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City Unveils Jobs Plan for Financial Sector

NEW YORK CITY-Mayor Michael Bloomberg and the NYCEDC roll out 11 initiatives to bolster the financial services economy and encourage entrepreneurship.

By Cody Lyon | Updated on February 19, 2009

NEW YORK CITY-Mayor Michael Bloomberg told a mid-day Wednesday press conference at 160 Varick St. that creative steps spur innovation. Bloomberg, deputy mayor Robert Lieber and Seth Pinsky, president of the New York City Economic Development Corp., were on the 12th floor of the Hudson Square building to announce the city’s first business incubator, the first step of an even greater effort to keep skilled labor in the city as the recession claims more jobs daily, most related to the financial sector.

The press conference announced 11 initiatives meant to support the city’s financial sector while positioning the city as a global center for business innovation and entrepreneurship. Although the financial sector only employs around 9% of the city’s workforce, the mayor noted that it accounts for around one third of the city’s private sector payroll.

The deal at 160 Varick involves a three-year lease between Polytechnic Institute of New York University and Trinity Real Estate, the real estate arm of the 300-year-old Trinity Church. The 12th floor space will be able to accommodate about 100 people. Beginning on March 1, start-up companies will be able to sublease space for $200 per person per month for up to six months, with an option to renew. Business services, like phone, copiers and faxes, will be provided, and there will be shared conference rooms and kitchen areas.

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