NYC Push for More Lab Space Will Spur Development Opportunities, Says Joseph Simone
New York City’s aggressive push to build 10 million square feet of new life sciences laboratories will create new development opportunities, said Joseph Simone, president of Simone Development Companies.
“New York City announced in January that it will invest $20 million for the creation of a biotech hub at the Brooklyn Navy Yard, which is the latest in a series of investments throughout the outer boroughs that will bring development and new jobs to neighborhoods primed for revitalization,” said Simone.
The city’s investment at the Brooklyn Navy Yard and other locations outside of Manhattan reflects a shift to neighborhood-based economic development. In the Bronx neighborhood of Morris Park, New York City has deployed this strategy by investing in an innovation lab for early-stage life science startups at the Albert Einstein College of Medicine, which sits across the street from Simone Development’s Hutchinson Metro Center.