New York City’s Booming Life Sciences Sector Driven By Investment and Real Estate Development

New construction of life-sciences real estate in New York City is driven by ample talent pools, venture capital and government support, said Joseph Simone of Simone Development Companies.

“The New York City region is now the nation’s largest life-sciences economy with more than a dozen innovation clusters. The presence of almost 5,100 life-sciences companies in this area is a tremendous opportunity for real estate developers,” said Joe Simone, President of Simone Development Companies.

According to a new report, the life sciences economy in the New York City metropolitan area generated more than $23 billion in wages in 2021. The report by the New York City Economic Development Corporation (NYCEDC) noted that over the last decade, more than 800 new diagnostic testing labs have opened in the region, a growth of 26%.

One of the thriving innovation clusters cited by the NYCEDC report is in the Bronx’s Morris Park neighborhood, where the Montefiore-Einstein Accelerated Biotechnology Research Center will soon open. This biomanufacturing operation will focus on cell, gene, and antibody therapy production.

Simone Development Companies’ 42-acre Hutchinson Metro Center is across the street from the Albert Einstein College and Montefiore Medical Center. The campus is anchored by Montefiore, which occupies the entirety of Tower Two and parts of Tower One.

“The launch of the Montefiore-Einstein biomanufacturing operation coincides with our planned expansion of the Hutchinson Metro Center campus to include life-science-focused laboratories for medical research,” said Patricia Simone, President of Simone Management Group. “As the NYCEDC report noted, the life-sciences sector depends on proximity and interactions among researchers, funders and entrepreneurs as they develop new technologies.”

The tristate New York area has more than 5.6 million square feet of new lab space under development. In recent years, New York City clarified its land-use rules to allow more lab and research spaces.

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Simone Development Companies is a fully integrated private real estate investment and development company that acquires and develops healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its creatively oriented management team, long-term asset ownership and its pursuit of visionary development.

2022-06-22T09:08:39-04:00June 22, 2022|
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Simone Development Acquires Mixed-Use Retail/Healthcare Property at 459 East 149th Street for $32 Million

BRONX, NY (April 2022) — Simone Development Companies the leading Bronx-based developer, has purchased Triangle Plaza Hub, a 50,000 square-foot grocery anchored retail and medical office condominium in the Bronx’s Mott Haven neighborhood for $32 million from Triangle Equities.

Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller in the transaction.

Located at 459 East 149th Street, Triangle Plaza Hub features a healthcare and food-centric tenant-mix anchored by Fine Fare supermarket and Sun River Health. Other tenants at the property include DaVita, Dunkin, Boston Market and VistaSite Eyecare. The LEED certified complex was built in 2015 and is 97% occupied, with just 1,522 square feet available for rent. Metropolitan College of New York occupies 26,000 square feet at the property under separate ownership.

“Simone Development is extremely excited to add this mixed-use property to our portfolio. Supermarket and healthcare anchored centers provide essential services to the neighborhood that work well together and these assets proved to be extremely durable investments during the pandemic,” said Joseph Simone, president of Simone Development Companies. “Located in one of the Bronx’s fastest growing neighborhoods, Triangle Plaza Hub provides essential healthcare and retail amenities to the community.”

Triangle Plaza Hub is situated on a prime corner in a highly trafficked neighborhood and located within a three-minute walk of the 149th Street station serving the #2 and #5 subway lines. The property’s on-site parking offers tenants and customers convenient accessibility.

2022-05-10T12:55:45-04:00April 1, 2022|
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Simone Development Companies Signs Cap’t Loui Seafood Boil at Throggs Neck Shopping Center in the Bronx

BRONX, NY (March 2022) — Simone Development Companies has announced that Cap’t Loui Seafood Boil has signed a 2,123-square-foot, long-term lease at Throggs Neck Shopping Center in the Ferry Point section of The Bronx. This is the seafood restaurant’s fifth location in New York, which is expected to open to the public in Spring of 2022.

Karnit Mosberg of Royal Properties represented both the tenant and the owner in the deal.

“We are thrilled to welcome Cap’t Louis Seafood Boil to the highly successful Throggs Neck Shopping Center,” said Josh Gopan, Assistant Vice President of Leasing for Simone Development. “The shopping center has maintained its position as one of the most successful retail destinations in the Bronx due to its remarkable accessibility, plentiful parking, and diverse roster of tenants. Since its construction by Simone in 2010, the shopping center has created hundreds of new jobs and been responsible for boosting the area’s local economy. We are proud to see how Throggs Neck continues to be extremely attractive for retailers and shoppers alike.”

Cap’t Louis Seafood Boil joins an extensive and diverse roster of tenants including retailers Target, TJ Maxx, Petco, Party City, and Skechers as well as restaurants Charleys Philly Steaks, Starbucks, Applebee’s, Subway, Chipotle, Sarku Japan, among others. Throggs Neck Shopping Center is now 98% occupied, with just 6,404 square feet of space available for lease.

Throggs Neck Shopping Center is conveniently located at the intersection of Lafayette Avenue and the Hutchinson River Parkway. The borough’s 300,000-square-foot, large-scale retail development boasts secure free parking for over 600 cars and is anchored by a 165,000+ square-foot Target department store.

2022-05-10T12:54:52-04:00March 22, 2022|
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Simone Development: Exponential Growth In Life Sciences Lab Construction Requires Shovel-Ready Sites

BRONX, NY (March 2022) — A building boom for new life-sciences laboratories will benefit medical real estate developers that control shovel-ready properties, said Joseph Simone of Simone Development Companies.

According to recent figures from CBRE, a record 31 million square feet of life-science space was under development in the fourth quarter of 2021, both new construction and conversions. “Because of the costs associated with the essential lab infrastructure, real estate developers with vacant land near innovation corridors will benefit from cost savings and delivery-to-market advantages,” said Joe Simone.

Life sciences lab and innovation users typically require high-capacity power, high-velocity ducts, acid waste neutralization and tenant emergency power capacity—all costly retrofits for existing buildings.

In the first two months of 2022, CBRE reported that several life sciences mega-projects have been announced, including a 3 million square foot endeavor at the Philadelphia Navy Yard.

Joe Simone noted that over the past 25 years since the U.S. Navy closed Philadelphia’s Navy Yard, private investors have transformed a massive, outdated tract of land into a thriving community with more than 150 companies. “The key to this success was 1,200 acres of vacant or demolition-ready land near a major urban center,” said Joe Simone.

As with the ongoing Navy Yard transformation, Simone Development Companies successfully reinvented parts of the former Bronx Psychiatric Hospital into the Hutchinson Metro Center. Strategically located near the Albert Einstein College of Medicine and other life sciences hubs in Harlem and Long Island City, Simone Development Companies is proposing to build wet labs and for medical research on the southern portion of the property.

“The demand for new lab space shows no sign of receding,” said Patricia Simone, Principal and President of Simone Management Group. “Simone Development Companies is ready to build the facilities needed for the new generation of biotech start-ups.”

2022-05-10T11:33:18-04:00March 1, 2022|
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Joseph Simone, President of Simone Development Says Attractive Place-Making is Essential to Life-Science Development

BRONX, NY (February 2022) — Simone Development Companies.Landscaping, urban design and public amenities are essential elements in successful life-sciences development, said Joseph Simone of Simone Development Companies.

“As we’ve seen at the emerging Manhattanville Factory District in West Harlem, the construction of a three-block pedestrian greenway along buildings containing wet labs and offices will enhance this innovation corridor, making it more attractive to tenants and their employees,” said Joseph Simone, president of Simone Development Companies.

West Harlem’s growth is fueled by Columbia University’s and the Manhattanville Factory District’s expansion into the formerly industrial neighborhood, transforming it into an educational and technological hub. The Manhattanville area lies north of 125th Street and east of Adam Clayton Powell Jr. Boulevard.

“Outdoor people habitats are important to technology and life-sciences companies because they employ knowledge workers who must be inspired to achieve breakthroughs,” said Joseph Simone. “These employees’ ah-ha moments can happen on a bike trail, in a flower garden or a beautifully designed public plaza.”

Published renderings for the Manhattanville Factory District greenway include trees, public seating and lawns that invite picnics or sunbathing. Simone Development Companies is pursuing a similar strategy at its Hutchinson Metro Center in the Bronx. The Hutchinson Metro Center’s proposed South Campus will include ball fields, lawns, seating areas and a greenway through the center of the development. The complex already has a health club, hotel and bicycle trails running along the Hutchinson River Parkway.

“Our proposed South Campus incorporates the latest thinking in public-space design,” said Joseph Simone. “We believe our landscaped and recreational areas will be must-have amenities for the medical technology and life-sciences firms that this complex will attract.”

2022-03-08T13:20:33-05:00February 15, 2022|
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My Salon Suite to Open First New Rochelle Location At Simone Development’s 80 Nardozzi Place

NEW ROCHELLE, NY (January 24, 2022) — Simone Development Companies has announced My Salon Suite has signed a 7,345-square-foot lease at the firm’s property located at 80 Nardozzi Place in New Rochelle, NY. Katelin Vanvoorhis and David Scotto of RM Friedland LLC, represented ownership in the lease negotiations, while My Salon Suite was repped by Thomas R. Zuber with Fairfield Retail Partners LLC.

With a franchise spanning over 5,000 members in over 200 locations in the U.S., My Salon Suite’s latest location is poised to continue expanding on their brand and their goal to revolutionize the salon industry. “My Salon Suite was attracted to 80 Nardozzi Place due to its convenient location, plentiful parking and design details including remarkable 25′ clear ceiling heights and signage along I-95. We are excited to welcome My Salon Suite to this space in New Rochelle,” said Joanna Simone, Principal & Vice President of Leasing for Simone Development.

Simone Development’s 80 Nardozzi Place is a modern commercial property with 44,0000 square feet of retail space. The property, which underwent a complete façade renovation in 2020 and offers great highway visibility, features ample on-site parking in an ideal location off I-95 and Main Street in New Rochelle. There is currently 16,500 square feet of prime retail space available for lease at the property according to Mr. Scotto of RM Friedland LLC, exclusive leasing agent for 80 Nardozzi.

My Salon Suite joins Ashley Furniture Home Store at 80 Nardozzi and LA Fitness and Cost Depot Wine & Liquor at nearby 70 Nardozzi, a 70,000 square-foot free-standing property developed by Simone Development and G&S Investors in 2021. The property is also adjacent to several popular retailers including Costco, Home Depot, CVS, Bank of America, and Land Rover & Jaguar. For more information on My Salon Suite visit https://www.mysalonsuite.com/.

2022-03-08T13:21:06-05:00January 24, 2022|
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26 Garden Street

26 Garden Street

New Rochelle, NY

Simone Development Companies in partnership with Stagg Group created this mixed-use development, beginning with a six-story building that was completed in the summer of 2021. It includes the new home of the Westchester Family Court, with two courtrooms, three hearing rooms, judge’s chambers, offices for non-judicial staff and for staff from the Office for Women, Department of Probation and other county agencies. Currently underway is the additional construction of a 208,000-square-foot, 24-story tower consisting of 186 affordable housing units reserved for families with incomes at or below 60 percent of the area median income for Westchester County. The unit makeup will be 34 studios, 96 one-bedroom and 56 two-bedroom units. West View Apartments will include a community room, gym, computer center, laundry facilities and parking for tenants. West View Apartments is expected to be completed and fully rented by summer 2025.

  • 26 Garden Street Slide 1
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FOR LEASING INFORMATION, PLEASE CONTACT:

Josh Gopan
Vice President of Leasing

Jeremy Schwartz
Director of Leasing

2023-12-13T15:16:46-05:00December 1, 2021|
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Joseph Simone of Simone Development Companies Sees NYC’s Life Sciences Investment Will Spur Development Boom

BRONX, NY (September 27, 2021) — Joseph Simone, President of Simone Development Companies, announced that a development boom is coming to New York City neighborhoods where teaching hospitals will expand their life sciences research.

“New York City is home to many of the country’s leading medical research institutions, so it makes sense that municipal leaders want to expand this sector by promoting health-tech incubators and wet labs,” said Joe Simone, whose company has its own plans for building wet laboratories.

New York City recently increased its investment in Life Sci NYC to $1 billion as part of an effort to transform underused properties and land into wet laboratories for medical research and med-tech start-ups.

So far, New York City’s biotech investments include a $13 million grant to Montefiore Medical Center and its medical school, the Albert Einstein College of Medicine to launch the Einstein-Montefiore Biotechnology Accelerated Research Center. The center will create a biomanufacturing facility focused on cell, gene, and antibody therapy production. The Bronx-based center will be open to early-stage and established companies.

Across the street from the proposed biotech facility, Simone Development Companies’ Hutchinson Metro Center includes an ambulatory surgical center for Montefiore. At the south end of the Hutchinson Metro Center, Joseph Simone has proposed building an office park that includes wet laboratories for medical research.

“Researchers and biotech start-ups want to be near each other because they thrive on collaboration. In the next 10 years the neighborhood surrounding the new research center will undergo a renaissance with the construction of a new Metro-North train station at Morris Park, new housing for researchers and students, and new offices for growing biotech companies,” said Joseph Simone.

Simone Development Companies’ Hutchinson Metro Center is part of an on-going redevelopment of the former Bronx Psychiatric Center campus. Phase 1 of the campus redevelopment envisions the creation of 100,000 square feet of biotech/research laboratories.

According to the New York City Economic Development Corporation, the life sciences sector has seen an average annual growth of 50+ biotech companies since 2016.

2022-03-08T13:22:45-05:00September 27, 2021|
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