LifeSci NYC represents part of a $500 million commitment to growing New York City’s life science industry. The Flatiron District-based, 300,000 square-feet life science campus will support healthcare and biotech ventures, research and development organizations and other biotech-focused activities dedicated to the mission to expel and treat ailments and chronic conditions. Backers include the New York City Economic Development Corporation (NYCEDC) and Deerfield Management, a New York City-based healthcare investment firm.
Management of the Program
The New York-based program will be managed by Deerfield in partnership with MATTER, a Chicago-based nonprofit healthcare incubator. The program expects to generate 1,400 jobs upon launch in 2021.
Training for Life Sciences
Deerfield and NYCEDC plan on committing $30 million to fund a life science savvy workforce with new training programs for New Yorkers with a focus on the diversification of the workplace—e.g. more women and ethnic minorities, reports Globest.
New York Faces Shortages but Big Gains
LifeSCi NYC and NYCEDC seek to overcome current shortages of commercial laboratory, engineering and computer space reports James Patchett, President and CEO of NYCEDC. Apparently big gains are occurring as well as LifeSci has become a driver for expansion and growth such as the Alexandria Center for Life Sciences North Tower on Manhattan’s East Side—550,000 square-feet of commercial laboratory and office space for the life science industry.
NYU Langone’s BioLabs
Moreover, BioLabs recently received a $5 million grant from NYCEDC for development of new incubator lab space in addition to a $10 million fund to help NYC ventures expand.
New York City Biotech Hub
New York and the Tri-State Area is already the epicenter of big pharmaceutical companies in North America. Over the last decade New York has undergone profound changes as agile, nimble startups have increasingly set-up shop in the City. In fact, there are reports of tech ventures leaving Silicon Valley/San Francisco to head east to New York—the costs are too high and New York is much closer to the epicenter of many corporate markets.
Now, New York is making a big play for biotech and other life science ventures. As Boston is probably the leading biotech cluster at this point New York can start attracting talent and ventures as well from Boston. In addition to being literally the symbolic center of corporate and capital markets, New York offers a lifestyle that many young knowledge workers seek out and enjoy.