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How NYC is gearing up to become the next leader in Life Sciences

When people think of New York City, they rarely think of a thriving science-based economy. Whether they think about the high-rise buildings or hustle and bustle of the Big Apple, New York City is not known for its budding biotech scene. The city’s shortage of available and affordable lab space has caused life science companies to opt for other cities such as San Francisco and Boston. However, with recent regulatory changes and government funding in place, NYC’s life sciences industry is poised for exponential growth. 

As discussed in NYC and NY State Invest in Growing the Life Sciences Industry, growth of New York City’s life sciences hub has struggled to take off due to prior zoning regulations that restricted the areas where life science laboratories could be permitted. Unfortunately, the permitted areas were often not in prominent locations where people desire to work, making it difficult for biotech companies to attract the best and brightest employees.

To combat New York City’s development challenges, Mayor Bill de Blasio launched LifeSci NYC, a 10-year plan to invest $500 million into growing the city’s life sciences industry, in December 2016. The plan complements Governor Andrew Cuomo’s $650 million initiative to spur the growth of New York State’s life sciences industry by providing tax incentives and grants to those who invest in life sciences development projects.

The recent efforts to grow New York City’s life sciences industry are starting to pay off in the number of life science companies and incubators opening in the city. One noteworthy new development is JLABS @ NYC, a 30000-square foot facility located in SoHo. JLABS is a collaboration of Johnson & Johnson Innovation, New York State and the New York Genome Center (NYGC). The facility can accommodate up to 30 biotech, pharmaceutical, medical device, consumer and health tech startup companies.

Earlier this summer, Milrose attended and helped sponsor the first-ever Life Science Real Estate Development Symposium. The symposium brought together 250 scientists, biotech, real estate, and design professionals to discuss how we should plan to accommodate for NYC’s rapidly growing life sciences industry. As a key player in NYC's biotech arena, Milrose was pleased to be able to attend the event and share our insights on how real estate professionals and members of the life sciences community will need to partner together to find, build, and adapt environments in order to fit the unique needs of life science companies. 

If you are looking to convert an existing building into lab space, redevelop existing biotech space or build new lab space, Milrose Consultants is highly qualified to guide you through the city’s regulatory complexities and partner with you to help grow NYC’s life sciences industry.

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