Q&A
Council Member Riley questions developers about 455 First Avenue project
0:19:45
ยท
4 min
Council Member Kevin Riley conducts a Q&A session with the development team of the 455 First Avenue project, seeking clarification on various aspects of the proposed life sciences building. The discussion covers the project's separation from SPARC Kips Bay, zoning details, agreements with NYU Grossman School of Medicine, and the developers' experience in life science developments.
- The developers explain that 455 First Avenue is a separate project from SPARC Kips Bay, with different zoning requirements.
- An LOI (Letter of Intent) has been signed with NYU Grossman School of Medicine for approximately 40% of the building space.
- The development team highlights their experience in life science projects and the growing demand for such spaces in New York City.
Kevin Riley
0:19:45
Thank you so much, Ben, Melissa, and Ellen.
0:19:48
I just have a few questions.
0:19:49
I'm gonna see if council member Rivera has any questions.
0:19:53
Given the similarities, can you explain why 455 First Avenue is going through a separate application, from the Spark Kipps Bay's application?
Ben Baccash
0:20:04
Sure.
0:20:05
So, Taconic and Divco West, are are separate from, the Spark effort wholly.
0:20:12
We're not involved in in that rezoning.
0:20:14
We responded to an RFEI purely with respect to 455 First Avenue, and we're, we're thankfully selected to develop a commercial life science building on that site alone.
Kevin Riley
0:20:24
On a related note, SPARC is seeking a special permit for the proposed UG 7 laboratory use, whereas you are not.
0:20:32
Can you explain the differences between the types of uses and clarify why you are not seeking the same special permit?
Nicole
0:20:40
Yeah.
0:20:40
Go on, please.
Ellen Lehman
0:20:42
The we we can't speak for Spark, but the planned commercial laboratory use at 455 is permitted as of right in the C 64 district.
0:20:51
It's a use group 7 laboratory.
0:20:55
Laboratory.
0:20:56
And so no no use related special permits required.
Kevin Riley
0:21:00
Do you have an agreement with the NYU Grossman School of Medicine for the space they intend to occupy and for how much space in the building?
Ben Baccash
0:21:09
We have a, LOI with NYU, and we anticipate they'll, occupy between a 150,200 For
Kevin Riley
0:21:17
the general public, can you explain what the LOI is, please?
Ben Baccash
0:21:19
Sorry.
0:21:19
A letter of intent.
0:21:20
Mhmm.
0:21:21
And we anticipate they'll occupy between a 150,021,200,000 square feet, which is approximately 40% of the building.
Kevin Riley
0:21:29
Thank you.
0:21:29
Have you entered into any agreement with any other prospective tenants for the new building?
0:21:34
If yes, what type of businesses?
Ben Baccash
0:21:36
We have not, and that's purely a function of the timeline of the project.
Kevin Riley
0:21:40
What information can you share about the demand for these types of life science tenants you are seeking for this development in this location?
Ben Baccash
0:21:49
So relative to other active life science markets, New York City is, drastically undersized in terms of available suitable space for life science companies.
0:22:01
EDC has a fantastic initiative to grow the market here in, in New York City.
0:22:07
And even once that's fulfilled when, you know, an additional, I I believe it's 10,000,000 square feet are brought to market, we'll still be only 25% of comparable, life science markets as is the case in, say, Boston.
0:22:20
So, I think we as a city have a lot of catching up to do, and we're happy to be part of that effort.
Kevin Riley
0:22:26
What experience does this development team have with building, marketing, and tenant tenanting this type of special purpose development?
Ben Baccash
0:22:34
So Taconic and Divco West have a a vast experience in the life science sector specifically.
0:22:40
Separately, we have a lot of experience working with EDC successfully on projects.
0:22:45
Speaking, for the development partners, Diffco West developed Cambridge Crossing, which is a massive life sciences development, in the Boston area.
0:22:56
Taconic has, Westend Labs, which is on Westend and 65th Street, the Hudson Research Center, which is on 54th Street and 10th Avenue, and is planning, others as well.
Kevin Riley
0:23:07
In particular, can you tell us about the lease up experience with that, those other sites that you just named?
Ben Baccash
0:23:14
Sure.
0:23:14
We have, we have some really exciting tenants, including, the New York Stem Cell Foundation, which does very exciting work, developing, therapeutics to, treat varying, diseases and ailments.
0:23:29
And then there's other companies, like, for example, we have a tenant called C 16, which develops a synthetic palm oil product, which is great in that palm oil is is used in a lot of consumer goods, and is largely sourced from deforestation efforts, but they have a product where they can develop it synthetically.
0:23:50
And there are other tenants as well, but those are 2 of the noteworthy ones.
Kevin Riley
0:23:53
You spoke about the LOI.
0:23:54
Was the LOI with the city?
Ben Baccash
0:23:57
The letter of intent is between I'll I'll have to confirm.
0:24:02
I believe it's between the development partners and NYU.
Kevin Riley
0:24:05
Okay.
0:24:06
Alright.
0:24:08
I'll defer to council member Rivera to see if she has any questions.
0:24:11
Thank you.