The Modelica/Resources/BuildProjects/gcc/Makefile does not handle missing installation directory, which was the case when I downloaded the latest ModelicaStandardLibrary-master.
One possible remedy is to complete the all target and add a new target for the directory:
all: clean ../../Library/$(TARGETDIR)
$(MAKE) libModelicaExternalC.a libModelicaStandardTables.a libModelicaIO.a libModelicaMatIO.a libzlib.a
../../Library/$(TARGETDIR):
mkdir -p $@