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Old Posted Jul 10, 2015, 1:47 PM
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chris08876 chris08876 is online now
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Smile NEW YORK | Brooklyn Navy Yard Development (Potential 20 mil sq-ft)

I have a feeling this could be the next Hudson Yards. Right along the side of Sunnyside Yards in Queen. Essentially, numerous towers will most likely go up in time due especially as companies migrate to Brooklyn and/or the residential market.

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With businesses waiting to get in, Navy Yard says it could actually be four times bigger



Quote:
The Brooklyn Navy Yard is ripe for more commercial development beyond the new 675,000-square-foot office building, Dock 72, unveiled by Boston Properties and Rudin Management Co. earlier this week.

Dock 72 will eventually help bring the total amount of commercial space at the Navy Yard to more than 5 million square feet, but there is room for more. Much more. Rough estimates put the amount of untapped development rights at the Navy Yard between 15 million and 20 million square feet. To put that into perspective, the Hudson Yards mixed-use project that is creating an entire neighborhood out of whole cloth on the far West Side of Manhattan is nearly 17 million square feet.

"It is an enormous amount of property to think about," said Clare Newman, chief of staff at the Brooklyn Navy Yard Development Corp., the nonprofit that runs the industrial park. "There is a lot of opportunity at the yard, and that is what makes it an exciting place to be."

The precise amount of potential square footage has not been tabulated. But it is safe to say the reservoir is vast, and the corporation will likely want to draw from it once it ties up a number of ongoing projects, especially because businesses that have been put on wait lists are clamoring for space in the industrial park.

Among the new and ongoing developments is the S9 Architecture-designed Dock 72, which will be anchored by office-sharing startup WeWork. The corporation is also completing the restoration of a 215,000-square-foot former machine shop building called the Green Manufacturing Center. In addition, it recently selected a developer for the Admiral's Row project, a mixed-use development slated for completion in 2017 that will eventually become home to supermarket chain Wegmans, its first New York City outpost, along with other retailers and commercial tenants.

Late last year, the corporation also announced a chunk of city funding for the restoration of a nearly 1 million-square-foot warehouse called BLDG 77, which is the last of the major unused structures in the yard. All told, the projects are expected to collectively bump up employment at the industrial park to 15,000 jobs by 2020.

"We've been focusing really hard over the course of the past year on buttoning up and working on an impressive slate of projects," Ms. Newman said. "I think the next phase for us is to determine how to maximize the yard's potential."

Even building a fraction of what is possible (residential development is not planned for the Navy Yard) would be a significant addition not only to the complex itself, but it would also be on par with the size of another Brooklyn complex, Industry City, which is 6 million square feet, said Carlo Scissura, chief executive of the Brooklyn Chamber of Commerce.

"The Navy Yard has huge potential," he said. "If you brought another 5 million square feet online there over the next 10 to 20 years, it would be a real game-changer for the borough and New York City."
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http://www.crainsnewyork.com/article...could-actually
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