NYU mulling new 50K sf startup incubator at Industry City

Plan would require a $6.2 million grant from the NYCEDC

New York /
Jun.June 26, 2015 03:50 PM

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


Related Articles

arrow_forward_ios
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B
Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B
Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B
Tishman Speyer CEO Rob Speyer, NYU President Andrew Hamilton and 11 West 42nd Street in NYC (Getty, CBRE)
NYU renews at Tishman Speyer’s 11 West 42nd Street
NYU renews at Tishman Speyer’s 11 West 42nd Street
Porsche and Volvo sign leases at Industry City
Porsche and Volvo sign leases at Industry City
Porsche and Volvo sign leases at Industry City
Ambassador Franklin Makanga and 4 Washington Square Village (Wikimedia, Facebook)
NYU sues Gabon ambassador to UN over back rent
NYU sues Gabon ambassador to UN over back rent
The South Brooklyn Marine Terminal (Google Maps; Waterfront Alliance)
State to develop wind turbine plant on Brooklyn waterfront
State to develop wind turbine plant on Brooklyn waterfront
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)
Here’s how Industry City’s controversial rezoning unraveled
Here’s how Industry City’s controversial rezoning unraveled
Stay-at-home orders and virtual classes have asked serious questions of the once-booming market for student housing. (Photo: University of North Carolina at Chapel Hill via Getty)
Quiet dorms and distress storms: Student housing sector takes hit
Quiet dorms and distress storms: Student housing sector takes hit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...