NYCEDC announces $26.6 million grant to support new life sciences facilities for CCNY and Mount Sinai

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NYCEDC announces $26.6 million grant to support new life sciences facilities for CCNY and Mount Sinai

Mount Sinai West will receive grant money to fund new medical research endeavors. (Americasroof/Wikimedia Commons/CC BY-SA 3.0)

Office space for life sciences and laboratory tenants has proliferated in New York City in recent years and is only expected to rise. In 2021, the New York City Economic Development Corporation (NYCEDC) announced LifeSci NYC, a $1 billion initiative dedicated to expanding opportunities for companies working in the sector. Yesterday, Mayor Eric Adams and the NYCEDC announced a grant totaling $26.6 million, through LifeSci NYC, to continue the expansion of the life sciences industry in the city. The sum of money will be distributed to City College of New York (CCNY) and the Mount Sinai Health System, with each institution receiving a portion of the grant, $15 million and $11.6 million, respectively.

The awards will fund the construction and operation of two cutting-edge facilities to support doctors, surgeons, and students in the research and production of medical products and devices.

“We are thrilled to make these awards to Mount Sinai and City College,” said NYCEDC President and CEO Kimball in a statement. “When we make strategic investments in our leading institutions, we can drive groundbreaking research, create jobs, and advance treatments, cures, and health care technologies in New York City. Under Mayor Adams, we will solidify our city’s place at the forefront of the life sciences sector and lead in making new medical devices to help improve patient care.”

“This multimillion-dollar investment will further grow the life sciences sector in New York City and support the next generation of talent through strategic partnerships with City College and Mount Sinai,” added Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “It will support new startups that drive medical and engineering innovation, while creating new opportunities for students in these critically important and growing fields.”

The funding at CCNY will go toward the college’s new City Innovations Collaborative, “an incubator” for commercial and academic research. The program’s facilities will be housed in the SLCE -and LEVENBETTS–designed Taystee Lab Building. Located in West Harlem, the 11-story, 350,000-square-foot mixed-use building completed in March. CCNY will occupy 36,000 square feet of space in the new building, including wet and dry laboratories designed for the testing and production of medicine and medical devices. In its first 10 years of operation, the City Innovations Collaborative is predicted to create 1,400 jobs within Harlem, support over 100 new life science–related campaigns, in addition to the production of 150 new medical technology products.

At Mount Sinai West, a 7,000-square-foot addition known as The Comprehensive Center for Surgical Innovation will be erected on the hospital’s campus. The research institution will be one of the first facilities in the country for the production and trialing of medical devices. It will allow doctors, engineers, and startups to create, test, and commercialize medical technologies that will improve and advance treatments. On an annual basis the center will have the capacity to support 10 to 12 ventures, 50 to 60 prototypes, and 10 to 12 medical devices.

The announcement follows several other initiatives and programs in New York City dedicated to developing the life sciences sector, including the now decades-long masterplan that will double the amount of the lab space in Kips Bay, expansion of the LifeSci NYC Internship program, and the formation of the Real Estate Life Sciences Advisory Board.

“With these awards, our administration is making critical investments in the health and prosperity of New Yorkers,” said Mayor Adams in a statement. “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.”