New York City celebrated the launch of its largest urban tech space this week with a ceremony hosted by Grand Central Tech (GCT), Deputy Mayor Alicia Glen, and the New York City Economic Development Corporation (NYCEDC). The Hub at Grand Central Tech offers 50,000 square feet of multipurpose space in Midtown Manhattan, where companies working to resolve the city’s most urgent urban challenges will work in private offices set in open floor plans, with equipment and shared resources provided as part of their leases. The Hub will be like a giant co-working space for urban technology innovators.

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Urban Tech NYC helped to fund the project, along with a $2.5 million grant from NYCEDC, and a $5 million contribution from Milstein Properties. The Hub is located on the fourth floor of 335 Madison Avenue, a building which is also home to the GCT accelerator, the Build Grand Central co-working space, and many other tech tenants. “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,” said Howard Milstein, Chairman and CEO of Milstein Properties. “We’re very excited to welcome the Hub @ GCT to 335 Madison, joining the vibrant tech ecosystem in the building.”

Related: NYCEDC launches Urban Tech NYC to support companies creating smart and sustainable cities

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The Hub’s launch marks a big step forward in the city’s commitment to advances in technology. “The Grand Central Tech Hub is going to help innovation firms spark new ideas and grow their workforce,” said Glen, who oversees the city’s housing and economic development program. “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.”

Tenants of the Hub will be growth-stage firms ranging from 10-120 people, and the space will offer discounted rent as well as short-term lease options to provide support to entrepreneurs at all stages of development. Ten such companies are already signed up to operate out of the Hub, with room for more.

+ The Hub at Grand Central Tech

Images via NYCEDC and The Hub at GCT