Suburban laboratories lose luster as life sciences seek urban settings

Bronx, N.Y. (July 25,2022)—Suburban research laboratories face increasing competition from urban centers as proximity to talent and capital drive life science companies’ site-location choices, said Joseph Simone of Simone Development Companies.

“Even in New Jersey—which boasts considerable life sciences laboratories in suburban settings—there is movement toward urban cores,” said Joe Simone, president of Simone Development Companies. “In Jersey City’s Exchange Place neighborhood, a former Palmolive factory has been converted into a 340,000-square-foot lab-ready office building that is a short ferry ride to Manhattan’s Financial District.”

A recent report noted that life science companies are flocking to New York City because of its research hospitals, universities, and venture capital. This urban migration is also driven by the search for top talent, which increasingly prefers to live and work in urban environments offering easy access to diverse cultural, entertainment and retail experiences—qualities that many suburban laboratories can’t match.

One of New York City’s innovation clusters 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.

As in the case of the new Jersey City complex, knowledge workers and other talent in Manhattan can reach the Montefiore-Einstein Accelerated Biotechnology Research Center by public transportation. With the anticipated commuter rail station next to the Hutchinson Metro Center, knowledge workers will enjoy a short train ride to Manhattan’s Penn Station.

“Life-science start-ups are making strategic decisions to settle near the talent and financiers who want to be in big cities. Our planned expansion of the Hutchinson Metro Center to include lab-ready offices is a response to the latest needs of medical research and technology development,” said Patricia Simone, principal and president of the Simone Management Group

2022-08-01T12:43:47-04:00July 25, 2022|
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Joseph Simone Says New Report Confirms Growth in Urgent Care Through 2020s

Joseph Simone, President of Simone Development Companies, said that a new analysis of the urgent care sector predicting continued growth through 2029 will lead to more investments in real estate.

“According to Data Bridge Market Research, the urgent care market will experience a compound annual growth rate of 5.35% between 2022 and 2029, which translates to a continued push to redevelop outdated retail into urgent care, along with new construction,” said Joe Simone.

The research firm noted that the increasing incidence of sports-related injuries, reduced waiting times, and growing awareness about urgent-care centers are expected to expand the market.

Simone Healthcare Development, an affiliate of Simone Development Companies, is an active participant in the growth of the urgent care sector in the New York City metro area. The company recently broke ground on a redevelopment of a 63,000-square-foot retail store for the creation of the Catholic Health Ambulatory & Urgent Care facility in Centereach, New York.

The Catholic Health center is a new multi-specialty practice featuring primary care, women’s health, behavioral health, cardiology, neurosciences, orthopedics, and several other services. The site is located at 2112 Middle Country Road, and it is expected to open in the spring of 2023.

Simone Healthcare Development acquired 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.

“The rise of online shopping means that some retailers are downsizing their footprints. This restructuring opens opportunities for providers like Catholic Health to deliver their services in consumer-friendly shopping centers that are established destinations,” said Joanna Simone, Principal and President of Leasing and Property Management operations at 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.

2022-07-08T13:28:39-04:00July 11, 2022|
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NAVADERM Inks 6,400 SF Lease at Throggs Neck Shopping Center

Simone Development Companies Welcomes Dermatology Platform at the Now 100% Leased Bronx Shopping Center

BRONX, NY – June 27, 2022 – Simone Development Companies has announced that NAVADERM has signed a 10-year, 6,400-square-foot lease at the Throggs Neck Shopping Center in the Ferry Point section of The Bronx, bringing the 12-year-old shopping center to full occupancy.

Karnit Mosberg of Royal Properties represented the owner in the deal while Avison Young’s Michael Blue represented the tenant.

NAVADERM joins a remarkable and extensive group of tenants including retailers Target, TJ Maxx, Petco, Party City, and Skechers as well as restaurants Cap’t Louis Seafood Boil, Charleys Philly Steaks, Starbucks, Applebee’s, Subway, Chipotle, Sarku Japan, among others.

“We are proud to announce NAVADERM brings the incredibly successful Throggs Neck Shopping Center to full occupancy,” said Josh Gopan, AVP of Leasing for Simone Development. “The shopping center has remained incredibly attractive to both retailers and shoppers, even as we continue to navigate the pandemic’s aftermath. The center’s diverse roster of tenants along with its remarkable accessibility and ample parking have kept it as one of the Bronx’s most sought-after shopping centers.”

Since its construction by Simone Development Companies in 2010, Throggs Neck Shopping Center has created hundreds of new jobs and boosted the borough’s economy. The 300,000-square-foot, large-scale retail development is conveniently located at the intersection of Lafayette Avenue and the Hutchinson River Parkway, boasting secure free parking for over 600 cars and anchored by a 165,000+ square-foot Target department store, one of the most active in the nation.

2022-06-28T11:28:15-04:00June 28, 2022|
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Matthew Holst Joins Simone Development Companies as Chief Operating Officer

BRONX, NY (June 28, 2022) – Simone Development Companies has announced that Matthew Holst, AIA, LEED AP, a veteran real estate professional with more than two decades of experience holding senior management positions, has joined the company as Chief Operating Officer.

“We are extremely pleased to welcome Matt onto our team as he personifies our key values, brings technological innovation, an outstanding track record of success, environmental sustainability and operational excellence to assist Simone in achieving our future strategic growth objectives. Matt will work alongside our executive team and oversee all internal operations,” said Joseph Simone, President of Simone Development Companies.

“We have had a tremendous history of continued growth built on a relentless focus on being tenant centric. As we continue to strategically position ourselves for future growth, it is essential that we proactively build further operational capacity and scalability into key business processes,” he added.

Prior to joining Simone Development, Mr. Holst served as Managing Director of Architecture, Construction, Marketing and Design for Fisher Brothers’ 9 million-square-foot commercial real estate portfolio. At Fisher Brothers, Mr. Holst completed more than $200 million of capital improvement projects and interior tenant improvements on schedule and under budget through innovation of design, technology, operations, leasing, marketing and proficiency of job oversight.

In his long and distinguished real estate career, Mr. Holst has also served as Chief Real Estate Officer for Ease Hospitality and as Senior Vice President of Architecture, Construction and Leasing for SL Green Realty Corp., both in New York City.

A licensed architect, Mr. Holst is a member of numerous organizations including the National Council of Architectural Registration Boards, the American Institute of Architects, and the Real Estate Board of New York, where he served on REBNY’s Management Division Board of Directors.

2022-06-28T11:23:19-04:00June 28, 2022|
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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.

• • •

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 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|
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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|
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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|
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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|
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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|
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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|
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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|
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