Yonkers, Pace University Unveil New Business Incubator

The nValley Technology Center is based at the former Purdue Frederick building at 470 Nepperhan Ave. The Yonkers Industrial Development Agency purchased the property from Purdue Frederick Scientific Laboratories, which now operates as Purdue Pharma, for $1 in February 2000 and has since embarked on a $14-million renovation of the building. The nValley Technology Center is a former Alexander Smith Carpet Company factory, built in 1922. In recent times, Purdue Frederick used it for pharmaceutical research.

The new SCI 2 Incubator at nValley will occupy approximately 13,000 sf of space at the 116,000-sf property. The SCI incubator is an initiative backed by Pace University, Springlab, LLC and the City of Yonkers. The incubator will be run by a not-for-profit entity established by Pace--Second Century Innovation & Ideas Corp.--and will be leased to between 15 to 20 small businesses.

Yonkers Mayor Philip A. Amicone, who pointed out that the nValley Technology Center is the first building to be redeveloped by the city in the Nepperhan Valley district, said, "We believe this will be the spark to ignite a complete redevelopment of the entire valley. We expect that within 12 months over 300 new jobs will be created at the nValley Technology Center."

Pace University president David Caputo added the incubator will hope to attract early stage companies that require high-tech facilities. Work on the incubator began in January and the first tenants are expected to take occupancy in late summer.

"Looking ahead, we hope this incubator will be the catalyst for a Center for Advanced Technology," Caputo said. "CATs have been created under the New York State Technology and Research Program in 13 regions of the state. The Hudson Valley is overdue for one."

Caputo also revealed that Pace will create a second business incubator in New York City. The incubator will be housed at 163 William St. in Manhattan, on Pace's Downtown campus near City Hall. The incubator facilities in Manhattan will also be available to tenants of the Yonkers incubator, Pace University officials noted.

Incubator officials said that tenants will benefit from: below market rents, tax incentives, low cost loans, the expertise of Pace University faculty members and undergraduate and graduate students, business development advice and access to venture capital funding.