A new incubator for biotech companies in Manhattan aims to offer affordable space for startups to grow in close proximity to the city's medical centers.

[email protected] said this week that it has now signed 22 companies to rent office or lab space at its renovated 180 Varick St. location. The site is a joint venture between BioLabs, a national company that offers coworking facilities for life sciences companies, and NYU Langone Health.

The offices and labs cover 50,000 square feet across two floors, with options for entrepreneurs that range from a single lab bench to a large private lab.

The location is one of several that aim to foster the city's nascent biotech industry, to which the city and state governments have committed more than $1 billion in grants and tax breaks to stimulate development.

Too many scientists have made discoveries at New York universities but then taken their companies elsewhere when they look to develop drugs, said Lt. Gov. Kathy Hochul at an event this week at BioLabs, acknowledging that the  site is now at more than half of its capacity of 35 to 40 companies.

"Until you have the space, people will leave," Hochul said. "Now there's no more reason to leave."


Read the full story in Crain's New York