NEW YORK CITY-The DUMBO Incubator, the latest in a series of workspace locations and training programs designed to draw tech business to the city, was announced yesterday.

Mayor Michael Bloomberg, Brooklyn Borough president Marty Markowitz were joined at an event signaling the incubator's arrival by officials from the New York City Economic Development Corp., the Polytechnic Institute of New York University and Two Trees Management.

The site is expected to be up and running by the fall. In addition to workspace, the firms chosen will receive access to training and networking opportunities. Two Trees is providing subsidized rent in the 6,440-square-foot space at a rate of $3.50 per square foot and will gift 6 months of free rent for the project. NYU-Poly will pay the Two Trees rent and receive rent on a per-desk basis from the firms. The rate participants will pay “will be determined in the coming months,” according to a spokesman for the NYCEDC, which provided a $250,000 grant to establish this latest incubator.

“With the support of our dedicated partners, this ninth incubator in the Bloomberg Administration’s network will allow entrepreneurs to capitalize fully on the advantages of the city’s emerging digital corridors, and add to the fast-growing high-tech sector that is creating jobs and innovation across the five boroughs,” NYCEDC president Seth Pinksy said at the announcement.

Tucker Reed, director of special projects at Two Trees, tells GlobeSt.com that it’s an opportunity for Two Trees to “do good and do well at the same time.” He adds that, from Two Trees' perspective, the heavily subsidized rent provides a potential pool of well-heeled, creative tenants.

“We’re not going to make any money off of the incubator,” Reed says. “But the idea that some of the incubator graduates will become familiar with DUMBO and with us and want to, if they expand and grow, take space in our office buildings is a great opportunity for us.”

Creative tenants already heavily occupy the 20 Jay St. building, Reed says--from music producers to architects--so the DUMBO Incubator participants will join an already thriving creative environment.

Representatives from NYU-Poly didn’t return calls from GlobeSt.com seeking comment, but at today’s announcement, NYU-Poly president Jerry Hultin spoke about the public-private partnerships that make initiatives like the incubators possible.

“As the city’s incubator partner at the highly successful Varick Street Incubator, we demonstrated what powerful forces can be unleashed when universities, government and private enterprise collaborate,” Hultin said. “We welcome this new opportunity to work with Two Trees Management and the city to accelerate innovation and entrepreneurial growth as a natural extension of our digital technology initiatives.”