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Financing

Doug Steiner lands $228M to develop Brooklyn Navy Yard project

M&T Bank and BNY Mellon provided the debt

Rendering of Admiral’s Row (Credit: SteinerNYC)

Doug Steiner has secured $228 million in construction financing from M&T Bank and BNY Mellon for his project at the Brooklyn Navy Yard, according to the CO

What comes next: Construction has already begun for the mixed-use project, which will be anchored by a Wegmans supermarket (75,000 SF). Brooklyn Navy Yard Development Corporation will be leasing 356,000 square feet of light industrial and creative office space. The project will also include an additional 85,000 square feet of retail space, a community facility component (5,000 SF), and 701 parking spaces.

Worth Noting: The development will be Steiner’s second major one in the Navy Yard. His first was a massive movie production facility (765,000 SF).

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