New initiative brings sustainable biotechnology to NYC
Mayor Eric Adams and city officials paid a visit to a handful of biotech startup companies inside the Brooklyn Navy Yard.
The Adams administration is investing $20 million into the navy yard location to convert it into a new facility for companies working in sustainable biotechnology. The location will introduce a new incubator, which is a hub where biotech startups will be able to develop and test new ideas.
“It will be the first of its kind in the country,” said Maria Torres-Springer, deputy mayor for Economic and Workforce Development. “Five hundred-square-feet dedicated to companies who are making products that are also making us solve some very important challenges in our country.”
The $20 million investment is part of a $1 billion initiative led by the New York City Economic Development Corporation to place the city at the heart of this growing sector.
“New York City has a really big competitive advantage… sustainable bioengineering and biotechnology is really important because it’s the future, it’s the future for NYC, it’s the future for the planet,” said Cecilia Kushner, Chief Strategy offer for the NYCEDC.
City officials currently estimate that the new hub will bring about 400 high-quality jobs to the city once the building is completed in 2025.