European business incubator will open New York site

Markets Associated Press

Officials say Europe's largest business incubator will open its first U.S. site in New York.

Continue Reading Below

The initiative by Netherlands-based B. Amsterdam is designed to boost international expansion opportunities for startups on both sides of the ocean.

The new facility will be located in the Brooklyn Navy Yard , an industrial park that's home to more than 330 businesses.

The announcement was made Wednesday by New York Deputy Mayor Alicia Glen and Amsterdam Deputy Mayor Kajsa Ollongren (KAH'-shuh OHL'-uhn-grehn.)