New project planned for Brooklyn Navy Yard

The Brooklyn Navy Yard, a major hub of biomedical, technology and small manufacturing companies, plans to begin renovating the site's largest structure. According to the

The Wall Street Journal says the Brooklyn Navy

The Wall Street Journal says the Brooklyn Navy Yard Corp. will spend $60 million on renovations.

BROOKLYN - The Brooklyn Navy Yard, a major hub of biomedical, technology and small manufacturing companies, plans to begin renovating the site's largest structure.

According to the Wall Street Journal, the 1 million-square-foot space will be developed by the nonprofit Brooklyn Navy Yard Corp., which represents about a quarter of site's usable space.

A local developer has already signed up for 240,000 square feet for his own medical lab and to rent to other companies.

The corporation plans to spend $60 million to renovate the building, making it its largest investment in a single project. It will be funded through a federal program, and state and federal tax credits.  

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