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Milstein, Grand Central Tech plan NYC property revamp to attract startups

Company, a partnership between Milstein Properties LLC and technology startup incubator Grand Central Tech, is planning to renovate the old Biltmore Hotel at 335 Madison Ave. in Manhattan, N.Y., into a tech incubator, with Milstein investing over $100 million, Bloomberg News reported.

Matt Harrigan, co-founder and CEO of Company, said the location, across from Grand Central Terminal, will be like Silicon Valley in the center of New York, according to the June 5 report.

Milstein previously transformed the 1.1 million-square-foot hotel building to an office asset in the 1980s, renaming it Bank of America Plaza.

The latest transformation at the 1913-built building is expected to provide 700,000 square feet of space for corporate tenants, 250,000 square feet for startups and 150,000 square feet for retail and amenities.