568 Broadway Now Home to 10 Hot Startups
Thrillist started it, when the company set up shop there in 2008. Then ZocDoc moved in, and then 10gen.
In mid-January, Foursquare planted its flag in the same building, 568 Broadway, a 12-story former sewing factory on Prince Street in Soho.
Next month, the building will become home to several more tech companies. Fueled, a mobile app development company with 45 employees, moves in. As will Indaba Music, a social network for musicians, 20x200, an ecommerce site for art collectors, and, I'm told, Bitly, the URL shortening company backed by betaworks. The building is home to some of New York's fastest growing startups.
It's not cheap. According to Crain's, the space goes for high $40s to $50 per square foot. But the advantages are plenty. Having more space means Foursquare and peers can host events and happy hours, which helps with recruiting. For its part, Foursquare is looking to double in size this year. As are 10gen and ZocDoc, Crain's reported.
Beyond recruitment, working in a collaborative environment does wonders to cultivate that precious support system every startup needs in its development. The idea of a tech scene or ecosystem is so important we named our site after it. It's why the second reporter hired by "The Site-of-Record for Silicon Valley" is based in New York (that's me). We even sent a reporter on the road to cover burgeoning scenes in non-coastal cities around the country.
The New York scene has plenty of hot buildings and shared offices -- there's General Assembly and Dogpatch Labs in Flatiron, betaworks in Meatpacking, and 20 Jay St. in Dumbo. As companies outgrow their shared spaces and look to develop their own unique company cultures, they're spreading out around the city.
General Assembly companies tend to leave the space once their staff grows beyond 15 or so employees, so as not to dominate the culture of the office or become a strain on its resources. GA is just a year old and is already expanding to a second campus across the street in Flatiron. New York startups are taking over the city like a virus! Or something.
While most tech companies in New York live downtown, the biggest Valley companies who've planted their flags here have chosen -- not by accident -- to go uptown. Facebook and Twitter's New York headquarters are in midtown, a location that isn't going to excite many developers but makes perfect sense for two companies aggressively courting ad dollars from Madison Avenue.