Bloomberg breaks ground on 11,000 s/f Bronx Business Incubator

Mayor Michael Bloomberg broke ground on one of the first city-sponsored business incubators to facilitate development of new startup businesses. The Sunshine Bronx Business Incubator, located in the BankNote Building at 890 Garrison Ave. in Hunts Point, will accommodate up to 400 entrepreneurs from the borough and across the city over the next three years and is expected to be fully operational by February 2011. New York City Economic Development Corp. provided a $250,000 grant to establish the incubator, the sixth business incubator to launch in the city, all since September 2008. Bloomberg was joined at the site of the new incubator in the BankNote Building by deputy mayor for Economic Development Robert Steel, New York City Economic Development Corp. president Seth Pinsky, assembly member Marcos Crespo, Sunshine Realty Management co-founder Cheni Yerushalmi, Taconic Investment Partners senior VP Peter Febo, Baruch College Zicklin School of Business Dean John Elliott and Bronx Community Board 2 district manager Rafael Salamanca, Jr. "New York City continues to be a center of innovation and entrepreneurship, and the Bronx is increasingly turning out new and growing businesses," said Bloomberg. "More than 15,000 new businesses were established in the Bronx in 2008, the most recent period for which there is data, and we're creating the new Bronx business incubator to build on that momentum. "There is no city more welcoming to entrepreneurs than New York, but we know well that some challenges like the cost of physical space can make starting and growing a business difficult. Our network of incubators are designed to address that need and make things easier," said Steel. "New York City has numerous competitive advantages for entrepreneurs - for example, we just passed Boston to become the number two place in the country for early-stage startup investment - and we want to make it as easy as possible for those looking to start and grow small businesses to capitalize on them." "It can be hard to be an entrepreneur, so any help we can afford new small businesses is welcome, especially in this economy," said Diaz. "It is my hope that this new business incubator will lead to new job growth right here in the Bronx, and I am grateful to the city and the New York City Economic Development Corp. for providing the vital capital to help make the dreams of new start-up companies a reality." "The success of our incubator network to date has proven that there is a demand for this type of service among New York City's entrepreneurial community," said Pinsky. "We expect that the Bronx Business Incubator will encourage that trend and facilitate the growth of more Bronx-based startups." Sunshine Realty Management has signed a ten-year lease with Taconic Investment Partners and expects the space to be self-sustaining within the first three years. The 11,000 s/f Sunshine Bronx Business Incubator will provide 180 workstations - split between desks and co-working space for freelancers - targeted to startup businesses and entrepreneurs across industries. Desks at the incubator will initially rent for $295 per month, and co-working stations at $195 per month. "Sunshine Suites has built a reputation at its two Manhattan locations as the place where start-ups grow-up," said Sunshine Suites Co-Founder Cheni Yerushalmi. "Now, with our partners, we are bringing our affordable, scalable workspace model to Hunts Point, so we can offer a home to current and future entrepreneurs." "Taconic Investment Partners is proud to have Sunshine Suites join the BankNote building's growing tenant roster; they will provide entrepreneurs in the South Bronx an opportunity to work in a collaborative first class working environment to grow their businesses," said Peter Febo, senior vice president of Taconic Investment Partners. "Taconic is proud to be a partner with the City and the EDC in this endeavor and hopes to bring more small businesses, schools and non-profit organizations to BankNote which provides its tenants with an incredible Class-A office space in the South Bronx."