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|

Simone Healthcare Development and Catholic Health Break Ground for New Ambulatory & Urgent Care Center

CENTEREACH, NY (June 13, 2022) – Simone Healthcare Development, Catholic Health and Ocean State Job Lot today joined with officials from the Town of Brookhaven and Suffolk County for a groundbreaking ceremony signifying the official start of construction by Simone Healthcare Development for Catholic Health Ambulatory & Urgent Care at Centereach, a new multi-specialty practice featuring primary care, women’s health, behavioral health, cardiology, neurosciences, orthopedics and several other services.

The development will transform a 63,000-square-foot retail store located at 2112 Middle Country Road into a new healthcare facility. Catholic Health will lease the new building from Simone and plans to open in the Spring of 2023.

Simone Healthcare Development, an affiliate of Simone Development Companies, is acquiring part of the building from Ocean State Job Lot, the largest closeout retailer in the Northeast. The company recently vacated the building and is opening a new 36,000-square-foot store on the eastern portion of the 10.4-acre property.

“We are extremely pleased to begin construction at this property. It has been an intricate process to work through the business and approval issues, but worth all of the effort to bring Catholic Health to Centereach,” said Joseph Simone, President, Simone Development Companies.

“Catholic Health is a dynamic and expanding network of integrated hospitals, physicians and outpatient care centers,” said Catholic Health President & CEO Patrick O’Shaughnessy, DO, MBA. “Our delivery of exceptional medical and surgical treatments is infused with a heavy dose of compassion and empathy. As we expand our services, with sites such as Catholic Health Ambulatory & Urgent Care at Centereach, our strategic objective is to be the most trusted health care system on Long Island.”

Catholic Health Ambulatory & Urgent Care at Centereach is the latest example of how Simone Healthcare Development, a leader in medical office and ambulatory care facility development, is revitalizing underutilized assets into modern healthcare centers. In Yonkers, NY, Simone transformed an abandoned historic building into the Boyce Thompson Center, an innovative 85,000-square-foot complex featuring medical offices and retails shops. Additionally, in Purchase, NY, Simone renovated and expanded a former executive office complex into the Purchase Professional Park, a four-building campus comprising 220,000 square feet of medical and office space in the heart of Westchester’s “Medical Mile”.

About Simone Development Companies

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.

 

About Catholic Health

Catholic Health is an integrated system encompassing some of the region’s finest health and human services agencies. The health system has 16,000 employees, six acute care hospitals, three nursing homes, a home health service, hospice and a network of physician practices.

2022-06-14T11:27:59-04:00June 14, 2022|

Joseph Simone Says Tenant Curation is Essential to a Successful Office Campus

A new, strategic curation at Rockefeller Center underscores the importance of smartly assembling tenants to create magnetic destinations, said Joseph Simone of Simone Development Companies.

“Medical-office developments are increasingly seeing restaurants, health clubs and medi-spas in the tenant mix because tenants demand amenities and the public needs destinations,” said Joe Simone, President of Simone Development Companies. “The retail overhaul of one of America’s top tourist sites demonstrates how landlords must keep up with the latest dining trends to continue drawing crowds.”

More than a dozen new restaurants are expected to open at Rockefeller Center by early fall as part of an effort to refresh retail at the 80-year-old campus. The idea behind Rockefeller Center’s retail overhaul is that an office complex can become an enviable neighborhood that serves tenants while also drawing in the outside world.

Simone Development Companies embraced this mixed-use ethos as it built the 42-acre Hutchinson Metro Center in the northeast Bronx. The campus is anchored by the Montefiore Medical Center, which occupies the entirety of Tower Two and parts of Tower One, but the complex also includes a Residence Inn and an LA Fitness health club.

“We are working towards a retail mix that will enhance the environment for our tenants’ employees. We also recognize that our Hutchinson Metro Center must serve as a community hub where residents from surrounding neighborhoods will eventually enjoy meals, shop, and relax,” said Joanna Simone, Principal & Vice President of Leasing and Property Management Operations of Simone Development Companies.

Another curation effort is the installation of baseball fields at the Hutchinson Metro Center that will increase the campus’ community appeal. The fields will be used by local little leagues as part of an effort to bring industry and community together on an academic and life science campus that promotes both healthy lifestyles and green building technologies.

Simone Development Companies is in the process of expanding its Hutchinson Metro Center campus to include life-science-focused laboratories for medical research. The campus will sit next to a new Metro-North train station that will soon provide commuters direct access in 25 minutes to Penn Station and New York City’s other innovation corridors.

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.

Joe Simone, President and CEO of Simone Development

2022-06-13T09:16:31-04:00June 7, 2022|

Joseph Simone says recent Alzheimer’s Disease grant underscores importance of research hubs for life science companies

Hutchinson Metro Center - Simone Development

Bronx, N.Y. (May 23, 2022) — A recent grant to investigate early-stage Alzheimer’s Disease highlights the importance of access to basic research for life science companies, said Joseph Simone of Sim

one Development Companies.

“Life science companies developing therapies for some of our society’s urgent health needs must locate close to research hospitals or institutions to effectively collaborate with scientists performing cutting-ed

ge experiments,” said Joseph Simone, president of Simone Development Companies.

In April, the National Institutes of Health (NIH) awarded researchers at the Albert Einstein College of Medicine in the Bronx a five-year, $4.2 million grant to detect behavioral markers for Alzheimer’s that emerge early in the course of the disease, before the disease can be clinically diagnosed. The research results could help scientists identify people at risk for Alzheimer’s and related problems, such as falls, and lead to new preventive strategies.

Simone Development Companies has built the 42-acre Hutchinson Metro Center across the street from the Albert

Einstein College of Medicine, which last year received more than $185 million in research awards from the National Institutes of Health.

Simone Development Companies is in the process of expanding its Hutchinson Metro Center campus to include life-science-focused laboratories for medical research. The campus will sit next to a new Metro-North train station that will soon provide commuters direct access in 25 minutes to Penn Station and New York City’s other innovation corridors.

“We recognize that life science start-ups and early-stage companies thrive on the cross-pollination that occurs in and near research hubs like the Albert Einstein College of Medicine,” said Danielle Contillo, principal of Simone Development Companies.

Research centers at Einstein focus on cancer, aging, intellectual development disorders, diabetes, clinical and translational research, liver disease, and AIDS. The college is a partner with Montefiore Medical Center, which leases part of the Hutchinson Metro Center’s Tower One and fully leases Tower Two—an 11-story, building with 12 operating rooms and four procedure rooms; an advanced imaging center; onsite laboratory services and pharmacy; as well as primary and specialty care practices.

2022-05-23T12:04:51-04:00May 23, 2022|

Joseph Simone of Simone Development Says New AI Lab Underscores New York City’s Attractiveness

BRONX, NY (May 2022) — Joseph Simone of Simone Development Companies says Absci’s recent announcement that it will open an artificial-intelligence research lab in New York City is another sign that start-ups want to be close to young talent conducting noteworthy research.

“Institutions like Columbia University have graduate and doctoral students conducting cutting-edge research in artificial intelligence, life sciences and oncology, so companies like Absci need to be where the talent lives,” said Joseph Simone, president of Simone Development Companies.

The Vancouver, Washington-based Absci recently announced that it will open its research lab at the Carnegie Hall Tower in Manhattan. The location puts Absci’s lab a short subway ride from Columbia University, Google, and the Samsung AI Center.

“Growing companies want to be where the talent lives and studies. The need for proximity to talent is one reason why Simone Development Companies is enthusiastic about our Hutchinson Metro Center, which is a short walk from a major medical research center—the Einstein College of Medicine,” said Patricia Simone, Principal and President of Simone Management Group.

Simone Development Companies is in the process of expanding its Hutchinson Metro Center campus to include life-science-focused laboratories for medical research. The campus will sit next to a new Metro-North train station that will soon provide commuters direct access in 25 minutes to Penn Station and New York City’s other innovation corridors.

The research excellence and entrepreneurial vision of faculty at the Einstein College of Medicine contributed to the recent announcement that the faculty will receive two 2022 XSeed Awards to advance promising basic science findings that have start-up potential. As the Einstein faculty’s research progresses, they will build relationships with investment groups and licensing partners to further develop their discoveries.

“The Hutchinson Metro Center is ready to provide space to any of the start-ups launched by the new research coming out of the Einstein College of Medicine,” said Mrs. Simone.

2022-05-23T12:19:37-04:00May 11, 2022|

R.A.I.N. Honors Joseph Kelleher of Simone Metro Properties

BRONX, NY (May 2022) — Joseph Kelleher, president of Simone Metro Properties, was honored for his ongoing support of Regional Aid for Interim Needs Total Care, Inc. (R.A.I.N.) at the Bronx-based service provider’s Sixth Annual Golf Outing on May 3rd at the Leewood Golf Club in Westchester County. For the past 58 years, R.A.I.N. has offered compassionate, quality care through a continuum of services for people with disabilities of all ages, including the operation of full service older adult centers; delivery of over 1,600 meals to homebound elderly; transportation services for medical appointments; home care; benefits and entitlements assistance; case management and Alzheimer’s caregiver support services; and operation of the Cucina Dolores Mobile Food Kitchen program. Pictured with Mr. Kelleher (left) at the event is R.A.I.N. President and CEO Anderson Torres, PhD, LCSW-R.

Mr. Kelleher has been a long-time supporter of R.A.I.N. He joined Simone in 2003 to direct the leasing and management of the Hutchinson Metro Center, the company’s highly successful mixed-use complex in the Pelham Bay section of the Bronx, featuring 1.4 million square feet of Class A office, medical, retail and educational space, a Marriott hotel and top-notch amenities including a café, conference center, pharmacy, fitness center, car wash and more in a 42-acre landscaped campus setting. Kelleher also serves as President of the Bronx Chamber of Commerce and as an Adult Leader for The Boy Scouts of America.

Simone Metro Properties is a division of Simone Development Companies, a full-service real estate investment company specializing in the acquisition and development of healthcare, office, retail, industrial and residential properties. Headquartered in the Bronx, the privately held company owns and manages more than 7 million square feet across 130 properties in the Bronx, Westchester County, Queens, Long Island, New Jersey and Connecticut.

2022-05-10T12:47:53-04:00May 1, 2022|

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.

2022-05-10T12:59:02-04:00April 11, 2022|

Joseph Simone Sees Vertical Cluster Design as Model for Life Sciences Development

BRONX, NY (April 2022) — Joseph Simone of Simone Development Companies says that vertical cluster design will be one of his firm’s life-sciences development strategies in urban settings.

“Vertical cluster design is an ideal solution for the dense urban and suburban regions where our company operates,” said Joe Simone, President of Simone Development Companies. “Particularly in New York City, real estate developers interested in building life sciences labs and offices must design in very limited acreage, which means the only solution is building tall towers.”

Vertical cluster design is a concept promoted by architecture firms like the Boston- and New York City-based SGA, which has developed a 24-story, 750,000-square-foot tower for densely populated cities like San Francisco or London. The vertical prototype takes a horizontal life-sciences campus and stacks it in a tower format while maintaining essential collaboration spaces.

Towers employing vertical cluster design have steel superstructures with 33-foot structural bays and 15-foot, floor-to-floor heights to provide ceiling heights necessary for the mechanical needs of laboratories. Air handler needs, power requirements, gas storage, plumbing, and HVAC requirements also affect the design of the building.

Simone Development Companies’ proposed Hutchinson Metro Center South Campus is a suitable location for vertical cluster design towers. The 33-acre multi-use South Campus will eventually offer 1.9 million-square-feet of facilities for business and medical offices, education, research and development, retail and hospitality.

“We have watched the life-sciences and biotech boom with excitement about the possibilities for our new South Campus,” said Patricia Simone, Principal and President of Simone Management Group. “Our Bronx location is ideally situated a short walk from a major research hospital and next to a future commuter train station that will eventually offer the east Bronx a 20-minute ride to Grand Central Terminal in Manhattan.”

The South Campus site is adjacent to the 42-acre Hutchinson Metro Center North Campus, a successful urban redevelopment that includes 1250 Waters Place — a 280,000-square-foot Class A medical office building fully leased to Montefiore Medical Center’s ambulatory care center. The 11-story building includes 12 operating rooms and four procedure rooms and it was the first “bedless hospital” in the New York Metropolitan Region.

2022-05-10T13:04:49-04:00April 8, 2022|

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|

Simone Development Signs New Long Term Healthcare Lease at 2510 Westchester Ave in The Bronx

BRONX, NY (March 2022) — Simone Development Companies has announced that cardiologist practice KezMed Medical PC has signed a long-term 2,175-square-foot lease of medical office space at 2510 Westchester in the Bronx, bringing the property to 95% occupancy. KezMed Medical celebrated the office’s grand opening in late March.

“We are proud to welcome KezMed Medical to what has become a local healthcare center of choice in the Westchester Square area,” said Josh Gopan, Assistant Vice President of Leasing at Simone Development. “2510 Westchester continues to attract top medical practices due to its ideal location within walking distance of the #6 subway, multiple bus routes and on-site parking garage. The property also benefits from its proximity to Simone Development’s Hutchinson Metro Center, a major hub for healthcare, office and education tenants.”

The three-story, 60,000-square-foot office and medical building is ideally located by Westchester Square Station in the Bronx, providing direct and easy access to multiple mass transit options. The property includes an on-site parking garage and is connected to the rest of the city and Tri-State area through both the Cross Bronx Expressway and the Hutchinson River Parkway.

Josh Gopan represented ownership in the lease negotiations, while KezMed Medical PC was repped by Jon Smilowitz of Douglas Elliman.

KezMed Medical joins various medical practices at 2510 Westchester including Unlimited Care Nursing Services, the Bronx Community Wellness Center, the Advanced Urology and Radiation Centers of New York, Premier Home Health Services and the Bronx Westchester Medical Group.

2022-05-10T11:50:16-04:00March 29, 2022|

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|

Simone Development Companies Sponsors Bronx Chamber of Commerce Women of Distinction Luncheon

BRONX, NY (March 2022) — Proximity to research hospitals and plug-and-play capabilities are among the top elements of a winning formula for developing life sciences real estate, said Joseph Simone, said Joseph Simone of Simone Development Companies.

The Bronx Chamber of Commerce Foundation hosted its annual Women of Distinction Luncheon on March 25 at the Villa Barone Manor in the Throggs Neck section of the Bronx. Chamber of Commerce Chairman Joseph Kelleher, president of Simone Metro Properties, (pictured R to L with scholarship winner Noemy Rodriguez, Allison Aguilar of Simone Development and Bronx Chamber Foundation Board Chair April Horton, Director, External Affairs & Government Affairs at Verizon), helped celebrate Women’s History Month and support the Chamber’s efforts to award scholarships young Bronx women who have demonstrated academic excellence.

This year’s luncheon honored Christine Croke, RN, patient care coordinator in the Medical Intensive Care Unit at the Montefiore Weiler Hospital/Einstein Campus for her extraordinary contributions to Bronx patients, families and colleagues during the peak of the pandemic.

This year’s scholarships were made possible through the generosity of sponsors Con Edison, Ponce Bank, Verizon, The Monroe Foundation, Simone Development, New York Botanical Garden, Orange Bank & Trust Co., KZA Realty, Sandra Erickson Real Estate, Woodlawn Cemetery & Conservancy, F&F Insurance and Metro Optics.

2022-05-10T13:02:16-04:00March 15, 2022|
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