The Brooklyn Navy Yard is a lynchpin of the borough’s cutting-edge Tech Triangle, but there are many elements of the 300-acre campus that are decidedly turn-of-the-century – the 19th century.
While the yard is home to high-tech solar panels and a green manufacturing center, there are decidedly low-tech elements like piers, dry docks and a power plant that proved to be challenges when the Brooklyn Navy Yard Development Corp. went to refinance $60 million in EB-5 debt last year.
But by splitting the new loan between the property’s conventional and unique assets, while also reworking the yard’s ground leases that dated back to the Ed Koch administration, a team of brokers at the Singer & Bassuk Organization came up with a solution that’s in the running for the Real Estate Board of New York’s top deal making prizes.
Singer & Bassuk’s submission, entitled “It’s Not Just a Job, It’s an Adventure,” is one of 15 transactions up for one of REBNY’s Most Ingenious Deal of the Year Awards, the winners of which will be announced at the sales committee’s annual cocktail party April 4 at Club 101.
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