- Posted at 9:15, December 04, 2013
- By Russ Bleemer
The city-private partnership to develop New York's science community will go in large part to a real estate development site in Harlem.
The site will house the new Mount Sinai Institute of Technology in East Harlem. Construction will begin soon, and the students are expected to begin programs next fall at the institution that Crain's New York Business reports will be funded by Mount Sinai's Icahn School of Medicine in partnership with Rensselaer Polytechnic Institute "to construct a new institution focusing on biomedical discovery and development of technology-based healthcare solutions" The city will kick in $5 million.
That's only the beginning: The main part of the new venture, called the City of New York Early-Stage Life Sciences Funding Initiative, will get $10 million from NYC's Economic Development Corp. and $40 million from Celgene, GE Ventures and Eli Lilly & Co.
The press conference revealed that the $50 million is expected to be matched through venture capital partnerships, and the $100 million fund will be administered "across the city's life science-focused research universities, which will aim to initiate 15 to 20 early-stage research and development ventures by 2020," according to Crain's.
It's unclear if the Mount Sinai Institute of Technology will be at or near a new science incubator on W. 127th St. featured in the Daily News last month.
The Daily News article on yesterday's announcement can be found here.