The city is investing millions of dollars in establishing New York not just as the home of big money, but as a center for big science.
The Brooklyn Army Terminal on the shore of the East River is poised to open as a business center catering to bioscience firms, as part of an Economic Development Corp. initiative to unlink New York's economic sustainability with Wall Street's unsteady fortunes. According to The New York Times, the city has spent $35 million in building a space to house the International AIDS Vaccine Initiative. Another $48 million is budgeted to build out the Brooklyn Army Terminal as a home for private bioscience companies.
Pummeled by a downturn in the financial markets, city residents are starting to realize that perhaps New York piled too many eggs into Wall Street's basket. Tax revenue derived from Wall St. profits, and the real estate market that huge bonuses propped up, have dissipated, leaving the budget a complete mess and Mayor Bloomberg in a bind. Perhaps it's not surprising that the mayor is looking to the bioscience industry as an economic savior.
Bloomberg grew up in Boston, where bioscience is a regional economic engine, and attended Johns Hopkins University, which is an esteemed bastion of medical research. Plans for establishing bioscience in Brooklyn are relatively junior to the $400 million East Side science center planned for Kips Bay on Manhattan's East Side, but at this point, almost any funding from the city is nothing to sneeze at.