Joseph Simone says that Housing is Critical for New Life Science Sites
Bronx, N.Y. (March 21, 2023)—New life science campuses are incorporating more housing to satisfy knowledge workers’ demand for live, work, play communities, said Joseph Simone of Simone Development Companies.
“Life scientists and tech workers increasingly expect communities where walking or biking to work are viable options. These employee preferences are leading developers of mixed-use healthcare and life science projects to incorporate more workforce housing into their plans,” said Joe Simone, president of Simone Development Companies.
The latest example of this mix is New York developer RXR’s plan for a $3 billion community in North Carolina’s Research Triangle. RXR has proposed building 750,000 square feet for life-science research, logistics and education. A housing component includes 1,100 single-family homes and 1,000 rental apartments.
RXR called the development site in Apex, N.C., a “superstar region” with strong education and healthcare systems that are magnets for knowledge workers in search of a superior quality of life.
Access to housing is essential for the growing health tech sectors nationwide. At the March 7 Life Sciences Forum in Worcester, Mass., the president of Lykan Bioscience said that his region’s high housing costs hindered his company’s growth and recruitment.
In the Bronx, Simone Development Companies’ Hutchinson Metro Center is a 42-acre, mixed-use campus planning a 33-acre expansion that may include life science labs, medical offices, housing, and destination retail. Around the Hutchinson Metro Center, New York City’s planners envision up to 6,000 new housing units to support the growth of employers in this job center populated by hospitals, the Albert Einstein College of Medicine and affiliated healthcare businesses.
“Life science and healthcare executives have clearly linked the availability of quality workforce housing to their growth. Simone Development Companies is studying the feasibility of workforce housing opportunities for our Hutchinson Metro Center expansion to enhance our future tenants’ recruitment efforts,” said Joanna Simone, principal and president of leasing and property management operations at Simone Development Companies.
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of 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 County, 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 vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Joseph Simone says New York City’s land-use initiatives will deliver more housing and jobs
New York City’s plans to update neighborhood land uses will help businesses, create more housing, and promote sustainability, said Joseph Simone of Simone Development Companies.
“New York City’s ambitious plans for reducing greenhouse gas emissions include creating new job districts and allowing taller apartment buildings near train stations to reduce single-passenger car use. This policy will improve New Yorkers’ connections to new employment districts emerging near mass transit facilities,” said Joe Simone, President of Simone Development Companies.
The modernization of New York City’s land use rules is part of Mayor Eric Adams’ goal to build 500,000 new homes over the next decade. Under the mayor’s “Build Everywhere” initiative, up to 6,000 new housing units will be built in the East Bronx by 2027 near four new Metro-North Railroad stations also expected to open that same year. The Build Everywhere push in the East Bronx is projected to create 10,000 jobs near the new train stations, allowing workers to sustainably commute by public transportation.
One of the East Bronx neighborhoods targeted by the Build Everywhere initiative is Morris Park, already home to a large job center due to the presence of hospitals, the Albert Einstein College of Medicine and affiliated healthcare businesses. Simone Development Companies’ Hutchinson Metro Center represents a significant portion of the area’s employment numbers, and it sits next to the future Morris Park Train Station.
The Hutchinson Metro Center is a 42-acre, mixed-use campus planning a 33-acre expansion that may include life science labs, medical offices, and destination retail, among other uses.
“Simone Development Companies supports New York City’s effort to increase the quantity and quality of workforce housing, which is critical for the hospitals in Morris Park and for employers considering locating in our campus or anywhere in the region,” said Patricia Simone, principal and president of Simone Management Group.
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of 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 County, 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 vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Joseph Simone Calls New York’s Workforce Development Essential for Life Sciences Real Estate Growth
New York’s planned investments in life science workforce training centers will help stimulate real estate development, said Joseph Simone of Simone Development Companies.
“New York is successfully attracting life science startups. The challenge now is to build talent pipelines to train the necessary workforce that will enable the state to achieve its employment goals,” said Joe Simone, President of Simone Development Companies. “State investments in the New York City regional workforce development plan ensure that growing life science companies seeking real estate in the tri-state area will find the right workers to fill new laboratories and facilities.”
The Long Island Investment Fund recently announced its intention to fund a life science workforce development training center. One of the fund’s goals is to supercharge the life sciences ecosystem in the region by developing workers with in-demand skills.
LifeSci NYC has a similar role in the five boroughs, and one target area is in the Bronx at the Montefiore-Einstein Accelerated Biotechnology Research Center (EMBARC), located across the street from Simone Development Companies’ Hutchinson Metro Center. EMBARC is a biomanufacturing operation focused on cell, gene, and antibody production. LifeSci NYC will invest $20 million to build a diverse pipeline of life sciences talent.
Simone Development Companies has anticipated growth in Morris Park’s biotech talent pool by planning for a live-work-play environment at the Hutchinson Metro Center, a mixed-use medical-office complex where future construction may include life science labs, housing, and destination retail catering to the employees of companies that grow out of EMBARC. This emerging innovation hub will be connected to New York City’s life sciences network by Metro-North’s future Morris Park train station, which will provide quick access to Penn Station in Manhattan.
“Since 2018, biotech research and development companies have increased employment by more than 8,000 people in the New York City metro area, an almost 20 percent increase. “Industry leaders say this growth will continue, and our Hutchinson Metro Center is well positioned to meet the increased demand for real estate that can accommodate life science facilities and workers,” said Megan Guy, Simone Development Companies’ Senior Vice President of Development.
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of 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 County, 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 vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Construction and Leasing Executives Join Simone Development Compaines
BRONX, NY (January 9, 2023) – Simone Development Companies has appointed two real estate industry veterans to senior positions in its construction and leasing departments.
Roger Merriman is Simone Development’s new Senior Vice President of Construction and Jeremy Schwartz is Director of Leasing. These executives possess years of experience in the real estate industry and have worked with leading real estate companies in the tristate area.
“Roger and Jeremy bring impressive backgrounds and skills to the Simone team in the realms of construction management, leasing, property marketing, underwriting and property portfolio management,” said Joseph Simone, President of Simone Development Companies. “Both of these individuals will help us strategically position ourselves for future growth as we build our operational capacity and scalability.”
Prior to joining Simone Development, Merriman served as Vice President of Construction at SL Green Realty Corp., where he managed a team of professionals, consultants, and contractors on construction projects for the largest commercial real estate portfolio in New York City.
Schwartz formerly worked as Assistant Vice President of Leasing at Urstadt Biddle Properties, where he successfully transacted on more than 300,000 square feet of space. He also managed the leasing and marketing of over 1,500,000 square feet of grocery-anchored shopping centers and office buildings throughout the tristate area.
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of 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 County, 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 vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Simone Development Acquires Healthcare Condominium at The Charleston at 225 East 34th Street in Manhattan
BRONX, NY (April 11 2022) — Simone Development Companies a full-service real estate investment company specializing in the acquisition and development of healthcare, office, retail, industrial and residential properties, has expanded its Manhattan healthcare portfolio with the purchase of a 12,000 square-foot medical condominium at 225 East 34th Street in Manhattan for $11.15 million.
Ryan Perkowski and John Martisch of RPR Ventures represented the seller, Neuro Real Estate LLC. Simone Development was represented by legal counsel Brian Sampson, Erica Nazarian and Jared Van Vleet from SVNS Partners on the acquisition and financing.
The property is 100% occupied under long-term lease by NYU Langone and is located on the first floor of The Charleston, a 191-unit luxury residential building in Murray Hill. NYU Langone’s Comprehensive Epilepsy Center, one of the largest epilepsy centers in the county, has operated at the property since the building was completed in 2007.
“We are proud to add this healthcare property located in such a prominent location in Midtown Manhattan to our portfolio and are pleased to be part of a long-term relationship with NYU Langone, one of the country’s premier medical systems,” said Joseph Simone, president of Simone Development Companies.
The acquisition is the third Manhattan medical condominium acquisition by Simone Development over the past several years. Other locations include the Park Avenue Medical Arts Center at 62 East 88th Street and the healthcare condo at Manhattan House at 260 East 66th Street.