Biotech duo to set up shop in SUNY’s BioBAT incubator

Cord-blood bank Americord, synthetic meat cultivator Modern Meadow moving to Sunset Park
June 05, 2014 08:00AM

Biotech firms Americord Registry and Modern Meadow are coming to Brooklyn, where they’ll operate tax-free for 10 years.

Americord, a cord-blood bank, and Modern Meadow, a synthetic meat cultivator, were selected as part of Governor Andrew Cuomo’s START-UP NY initiative, which launched last fall. Under the terms of the program, the pair won’t have to pay taxes on income or property for a decade. They’re both also getting a pass on business taxes, corporate taxes, state taxes, and local and sales taxes for that same length of time.  In addition, they don’t have to pay any franchise fees for a decade.

Modern Meadow will relocate from Columbia, Mo. to the BioBAT incubator operated by SUNY Downstate at the Brooklyn Army Terminal in Sunset Park. Americord is currently based at 40 Wall Street in Lower Manhattan, according to the company’s website. Americord has been in business for six years.

SUNY Downstate sponsored the two startups, vetting their businesses and aiding their applications to the program. The university’s biotech incubator broke ground last year. [Crain’s]Julie Strickland