The New York City Economic Development Corporation has announced a $26 million grant for two life science lab projects in Manhattan as part of New York City’s $1 billion LifeSci NYC initiative.

EDC announced that City College of New York (CCNY) will receive $15 million and Mount Sinai Health System will receive an $11.6 million grant.

CCNY will use the funds to launch a facility called City Innovation Collaborative in the Tasty Lab Building in West Harlem. A public university plans to develop his 36K SF wet and dry lab for startups.

In a release, CCNY said it aims to create 150 new medical technology products, 100 new life science ventures and 1,400 new jobs over the next decade. The incubator will be eligible for his $290 million funding from Venture Capital, according to the university.

Mount Sinai will use the grant to build a 7K SF medical device prototyping facility on Manhattan’s West Side. The facility will be known as a comprehensive center for surgical innovation.

The center has imaging and rapid prototyping capabilities and is capable of hosting 10 to 12 startups each year to create up to 50 to 60 prototypes of new medical devices, according to a statement from EDC. I can do it.

LifeSci NYC was founded in 2016 by then-Mayor Bill de Blasio with $500 million in funding to help create lab spaces, incubators, research-focused nonprofits, and life science internship programs. rice field. Funding for this program has increased by an additional $500 million in 2021.

New York City actually has more life sciences jobs than San Francisco with 150,000 life sciences jobs, and more than 5,000 life sciences companies outnumber Boston, one of the nation’s leading life sciences hubs, according to a joint New York City/EDC report published last month. 30% more.

But according to a CBRE report earlier in the year, Boston is by far the leader with over 42 million SF of life sciences inventory, with San Francisco in second place with about 33 million.

According to Newmark’s MidYear, signs of a nationwide slowdown in the life sciences sector have not materially impacted New York City’s life sciences market. This is because from 2020 onwards there is a steady increase in tenant demand due to the abundance of institutional users with long-term prospects for leasing. 2022 Life Sciences Report.

Newmark estimates New York City’s life sciences market at over 3.7 million SFs, with a vacancy rate of 28%.

Despite year-over-year decline, an estimated $2.7 billion in venture capital funding for life science projects in New York City remains 63% above pre-pandemic levels, reinforcing the continued strength of the tenant ecosystem says the Newmark report.

Newmark analysts said, “The biotech and life sciences company incubator model has been successful for New York City-based startups, with new developments boasting expansive floorplates for large tenants.” said.

“But tenants looking for graduated space between 3,000 SF and 12,000 SF do not have enough existing lab inventory,” the report notes.

Life sciences developers with national experience have expressed interest in potential opportunities in New York submarkets, including Long Island City in Queens, the report said.