Healthcare
One of the top priorities of the Health Care Sector Group has been the Fund’s Bioscience Initiative which is focused on developing a major bioscience industry cluster in New York City and the surrounding region. Following the issuance of its report in 2001, the Market Demand Study for Commercial Biotechnology, Biomedical and Bioinformatics Facilities in New York City (PDF 767K), NYCIF organized a consortium of the City’s top academic medical research institutions and city and state officials, as well as prominent venture capitalists, bankers and private equity investors to support this Bioscience Initiative.
In February 2007, Alexandria Real Estate Equities began construction of the East River Science Park (ERSP), a new bioscience facility that will accommodate up to 1.1 million rentable square feet (RSF) of commercial office and laboratory space. Phase I of the East River Science Park consists of two buildings containing approximately 725,000 RSF, the East Tower which will have 315,000 rentable square feet (RSF) and the West Tower which will have 410,000 RSF. NYCIF has committed to invest up to $15 million in funding to support the ERSP. Completion of Phase I is expected in 2010.
Sector investments include:
East River Science Park
Freelancers Union
Independence Care System
Intra-Cellular Therapies
NaniRx Therapeutics
QualityHealth (formerly Marketing Technology Solutions)
Vivaldi Biosciences
Past investments have included Active Health Management (a healthcare information service provider sold to Aetna), Biomedical Research Alliance of New York, and Royal Health Care (a management services organization launched by two common hospitals).