Hundreds of community leaders and real estate professionals gathered at the Brooklyn Academy of Music for TerraCRG’s Sixth Annual Only Brooklyn Real Estate Summit. TerraCRG is the only commercial realty group that focuses exclusively on the Brooklyn real estate market. The company’s annual summit serves as a platform for industry leaders to discuss Brooklyn’s continuous developments and what they mean for the future of Brooklyn.
The topics of this year’s summit included a variety of relevant market issues such as the Tech Triangle, Downtown Brooklyn, tenant buyouts, and the Brooklyn Navy Yard. The panelists for these discussions were among the real estate industry’s top developers, brokers, and architects as well as New York City’s most influential community leaders, lawyers, and chairmen.
The development of the Brooklyn Navy Yard was the most exciting topic. Sukanya Paciorek, the Executive Vice President and Head of Asset Management at the Brooklyn Navy Yard Corp. was one of the panelists. The Navy Yard is a 300-acre industrial park, located on the Brooklyn waterfront and is already home over 300 industrial businesses that employ nearly 7,000 people. Paciorek discussed the planned growth for the Navy Yard and stated that an estimated 15,000-20,000 people will be working at the yard within the next five years.
The Navy Yard’s promising future hinges on developers addressing some of the inherent challenges of the space. Paciorek pointed out a few issues such as securing over 30 buildings and the yard’s perimeter, public access to the yard, and logistics in the yard such as food vendors for employees and visitors. Among the current buildings being developed is Building 77, an old storage facility that has been developed as a mixed-use asset over the past 18 months. The 1 million square-foot building will house a 60,000 square-foot public food manufacturing hub on the ground floor, where the yard’s employees as well as the general public can enjoy meals. The development of this building alone will create an estimated 3,000 jobs.
Paciorek stated that the key focuses of the Brooklyn Navy Yard Corp. are development and job growth. She stated that the purpose of these developments is to “grow talent in Brooklyn, create jobs in Brooklyn, and connect jobs in the yard to the community outside.” This historical industrial park provides a promising future for investors, developers, business owners, and the Brooklyn community. Brooklyn residents interested in employment opportunities should contact the Brooklyn Navy Yard Corp.
