Admirals Row rendering/ Image courtesy of Steiner NYC
NEW YORK CITY—Steiner NYC secured $228 million in construction financing for its Admirals Row project, located at the intersection of Flushing Avenue and Navy Street, in the southwest corner of the Brooklyn Navy Yard. M&T Bank and BNY Mellon are providing the financing.
Admirals Row will be a mixed-used development bringing the first Wegmans Supermarket to New York City, extending a full 75,000 square feet. The project will also include 85,000 square feet of additional retail space, a parking structure for 435 vehicles, a 266-space parking lot, and 356,000 square feet of light industrial and creative office space, leased to the Brooklyn Navy Yard Development Corporation. The development will also provide a 5,000 square-foot community facility.
Jones Lang LaSalle worked with Steiner NYC to negotiate the loan. Doug Steiner, chairman of Steiner NYC, notes that his team did not wait for financing to start construction and that a significant portion of the project has already been topped out.
Wegmans at Admirals Row in Brooklyn Navy Yard/ Rendering courtesy of Steiner NYC“When Wegmans opens in 2019, it'll be a game changer – for the Navy Yard, for Brooklyn and for the whole city,” says Steiner. Construction is anticipated to be completed in early 2021.
JLL brokers note that the financial lenders had worked with Steiner NYC in the past. Plus the long-term anchor tenants were already in place. “Given these factors, and its location within the economic heart of Brooklyn, it was a very attractive proposition for the lending community,” says Aaron Appel, vice chairman at JLL.
“The continued redevelopment of the historic Brooklyn Navy Yard through the construction of Admiral's Row will bring thousands of new jobs and services to the community. This is a stellar urban model for mixed-use development,” said M&T Bank's vice president for commercial real estate lending Matt Petrula.
Kasowitz Benson Torres LLP attorneys Douglas B. Heitner, Jeffrey DiChiara and Tyler S. Vinal represented Steiner NYC in this matter.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
