The Brooklyn Navy Yard is ready to raise $40 million through the EB-5 visa program to renovate the yard's 18-story, one million square foot industrial structure known as Building 77. The building is located just inside the Flushing Ave. perimeter, between Vanderbilt Avenue and Clermont Street, and will comprise a quarter of the Navy Yard's total built space when the renovation is completed. The structure's bunker-like appearance is in direct relation to its original purpose, which was to safeguard the Navy's store of torpedoes during World War II. The BNY Development Corp. and other developers have been using the federal EB-5 visa program, which offers green cards to foreign investors willing to fund projects in economically mixed communities, to line up investors in a time when development credit has been more scarce.
· Navy Yard funds big rehab with green cards [Crain's]
· Brooklyn Navy Yard coverage [Curbed]