The Brooklyn Navy Yard Development Corporation released its end of year report and it shows: The manufacturing hub had a very strong year.
According to the leasing numbers published today, the Yard continues its largest phase of growth since World War II. In 2018, the hub leased a total of 480,000 square feet of space, executed 57 leases that brought 883 jobs and attracted 19 new tenants.
“The Navy Yard’s strong growth in 2018 is a direct result of our mission-driven work to attract manufacturing tenants that create an array of high-quality middle-class jobs, including many available to local residents through our Employment Center,” said BNYDC’s President and CEO David Ehrenberg.
Today’s numbers come amid the Yard’s current $1 billion expansion, which is expected to increase the number of jobs from the current 9,000 to more than 20,000 by 2020.
The Yard largely credits its boom to the redevelopment of the 1.1 million-square-foot Building 77, a World War II era-office and storage facility that was transformed into an urban manufacturing hub, housing more than 3,000 jobs. In 2018, the building became the new home of 15 manufacturers including fashion brands Nanette Lepore and Hip Hop Closet, food manufacturers MarieBelle New York Chocolates and salsa company Jalapa Jar, jewelry designer Rebel Designs and tech hardware manufacturer Revivn. According to the latest numbers, Building 77 is now 85 percent leased or under term-sheet.
Sherman-Abrams Laboratory, a full-service clinical laboratory, was the largest company to sign a lease in 2018. The company brings 100 new jobs to its space in Building 292.
The Yard’s expansion is far from over. Ongoing projects include the development of Dock 72; Admirals Row, which will house a light manufacturing building and a highly-anticipated Wegmans; the Green Manufacturing Center and an expanded Steiner Studios, the country’s largest film and television production studio outside Hollywood.
And with 120,000 square feet of new manufacturing space coming onto the market in 2019, the Navy Yard’s boom is expected to continue also in the new year.
“As our largest expansion since World War II moves forward, we remain on track to reach our goal of 20,000 jobs at the Yard in the next few years,” said Ehrenberg.