Webster Bank Lends $30M for Brooklyn Navy Yard Manufacturing Center
By Andrew Coen March 31, 2026 11:23 am
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The Brooklyn Navy Yard Development Corporation (BNYDC) has sealed a $30 million sub-leasehold mortgage loan for its Green Manufacturing Center (GMC) property, Commercial Observer has learned.
Webster Bank supplied the loan for the GMC, which is a set of three buildings encompassing light industrial and office space at the Brooklyn Navy Yard. Proceeds were used to retire outstanding debt and for other general corporate purposes, according to the BNYDC, which manages the New York City-owned yard under a long-term master lease agreement.
Avison Young negotiated the debt with a team consisting of Scott Singer, Kathleen McSharry, Kevin Swartz and David Brucker. The team first arranged the initial sub-leasehold financing structure for BNYDC more than a decade ago via Sterling Bank, which merged with Webster in 2022.
The Brooklyn Navy Yard is “one of the most spectacular industrial assets in the city of New York and it exists on the Brooklyn waterfront between Williamsburg and Dumbo, so it’s a remarkable location,” Singer told CO. “It has been a very stable asset for a long period of time.”
The GMC, located in a building that was originally utilized by the U.S. Navy for producing machinery during World War II, underwent renovations by the BNYDC in 2015 to reposition it for industrial and manufacturing tenants. The property is now fully leased to four tenants: Newlab, Bednark Studio, Crye Precision and Brooklyn Roasting Company.
“The Brooklyn Navy Yard is a powerful engine for job creation and economic growth,” Lindsay Greene, president and CEO of the Brooklyn Navy Yard, said in a statement. “The Green Manufacturing Center exemplifies our progress, and this investment ensures we can continue to deliver economic opportunity through manufacturing jobs to New Yorkers for years to come.”
Ari Klein, senior managing director at Webster Bank, said in a statement that the bank has “had a long-term relationship with the Brooklyn Navy Yard” for more than a decade and is “proud to support” borrowers who “look to bolster the local community.”
Andrew Coen can be reached at acoen@commercialobserver.com.
