New York City tech push pays off

While New York City has long been the country’s top dog when it comes to the financial sector, few biotech firms have called the city home, citing untenable office rents and availability. But that’s quickly changing, according to Crain’s, due in part to the city’s push to bring tech-friendly firms to the area. The number of small- to mid-size medical and biopharma companies in the city has quadrupled to 120 today from 2002, according to the New York City Economic Development Corp, due to the city’s recruitment and the accessibility of academic centers in the area. Jonathan Bowles, a director with the Center for an Urban Future, said that the shift is clear. “The city has made huge progress,” Bowles said. “People don’t instantaneously rule out New York as they did a decade ago.”