Credit crunch forces delay at NY biotech complex

With virtually no new money flowing for construction projects, Alexandria Real Estate Equities has had to postpone the second phase of the East River Science Park. The $700 million project is intended to follow on the 310,000-square-foot first phase on the 3.7 acre complex, which is intended to help jump start the city's biotech industry.

BioRegion News quotes Alexandria CEO Joel Marcus saying that lenders were ready to go again "as soon as the credit markets either loosen or un-seize in a more dramatic fashion."

- read the story from the New York Post

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