East Williamsburg Plant gets $4 million
Published On: Wed, 10-25-2006
Related Content: 1155-1205 Manhattan Avenue
Posted Online On: Fri, 05-23-2008
The Greenpoint Manufacturing and Design Center received $4 million in public and private grants to transform an old East Williamsburg factory into space for 25 small manufacturers by late 2007, creating more than 100 local jobs.
About $3.5 million of the project funding came from the Greenpoint-Williamsburg Industrial Fund, a nonprofit real estate development organization. Another $500,000 will be provided by the Brooklyn Borough President’s Office.
About $3.5 million of the project funding came from the Greenpoint-Williamsburg Industrial Fund, a nonprofit real estate development organization. Another $500,000 will be provided by the Brooklyn Borough President’s Office.
The $4 million in grants will help offset the total $11 million cost to renovate the building, on 221 McKibbin Street. The remaining $7 million will be financed by loans and other subsidies.
GMDC said will close on the agreement by January 2007. The new facility—slated for completion in late 2007—will include units ranging in size from 1,000 to 7,000 square feet.
The McKibbin Street building project is one of several projects being funded by GMDC in its quest to revitalize abandoned or underutilized industrial buildings.
The non-profit, whose mission is committed to the preservation and creation of affordable space for small, local manufacturers, has completed five other similar projects at an investment of $21 million. Together, these businesses cumulatively house 100 businesses employing 750 people in 600,000 square feet of commercial real estate.
GMDC said will close on the agreement by January 2007. The new facility—slated for completion in late 2007—will include units ranging in size from 1,000 to 7,000 square feet.
The McKibbin Street building project is one of several projects being funded by GMDC in its quest to revitalize abandoned or underutilized industrial buildings.
The non-profit, whose mission is committed to the preservation and creation of affordable space for small, local manufacturers, has completed five other similar projects at an investment of $21 million. Together, these businesses cumulatively house 100 businesses employing 750 people in 600,000 square feet of commercial real estate.
©2006 Crain Communications Inc.
