Upping the Ante on the Brooklyn Navy Yard
David M. Levitt breaks the news about the expanding footprint, and cost, of development plans at Brooklyn's Navy Yard.
Brooklyn Navy Yard Development Corp. is now planning on spending $2.5 billion to build 5.1 million square feet of tech industry-focused office and manufaturing space. "A little more than half of it will be in a single, vast complex with about the total square footage of the Empire State Building, bringing the yard’s total workforce to about 30,000," reports Levitt. The article provides additional details about the three total sites proposed under the new plan.
The article recounts the history of the Navy Yard, including its recent history, which has seen the rehabbing of all existing buildings and leasing rates of 99 percent for the past decade.