New York City is crowing about the long-awaited arrival of a new biotech park, but the city will have to overcome its image as a financial and fashion capital before it captures the interest of biotech startups.
New York City has never been a haven for biotech companies. Startups slink away from the grandiose rents, small companies struggle to find lab space with room to grow and both strain to attract talent. But the city's plans for building a massive biotech park in Manhattan continue unabated. It's the first serious attempt to lure biotech entrepreneurs to the area—a somewhat risky endeavor that makes local investors wonder: If they build it in New York City, will biotechs come?