European business incubator will open New York site

MarketsAssociated Press

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

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

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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.)