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Incubator cuts tenants' rent by 26 percent with move to LIU Post
Moving from a commercial building to a college campus has allowed a local business incubator to cut by 26 percent the rent paid by tenants.
ThoughtBox@LIU is now charging $260 per month for every desk a tenant uses in the incubator’s new space on Long Island University’s Brookville campus, said founder Mark Fasciano, who also is managing director of the local venture capital firm Canrock Ventures.
He said rents had been about $360 per desk per month until last weekend when ThoughtBox moved from a former bank building adjacent to the Hicksville LIRR station to LIU Post.
The savings is part of a 10-year deal between the incubator and the university.
ThoughtBox caters to startup businesses in the information technology industry. Tenants don’t have to backed by Canrock but most are. Fasciano said nearly 60 people work at incubator companies.