THE FLAGSHIP LOCATION FOR BIOSCIENCE
The Alexandria Center for Life Science®–NYC (formerly known as the East River Science Park), a collaboration between the New York City Economic Development Corporation and Alexandria Real Estate Equities, is poised to become one of the world's leading centers for life science and technology commercialization in the heart of New York City.
Strategically located along Manhattan's East Side Medical Corridor, The Alexandria Center for Life Science®–NYC will capitalize on its proximity to the City's top academic/medical institutions and major hospitals while providing a 1.1 million square foot campus of first-class office/laboratory space designed to foster cross-institutional collaboration by intersecting unique networking environments, innovative laboratories, and premier office spaces with spectacular East River views. Construction Phase I was completed in Fall 2010.
PUBLIC/PRIVATE SECTOR COMMITMENT
New York City’s business community, through the New York City Investment Fund and Partnership for New York City, has committed to invest up to $10 million in capital to be used for ERSP tenant improvements. The Investment Fund and its network of corporate investors are ready to work with companies to help them grow and succeed in New York City.
In addition to the $700 million to be invested by Alexandria Real Estate Equities, the City of New York is providing about $13.4 million in capital funds for the project. The State of New York is providing $27 million to be used for infrastructure work in connection with the project. Manhattan Borough President Scott Stringer contributed $500,000 to the project. The project will also receive about $5.6 million through the New York City Industrial Development Agency (NYCIDA). Finally, the U.S. Department of Commerce Economic Development Administration will provide $2 million for the reconstruction of East 28th Street supporting the development of ERSP.