NYCEDC and Deerfield Management Develop Life Sciences Campus
The partnership will redevelop 345 Park Avenue South – a 12-story mixed-use building in the Flatiron District – into an approximate 300,000 square-foot life sciences campus.
NEW YORK CITY – The New York City Economic Development Corporation and Deerfield Management, a New York City-based healthcare investment firm, have teamed up to redevelop 345 Park Avenue South – a 12-story mixed-use building in the Flatiron District – into an approximate 300,000 square-foot life sciences campus.
The redevelopment is a part of a $500 million commitment to growing New York City’s life sciences industry through LifeSci NYC. The life sciences campus, which will include 200,000 square-feet of wet labs, will support healthcare and biotech start-ups and research and development companies working to expel and treat ailments and chronic conditions.
Deerfield in partnership with MATTER, a Chicago-based nonprofit healthcare incubator, will manage the program serving emerging healthcare and life sciences companies, which is expected to generate 1,400 jobs upon its open in early 2021.
Deerfield and NYCEDC will also commit an estimated $30 million to fund a life sciences workforce training program for New Yorkers with the intention of fostering diversity and inclusion.
“The shortage of commercial laboratory, engineering, and computing space has prevented us from developing cures for some of the most pressing medical conditions here in New York and nationally, but with LifeSci NYC we are changing that quickly,” said NYCEDC President and CEO James Patchett in a prepared statement.
New York City is making big gains in the life sciences industry through LifeSci NYC, such as the expansion of the Alexandria Center for Life Sciences North Tower on Manhattan’s East Side, a 550,000 square-foot facility featuring commercial laboratory and office space for growth-stage life sciences companies.
In addition, NYCEDC awarded NYU Langone’s BioLabs a $5 million grant to fund approximately 50,000 square feet of new incubator lab space, approved a $10 million fund to help NYC companies expand their physical footprint, and a related launched a job training internship program.