Industry City just scored a $180 million loan from JP Morgan Chase to convert Building 8 at 220 36th Street into a massive biotech lab complex. The deal signals Sunset Park‘s growing appeal to the life sciences sector.

Industry City’s latest financing round is aimed directly at Brooklyn’s biotech future. The new loan, confirmed by Industry City CEO Andrew Kimball, will fund the conversion of Building 8, a former warehouse on 36th Street, into high-spec lab space. Industry City’s partners say construction starts in July.

Developers say the new hub will offer more than 200,000 square feet of flexible lab and research facilities, with options for both startups and established firms. “There’s huge demand for purpose-built biotech space in the outer boroughs,” said Kimball. “We’re getting calls from companies that want to grow here in Brooklyn, not just Manhattan.”

Tenants have yet to be named, but Industry City’s leasing team is fielding interest from a mix of gene therapy startups and mid-size diagnostics outfits. The project builds on the momentum of Alexandria Real Estate Equities’ ongoing work at the Brooklyn Navy Yard, aiming to turn the Gowanus-to-Sunset-Park corridor into a new life sciences spine. Local Councilmember Alexa Avilés told NYC Pulse, “This will bring jobs and opportunity to folks who actually live in Sunset Park.”

Construction is expected to wrap in mid-2025, with the first tenants moving in by next fall. City officials hope the project will help keep Brooklyn biotech talent in the borough and give a boost to Industry City’s growing cluster of advanced manufacturing and innovation tenants.

Frequently Asked Questions

Where exactly is the new biotech lab hub being built?

The new lab hub will be located in Building 8 at 220 36th Street, inside Industry City in Sunset Park, Brooklyn. This building will be converted from warehouse use to modern biotech labs starting this summer.

Who provided the financing for this project?

Industry City secured a $180 million loan from JP Morgan Chase. This financing will be used exclusively for the development of the new biotech lab facilities in Building 8.

When are the new labs expected to open for tenants?

Construction is set to begin by July 2024 and is expected to finish in the summer of 2025. The first biotech tenants are slated to move in by next fall, according to Industry City management.

Frequently Asked Questions

Where is the new biotech lab hub being built in Brooklyn?

The new biotech lab hub is being built in Building 8 at 220 36th Street, inside Industry City in Sunset Park, Brooklyn.

Who is providing the financing for the Industry City biotech lab project?

JP Morgan Chase is providing a $180 million loan to finance the conversion of Building 8 into biotech labs.

How large will the new biotech lab complex at Industry City be?

The complex will offer over 200,000 square feet of lab and research space.

When will construction start and finish on the Industry City biotech labs?

Construction is scheduled to begin in July 2024 and is expected to be completed by summer 2025.

When are tenants expected to move into the new Industry City biotech labs?

The first tenants are expected to move in by fall 2025.

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