Sophie Theallet designer studio

Soon Sophie Theallet will have more spacious digs via the fashion incubator program. Photo: Stan Honda, AFP / Getty Images

Half-off rent in the Big Apple? Sounds too good to be true, but twelve designers heard the improbable news from the CFDA and New York Economic Development Corporation today.

We previously reported on the launch of the "fashion incubator" program, and after some tough selection rounds, the applicants have been whittled down to the following inaugural recipients:

Edgy downtown designer Alice Ritter, Bibhu Mohapatra, Demi Moore favorite Prabal Gurung, Rachel Dooley with Gemma Redux, Grant Krajecki of Grey Ant, who was previously based in Los Angeles, Waris Ahluwalia of House of Waris, Joel Diaz with Jolibe, Alison Lewis of the line Lewis, menswear designers Dao-Yi Chow and Maxwell Osborne of Public School, Yuvi Alpert and Danna Kobo of Ruby Kobo, Justin Giunta of Subversive Jewelry and Michelle Obama regular Sophie Theallet, who can now upgrade from her Brooklyn digs to the Manhattan studio, reports WWD.

The lucky winners will occupy the fourth floor of 209 West 38th Street (in NYC's Garment District) for an emerging designer-friendly rent of around $1,500/month. Yep, sadly that's Manhattan at a discount, almost half the usual market rate for the 800 to 1000 sq. ft. studios.

Along with being a tad jealous, ok, actually green with envy, over the cheaper rent, we're just hoping the discount will translate to wallet-friendly fashion.

Along with helping emerging designer talent, the CFDA is also using its stylish goodwill toward Haiti relief efforts.