A big biotech score for New York City

New York isn’t letting up in its quest to become the next Kendall Square. 

Deerfield Management, a top health investment firm, plans on dropping a cool $635 million to convert a 12-story Manhattan office building into drug research laboratories, the Wall Street Journal writes. The building, which is slated to open in 2021 with more than 300,000 square feet of lab and office space for researchers and startups, will be in the trendy Nomad neighborhood of the city. 

Deerfield will get $92 million in tax incentives over the next two decades; it’s all part of New York’s $500 million initiative to build up a life sciences in the city.