NEW YORK—Pharmaceutical giant Eli Lilly and Company has signed on to become the first tenant of the new commercial bioscience development that is slated to open in the summer of 2010 in Manhattan. The company plans to position its subsidiary, ImClone, in the 90,000 square feet space at the East River Science Park’s first tower, bringing 125 scientists to the location.
“New York City has always been at the forefront of scientific innovation, but the city never fully capitalized on its assets to create a thriving commercial bioscience industry and the jobs that come with it,” noted Mayor Michael R. Bloomberg. “We joined with Alexandria Real Estate Equities to create the East River Science Park to provide today’s bioscience companies with the state-of-the-art commercial lab space they need to locate and expand. ImClone’s decision to become its anchor tenant is evidence that our work is paying off,” he added.
The new complex, which is under construction next to Bellevue Hospital, will offer 1.1 million square feet of research and development space and is projected to create 2,000 science-related jobs. Its designation in the Empire Zone will offer tenants tax incentives based on their investment and generation of employment opportunities. Expansion of the biopharmaceutical sector supports the City’s Five Borough Economic Opportunity Plan, which aims to boost long-term economic growth and create jobs.
“The growing number of biotech and pharmaceutical companies in New York speaks to the extraordinary academic medical research and health care assets available across the state,” stated Governor David A. Paterson. “No other sector of economic development holds as much promise for job growth as innovation. For every job created in the innovation sector, 3.5 additional jobs are created in the overall economy,” he further noted.
Construction and development of the East River Science Park is being funded with $13.4 million from the city, $27 million from the state, $500,000 from the Manhattan Borough President Scott Stringer, and $2 million in federal funds. Additional funding of $15 million from the New York City Investment Fund will be used for tenant improvements.
“New York City has always been at the forefront of scientific innovation, but the city never fully capitalized on its assets to create a thriving commercial bioscience industry and the jobs that come with it,” noted Mayor Michael R. Bloomberg. “We joined with Alexandria Real Estate Equities to create the East River Science Park to provide today’s bioscience companies with the state-of-the-art commercial lab space they need to locate and expand. ImClone’s decision to become its anchor tenant is evidence that our work is paying off,” he added.
The new complex, which is under construction next to Bellevue Hospital, will offer 1.1 million square feet of research and development space and is projected to create 2,000 science-related jobs. Its designation in the Empire Zone will offer tenants tax incentives based on their investment and generation of employment opportunities. Expansion of the biopharmaceutical sector supports the City’s Five Borough Economic Opportunity Plan, which aims to boost long-term economic growth and create jobs.
“The growing number of biotech and pharmaceutical companies in New York speaks to the extraordinary academic medical research and health care assets available across the state,” stated Governor David A. Paterson. “No other sector of economic development holds as much promise for job growth as innovation. For every job created in the innovation sector, 3.5 additional jobs are created in the overall economy,” he further noted.
Construction and development of the East River Science Park is being funded with $13.4 million from the city, $27 million from the state, $500,000 from the Manhattan Borough President Scott Stringer, and $2 million in federal funds. Additional funding of $15 million from the New York City Investment Fund will be used for tenant improvements.
