The Real Deal New York

NYU mulling new 50K sf startup incubator at Industry City

Plan would require a $6.2 million grant from the NYCEDC

June 26, 2015 03:50PM

Rendering of Industry City in Sunset Park

Rendering of Industry City in Sunset Park

NYU Polytechnic School of Engineering is considering establishing its fourth incubator space for startup companies — this time at Industry City in Sunset Park. 

For the plan to proceed, NYU would need to secure a $6.2 million grant from the New York City Economic Development Corp., which would provide funds to outfit the 50,000-square-foot space and cover a portion of the rent, Crains reported. The owners of Industry City, a partnership led by Jamestown Properties, have applied for the money on behalf of NYU.

The facility would cater to mature startup companies that may have outgrown other spaces in the city, including NYU’s other incubators at 137 Varick Street, 20 Jay Street and 50 MetroTech. It would consist mainly of “step-out” space, which are 500 to 2,000 square foot private offices, enabling tech companies to be near each other without being on top of each other.

The space would also have a fabrication facility outfitted with 3D printers and milling machines.

“We have found that there are a lot of young companies which are not ready yet for the real estate market in the city and still need support,” said Kurt Becker, NYU Polytechnic’s vice dean for research, innovation and entrepreneurship. “This is an environment where promising companies can seamlessly take the next step and focus on their business and ideas rather than the difficult logistics of finding space in the city.”

In March, Jamestown and partners proposed constructing a hotel at Industry City. Jamestown, the owner of Chelsea Market, purchased a 60 percent stake in Industry City in 2013. [Crain’s] — Tess Hofmann