NAVY YARD BUILDING UNDERGOING $80M RENOVATION IN NYC

NEW YORK CITY — Building 77, a 1 million-square-foot warehouse building at the Brooklyn Navy Yard, will undergo an $80 million renovation. The 16-story former ammunition depot will be transformed into a modern, sustainable hub for manufacturing and technology innovation. The reuse of the building will result in the creation of up to 1,500 new jobs at the Navy Yard during the next five years. Brooklyn Navy Yard Development Corp. will lease 240,000 square feet to Jack Basch, a Brooklyn-based developer and entrepreneur. Basch is the owner and CEO of Shiel Medical Laboratories. Shiel will occupy at least one floor, approximately 60,000 square feet. Basch will sub-lease the rest of the space to other high-tech industrial and medical-service companies. Construction is set to begin in spring 2013 and will last about 18 months.