Brooklyn will be home to one of 12 new businesses coming to the state as part of the "Start Up NY" program.
Governor Andrew Cuomo announced the first round of companies on Wednesday, including one located near the SUNY Downstate Medical Center.
The program waives taxes for 10 years for companies located on or near college campuses.
Five CUNY campuses are participating and businesses will soon open on campuses like Cornell, the University of Buffalo and the Rochester Institute of Technology.
They include companies working in biotechnology, advanced manufacturing and software development.
Governor Cuomo says this batch of businesses will invest $50 million and create almost 400 jobs.