Despite an influx of state and city funding for the life science industry, New York City is starved for lab space that serves private companies.

On the Far West Side, Taconic Investment Partners and Silverstein Properties are trying to tap into that market by transforming a former warehouse at 619 West 54th Street into a mix of science labs and creative office space known as the Hudson Research Center. Although they eventually plan to convert 150,000 square feet of the 320,000-square-foot property into scientific research facilities, the developers have decided to start by building out 15,000 square feet.

“New York City has always been behind hubs like Boston, San Francisco, even South Carolina” for life science development, said Taconic Senior Vice President Matthew Weir. Medical research is a “a rising tide, and New York is looking to address it by an aggressive initiative with the city and state,” he added. Governor Andrew Cuomo announced $650 million in state funding for biotech and pharmaceutical companies in 2016, including $100 million for early stage life science initiatives. At the same time, Mayor Bill de Blasio unveiled a $500 million life science initiative, which was expected to generate 16,000 “new, good-paying jobs.”

 

Read the full story in the Commercial Observer.