New York, NY – May 21, 2015 – Venable LLP announced that it represented the Brooklyn Navy Yard Development Corporation (BNYDC) in the negotiation and closing of its recently announced Admirals Row development. The deal involves the leasing of over 6 acres of the Brooklyn Navy Yard to a developer who will invest several million dollars to construct over 300,000 square feet, anchored by a 74,000 square foot Wegmans supermarket. The BNYDC board approved the transaction last week.
The representation included the drafting and negotiation of two major ground leases which require the construction of approximately 300,000 square feet of new space including the Wegmans supermarket space, retail uses, the adaptive re-use of two historic structures, related parking facilities, and the lease of 125,000 square feet of light industrial space to BNYDC for eventual sublease to end-users in accordance with BNYDC's mission.
New York real estate partner Suzanne St. Pierre led the Venable team with counsel Michael C. Phillipou and Susan E. Golden and associate Joseph A. Piscina. The transaction drew upon the deep experience of Venable's New York Real Estate Group in New York City development transactions and representation of nonprofit and quasi-governmental entities. Venable's attorneys simultaneously negotiated with multiple bidders and completed the transaction on an expedited basis to meet BNYDC's ambitious timetable for this project.
BNYDC is the not-for-profit corporation that manages the Brooklyn Navy Yard on behalf of its owner, the City of New York. BNYDC's mission is to promote local economic development and job creation, develop underutilized areas and oversee modernization of the Yard's infrastructure and assets while maintaining its historical integrity. The 300-acre industrial park on the Brooklyn waterfront, once the site of one of the nation's most storied naval shipbuilding facilities, is now home to over 330 industrial tenants employing more than 6,400 people, up from 3,600 in 2001.
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