Being a young designer in New York City just got a little bit easier. (Not that is could have gotten any harder.)

Mayor Bloomberg announced plans for a 10,000 square foot "fashion incubator" to nurture start-up sartorial businesses.

While there will be a limited number of spaces available at the 209 West 38th Street, fourth floor location, the rent will be an emerging designer-friendly $1,500/month -- sadly, for NYC, that's a great deal for office space -- almost half the going market rate.

The CFDA and the city's Economic Development Corporation are supporting the project as part of their larger effort to save the dying garment district, and will offer seminars to raise money for the cause.

Those vying for incubator space will have some stiff competition and tough requirements:

Qualifying designers must have been in business for the last year and a half and have orders from top retailers to "establish their potential."

More details are available on CFDA's Website.

Mayor Bloomberg adds, "New York City is the fashion capital of the world, but we're not about to take that for granted."

Here's to hoping that young designers will give the garment district a big boost.

Want to learn the history of NYC's fashion epicenter? This documentary traces the rise and fall of the "schmatta" business.