LIC provides the greatest opportunity to fulfill NYC’s life sciences space needs.
Encouraged by the findings of a number of citywide studies and its own LIC Comprehensive Plan effort, the LIC Partnership (LICP), with support from an Empire State Development grant through the New York City Regional Economic Development Council, set out to study the feasibility of developing a life sciences cluster in LIC. LICP engaged East Egg Project Management (East Egg or the Consultant Team), a strategic Consultant Team with 15+ years of New York-focused experience in the life sciences, real estate, and economic development, to undertake this study.
- Identify and assess the key obstacles that have thus far prevented a life sciences cluster from developing in LIC;
- Estimate the potential magnitude and economic impacts of an LIC Life Sciences Cluster; and
- Identify and recommend what is needed to overcome the barriers and catalyze a self-sustaining cluster.
There is clear and significant opportunity and enthusiasm for growing the life sciences in LIC.
East Egg’s analysis indicates that LIC, with its access to transit, growing amenities, and appropriate building stock, is ideally positioned to develop space that can meet the demand for life sciences space and amenities.
A number of trends within the life sciences industry (e.g. more dry lab requirements) and specific needs of those companies within NYC (critical need for graduate space), have provided a window of opportunity for the NY market. With the recent opening of new incubators in Manhattan, the increased interest from developers and venture capital, a growing entrepreneurial environment, and emergence as a high quality, transit rich live-work-innovate neighborhood now is the time for LIC to play the decisive role in the City’s life sciences plans.
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