This local development corporation, organized under Section 1411 of the Not-For-Profit Corporation Law, manages and develops the former Brooklyn Navy Yard as an industrial park under a ninety-nine year lease with the City of New York. BNYDC leases four million square feet of space in the Yard, promotes local economic development, develops underutilized areas and oversees modernization of the Yard's infrastructure. The corporation's board of directors is comprised of leaders of Brooklyn's economic development community. Established in 1801, the Brooklyn Navy Yard served as one of America's preeminent military facilities for more than 150 years. Closed by the federal government in 1966, the City of New York subsequently assumed ownership and re-opened the Yard as an industrial park. The Yard now operates at 99% capacity and has launched an expansion program to meet significant demand for space from new industrial tenants. The Yard is currently home to nearly 400 businesses providing over 11,000 jobs.