BROOKLYN NAVY YARD — New York City is investing $7.2 million in two new tech hubs dedicated to its problem-solving companies.
The program, called UrbanTech NYC, will provide more than 100,000 square feet of space at the Brooklyn Navy Yard and in Midtown for small companies that have outgrown incubators or other early-stage programs, the New York City Economic Development Corporation announced.
The spaces, which will open Summer 2016, will serve companies that address urban challenges in New York City such as energy, waste, transportation, agriculture and water.
“The program will provide the resources that entrepreneurs need to build resiliency into the DNA of our City’s economy,” said NYCEDC President Maria Torres-Springer in a statement.
The program will offer entrepreneurs affordable rent and access to manufacturing equipment, like 3-D printers and laser cutters, as well as fully stocked metal, wood, and electronics shops. Businesses will also get access to local training programs, workshops, mentorship and support from the city.
Companies will be able to pilot and demonstrate their work across the city through a partnership with the Mayor’s Office of Technology and Innovation.
At the Brooklyn Navy Yard, UrbanTech NYC is turning a former ship building facility into an 84,000-square-foot design and manufacturing center for product-based companies. The Navy Yard’s existing design and technology center New Lab will run The Hub @ New Lab, which will feature both office and display space.
In Midtown, UrbanTech NYC will bring 50,000 square feet of office space and a multi-purpose innovation center for software-based businesses right next to Grand Central Terminal at 335 Madison Ave. Grand Central Tech, a startup incubator, will run The Hub @ GCT.
NYCEDC estimates 30 companies, totaling up to 700 employees, will apply for space at the two hubs.
Rent will be negotiated individually between the tenants, but it will be below market rate, according to an NYCEDC spokesman.