In late 1886, Tesla met Alfred S. Brown, a Western Union superintendent, and New York attorney Charles F. Peck. The two men were experienced in setting up companies and promoting inventions and patents for financial gain.  Based on Tesla's new ideas for electrical equipment, including a thermo-magnetic motor idea,  they agreed to back the inventor financially and handle his patents. Together they formed the Tesla Electric Company in April 1887, with an agreement that profits from generated patents would go 1/3 to Tesla, 1/3 to Peck and Brown, and 1/3 to fund development.  They set up a laboratory for Tesla at 89 Liberty Street in Manhattan, where he worked on improving and developing new types of electric motors, generators, and other devices.