The Partnership Fund invested in New Lab, an 84,000 square foot collaborative design and fabrication workspace – located in the Brooklyn Navy Yard—that brings together a community of designers, entrepreneurs, corporations, and academic institutions to foster innovations in industrial design, prototyping, robotics and new manufacturing. Upon completion in mid-2016, New Lab is expected to house 60+ businesses and to create over 300 jobs. Prior to opening, New Lab is operating an 8,000 SF beta space at the Brooklyn Navy Yard, which currently hosts 33 businesses with 44 employees.
New Lab is expected to have a significant impact on the economic growth of the Brooklyn Navy Yard and the City. In addition to the Partnership Fund’s investment, New Lab is supported with funds from NYC Council, Regional Economic Development Council and other tax incentivized financing sources.