Two-Trees makes Dumbo space available for tech start-ups

Brooklyn-based real estate development firm Two-Trees Management has provided a 6,440-square-foot space at a highly subsidized rate for a new city-sponsored business incubator to support the development of technology start-ups in Dumbo, the city said today. The incubator, located at 20 Jay Street — one block from Brooklyn Bridge Park — is designed to accommodate technology entrepreneurs in New York City over the next three years.

Seth Pinsky, president of New York City Economic Development Corp., announced the plan this morning during an Internet Week NY panel on the city’s “Digital Corridors.” EDC has provided a $250,000 grant for the incubator as part of a major Bloomberg administration effort to encourage entrepreneurship.

The space has been made available at a rent of $3.50 per square foot, and the first six months will be free of charge.

This is not the first effort Two Trees, owned by David and Jed Walentas, has made to rebrand Dumbo into a tech paradise. Last week, it unveiled Dumbo Wi-Fi, a free outdoor wireless network between the Brooklyn and Manhattan bridges. Two Trees contributed about $65,000 worth of antennas and equipment.

Two Trees has numerous holdings in the Dumbo area, including numerous rental buildings on Water and Washington streets, condos on Main and Sweeney streets and gallery space. TRD