NEW YORK CITY–Grand Central Tech, along with Deputy Mayor Alicia Glen and the NYC Economic Development Corp., have launched the Hub @ GCT, New York's largest urban tech space.

Adjacent to Grand Central Terminal, the 50,000-square-foot Midtown property will host growth-stage companies in the urban tech sector. The Hub recently received funding from the city's Urban Tech NYC initiative, which offers space, equipment, pilot opportunities and shared resources to companies working to address the city's urban challenges.

Milstein Properties contributed $5 million to build out the space at 335 Madison Ave., while the EDC provided a $2.5 million grant.

The Hub reveals it has several corporate partners, including GE, Microsoft and Lowe's. Growth-stage companies housed at GCT will have opportunities with these partners in designing, testing and implementing new technologies.

“The Grand Central Tech Hub is going to help innovation firms spark new ideas and grow their workforce. Our investment here is part of a bigger strategy to secure the space, train the talent and provide the infrastructure our tech ecosystem needs to thrive and compete. There is no city in the world better positioned to be the capital of technology and innovation than New York City,” says Deputy Mayor for Housing and Economic Development Alicia Glen.

“Our partnership with Grand Central Tech is a win-win, helping develop innovative companies that are both creating good jobs and finding solutions to some of the biggest challenges facing cities today,” adds NYCEDC president Maria Torres-Springer. “We're excited to welcome the Hub @ GCT to our UrbanTech NYC team as we continue to grow a vibrant 21st century economy in New York City.”

Explains Howard Milstein, chairman and CEO of Milstein Properties, “New York City's tech sector is thriving, but entrepreneurs with growth-stage companies need high-quality, flexible and affordable spaces to grow and succeed. The Hub creates a place for promising entrepreneurs to build the next generation of smart cities innovations, with expertise and support from Grand Central Tech, the City and corporate partners.”

“The pervasiveness of technology and the expansion of open data policies is about to unleash an economic growth engine for urban innovation that we have never seen,” declares John Gordon, chief digital officer at Current, powered by GE, who is working with cities across the globe on Intelligent LED lighting deployments.

“For the first time in history, we are creating digital cities through open, ubiquitous infrastructure and we need entrepreneurs, developers and everyday citizens to dream up applications to solve for challenges we haven't even yet realized,” he continues. “Incubation centers and programs like this one are critical on this journey.”

Join ALM Real Estate Media on October 5th at RealShare NEW YORK, a who's who of expert analysis and insights on the New York market. Click here for more details.

NEW YORK CITY–Grand Central Tech, along with Deputy Mayor Alicia Glen and the NYC Economic Development Corp., have launched the Hub @ GCT, New York's largest urban tech space.

Milstein Properties contributed $5 million to build out the space at 335 Madison Ave., while the EDC provided a $2.5 million grant.

Join ALM Real Estate Media on October 5th at RealShare NEW YORK, a who's who of expert analysis and insights on the New York market. Click here for more details.

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City's Largest Tech Space Launched Near GCT

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