal reported. Rudin and Boston Properties broke ground on the 16-story building at 652 Kent Avenue last year. The 675,000-square-foot building will be anchored by WeWork, which agreed to lease 222,000 square feet. Asking rents in the 17-story building will be between $60 and $70 per square foot, Rudin Management vice president Michael Rudin previously said. The developers acquired a 99-year ground lease in 2015. Dock 72 is part of the massive 4.5 million-square-foot redevelopment of the area. Dock 72 is set to be complete in early 2018.
The Brooklyn Navy Yard is certainly having a moment: It just hosted the Bernie-Hillary debate in its 35,000-square-foot Duggal Greenhouse event space, and Duke Riley is currently performing his surreal, aerial, pigeon-powered Fly By Night project there. The proposed Brooklyn–Queens Connector (BQX) streetcar would link the 300-acre site to multiple subway lines. The Yard will be the new home of the Brooklyn Brewery, MAST Brothers Chocolate Makers, and now WeWork, the last of which will anchor a 16-story, 675,000-square-foot office building designed by New York-based S9 Architecture.