(Read more on the industrial market.)
BROOKLYN, NY-Four small businesses have made a new home at the Brooklyn Navy Yard. They join more than 230 businesses employing approximately 5,000 people at the 300-acre industrial business zone. In addition to these new tenants, seven existing businesses at the Navy Yard have expanded into larger spaces, while 17 others renewed their lease agreements.
The four new tenants collectively will occupy nearly than 11,000 sf. The businesses are: Gedi Sibony, an artist studio, to occupy 2,800 sf; IV Design Inc, a wood furniture designer, manufacturer and restorer, to lease 5,068 sf; iVend Inc., a vending machine supplier, to occupy 1,800 sf of office and warehouse space; and Fabio Woodworking & Framing to occupy 1,216 sf.
The Brooklyn Navy Yard is owned by the City of New York and managed by the nonprofit Brooklyn Navy Yard Development Corp. (BNYDC). The Brooklyn Navy Yard's existing 3.5 million sf of space--currently consisting of 40 rentable buildings--is 99% occupied. In October, Mayor Michael Bloomberg announced a seven-building expansion initiative over the next three years that is expected to generate up to 800 new jobs.
"The expansion and renewal numbers speak volumes about the Navy Yard as a nurturing environment for small business," says Andrew Kimball, BNYDC president and CEO. "The demand for industrial space in New York City is strong--our current vacancy rate here is less than 1%--and we are creating more than one million sf of new space to meet the need."
The seven expanding businesses will lease an additional 47,969 sf. Bic Supply Inc. leased an additional 983 sf. GM Pinks Corp. leased an additional 15,981 sf for the storage and distribution of furniture and cabinetry. Noori Liquidation Center, Inc. took an additional 9,000 sf. Paul Wood leased 630 sf of new space. Duggal Super Murals Inc. will lease an additional 7,900 sf. Shiel Medical Laboratory inked two separate deals. One deal is for an additional 4,544 sf, the other calls for 2,500 sf. Surround Art Storage LLC leased an additional 6,431 sf.
The 17 tenants renewing leases occupy a combined 115,769 sf. These tenants are ACM Consulting Corp.; Art Model Wood Inc.; Rose Solomon; Stiegelbauer Associates Inc.; Almar Sheet Metal Inc.; Andrea Rosen Gallery Inc.; Art-In Construction; Capstone Construction Corp.; Chuu, Inc.; Elizabeth Yamin Visual Artist; Emerald Poly Inc.; R. Simon Designs Inc.; Schematic LLC; Stitch; Sunshine Environmental Services; USDA- APHIS-PPQ; and Wit Co.
The expansion program--the largest such initiative at the historic site since World War II--will create 401,900 sf of additional industrial capacity and is expected to include a 60,000-sf supermarket on the perimeter of the Navy Yard to serve the needs of surrounding communities, according to a statement.
In February, the mayor and Steiner Studios announced a 289,000-sf expansion of Steiner Studios that will create 550 jobs. As GlobeSt.com reported in May, B&H Photo-Video will construct a new, multi-story, 400,000-sf building that is expected to create up to 300 new jobs. Overall, the total amount of new industrial space to be added in the Navy Yard over the next three years will be more than one million sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
