New York City’s biotech initiative – creating space while cutting costs

A fifteen-member life sciences advisory council was selected to help New York City Mayor Bill de Blasio implement a 500-Billion, ten year LifeSci initiative. New York City is hoping to draw a diverse mix of academic, philanthropic, financial and commercial research talent for their advisory council. A professor from Harvard business school, Vicki Sato, as well as a Nobel laureate and professor from Weill Cornell Medical College Dr. Harold Varmus and Dr. Margaret Hamburg helped the mayor announce this program.

A main goal for assembling the advisory council was selecting members who understood what the New York Ecosystem truly needed. Two prominent council members are Jim Simons and Dr. George Yancopoulos. Mr. Simons was the highest paid hedge fund manager in 2016 and he is a known philanthropist. Dr. George Yancopoulos is the chief scientific officer of Regeneron which is based in Tarrytown.

James Patchett is the president of the city Economic Development Corporation and his main objective is enticing researchers who are moving their businesses outside of the city. He hopes to provide tax initiatives for them which will make lab space more affordable within New York City. The de Blasio administration with the help of LifeSci is hoping to produce $300 million in tax incentive dollars for commercial lab development as well as invest $100 million in an Applied Life Sciences Campus. This new Applied Life Science Campus will serve as a hub for New York City’s biotech industry. The new biotech hub will need to located within a fair distance to the East Sides academic institutions. Mayor de Blasio and LifeSci are hoping this initiative creates up to sixteen thousand new jobs in the biotech industry in the New York City area. The mayor’s administration is also planning to rezone many commercial areas and clarify their building regulations to make sure lab spaces will be permitted in most commercial zoned properties. These tax initiatives and rezoning as well as the new biotech hub will provide researches the necessary work space they require within New York City.