EDC Grants $26M to Launch Two Upper Manhattan Life Sciences Facilities
By Mark Hallum August 24, 2022 10:51 am
reprints
The life sciences sector is getting a boost from the New York City Economic Development Corporation (EDC) as it plans to distribute $26 million in grants for the development of lab space in Manhattan, the EDC announced Wednesday.
City College of New York (CCNY) will receive $15 million while Mount Sinai Health System will get $11.6 million from a pot of $1 billion of the city’s push to boost life sciences in the Big Apple, according to EDC CEO Andrew Kimball. These grants have the potential to diversify New York City’s economy while establishing the five boroughs as a leader in public health, he told Commercial Observer.
“Coming out of the pandemic, life sciences proved resilient and there is more demand for life sciences space,” Kimball said in a statement to CO. “Infrastructure investments like these … will ensure our city is connecting research at our academic institutions to industry, which will create a talent pipeline of good jobs.”
CCNY plans to use the funds to bring online what will be known as the City Innovations Collaborative within the Taystee Lab Building in West Harlem, where the public university will provide 36,000 square feet of wet and dry lab for just launched companies. The college states that within the first 10 years the initiative will create 150 new medical technology products, 100 new life sciences ventures, 1,400 jobs and be the center of $290 million in venture capital funds.
“Life sciences are central to our city’s public health and economic recovery, and we will continue to marshal the resources necessary to grow this industry, create new economic opportunities for New Yorkers, and keep our city moving forward,” Mayor Eric Adams said in a statement.
Mount Sinai will use the grant to create a 7,000-square-foot medical device prototyping facility that will be known as the Comprehensive Center for Surgical Innovation on the west side of Manhattan, not far from CCNY’s facility. It will have imaging and rapid prototyping capabilities and has the potential to host 10 to 12 startups producing up to 50 to 60 prototypes of devices every year, according to the EDC.
“The new surgical innovation center, alongside existing and future academic and industry partners will harness research, clinical and commercial strengths to rapidly advance breakthrough devices to the clinic,” Erik Lium, chief commercial innovation officer at Mount Sinai, said in a statement.
The $26 million in grants from the EDC is part of the city’s decade-long initiative, dubbed LifeSci NYC, to spur the construction of more lab space and incubators, support research-focused nonprofits and expand a life sciences internship program. Former Mayor Bill de Blasio debuted the LifeSci NYC plan in 2016 with $500 million set for the program and boosted that investment by another $500 million in 2021.
Mark Hallum can be reached at mhallum@commercialobserver.com.
