Biotech Companies Not Flocking to Brooklyn Despite New Space

Not a single biotech firm has taken space in the BioBAT biotech facility conceived eight years ago in part of the Brooklyn Army Terminal, although one company is reportedly close to signing a contract. The Sunset Park facility houses two other biotech firms, although not in the BioBAT space specifically created for biotech firms, according to a story in The Wall Street Journal.

SUNY Downstate Medical Center and New York City’s Economic Development Corp. have invested $53,500,000 in updating the space with new drywall, mechanicals and elevators. The two parties have often had “bitter disputes about how to manage the project,” according to the story, which was supposed to create more than 1,000 jobs.

A similar facility, the East River Science Park, on east side of Manhattan closer to large medical research institutions, has been more successful. However, the rents there can be in the $80s per square foot, vs. $30s and $40s in Sunset Park.

Biotech Center in Brooklyn a Tough Sell [WSJ]
Photo by Open House New York