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New York & Tri-State  + Downtown New York  + Healthcare  | 

NYC Doubles Down on Life Sciences Commitment

The de Blasio administration on Wednesday announced a plan to double the city’s $500-million investment in life sciences to $1 billion.

To that end, the New York City Economic Development Corporation has issued an RFP to help advance the commercial research and development of new medicines, medical devices, diagnostics, materials, and research tools. The city will provide up to $112 million in city capital to support one or more innovation projects. 

“New York City can do more than just fight back against COVID-19,” said Mayor Bill de Blasio. “We can invest in fast-growing sectors like the life sciences to stop the next pandemic before it starts – and become the public health capital of the world.”

The announcement coincided with a CBRE report that growth in the city’s life sciences sector wasn’t hindered by the pandemic-driven downturn. Venture capital fundraising is off to its strongest year-to-date start yet, CBRE reported.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

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