DUMBO gets new feather: an incubator
City opens its ninth such facility, this one to focus on technology startups, on Jay Street; landlord Two Trees offers discounted rent of $3.50 per square foot.
- Tommy Fernandez for Crain's New York Business.com June 9th, 2011
- Source: http://www.crainsnewyork.com/article/20110609/REAL_ESTATE/110609861
Mayor Mike Bloomberg and a group of academics and local officials announced Thursday the creation of a new city-sponsored technology incubator at the edge of downtown Brooklyn.
Slated to become fully operational in the fall, the DUMBO Incubator is located at 20 Jay St., one block from the Brooklyn Bridge Park. It will help technology startups in downtown Brooklyn with capital, workspace, training and other resources. The New York City Economic Development Corp. provided a $250,000 grant to establish what becomes the ninth city-sponsored incubator.
The facility will be operated by the Polytechnic Institute of New York University (NYU-Poly), which signed a three-year lease with Two Trees Management Co. Two Trees provided the 6,440-square-foot space for the DUMBO Incubator at a highly discounted rate of $3.50 per square foot. In addition, Two Trees Management will offer six months rent-free to provide additional help with the launch.