DO BUSINESS / LIFE SCIENCES / WHY LIC / REAL ESTATE
LIC Real Estate:
LIC offers lower land costs than most of Manhattan, which can translate into lower rents for tenants. LIC also has a rich portfolio of historic industrial buildings and more existing building stock and development sites that are appropriately zoned for life sciences uses. Furthermore, a number of additional incentives are available for companies that relocate here, and many sites fall within the Federal Opportunity Zones.
It’s not only commercial and lab space that’s growing here, however. As evidenced by LIC’s rapidly changing skyline - residential, retail, office, and hotel development are on the rise. There’s no doubt that LIC is the city’s fastest-growing neighborhood.
Life Sciences in LIC:
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations, acquired two buildings in Long Island City to create “highly flexible and amenity-rich life science step-up space.” ARE’s first project, a 186,000 square foot redevelopment at 30-02 48th Avenue, will be known as the Alexandria Center® - Long Island City and is expected to come online in late 2020. The former Prestone Press building at 47-50 30th Street will be the next phase of ARE’s Long Island City campus.
King Street Properties, a Boston-area life sciences developer and owner, has teamed up with GFP Real Estate to develop 263,000 sf of state-of-the-art life sciences space at Court Square called Innolabs. The existing building, 45-18 Court Square West, will be expanded with a new wing and will house life sciences companies of various sizes. Newmark Knight Frank is marketing the space, which is due to come on line in early 2021.
“That an experienced life sciences developer from Boston would choose LIC for their first project in New York speaks to the neighborhood’s strength as a hub for innovation and economic development.”
– Kathryn S. Wylde, President & CEO, Partnership for New York City
Innolabs Informational Video:
Major Life Sciences Development Projects underway in LIC:
Alexandria Center Long Island City
William Hartman, Cushman & Wakefield
King Street Properties + GFP
Bill Harvey, Newmark Knight Frank
Alexandria Center Long Island City Building 2
Alexandria Real Estate Equities
Adam Kaufman, ARE
In addition to the Life Sciences projects currently underway, which you can explore in the interactive map below, throughout the neighborhood there are new and renovated buildings and vacant land that have potential for Life Sciences uses, including large-scale sites particularly along the Waterfront. Visit our interactive Development Map and commercial listings at the LIC Space Bank here and filter listings through the tag ‘Owner Interest in Life Sciences’ to see more possibilities and connect with property owners.”
LIC Neighborhood Data:
Major new tenants like Altice USA, Centene, Estée Lauder, Macy's/Bloomingdales, The New York Times, and The Wirecutter join innovative employers across industries such as Brooks Brothers, Boyce Technologies Inc., DeppGlass, Doughnut Plant, J.Crew/Madewell, JetBlue Airways, Kaufman Astoria Studios, LaGuardia Community College, MANA Products, Nouveau Elevator, Silvercup Studios, VaynerMedia, and WeWork.