Cornell University Receives $350 Million Gift for New York City Tech Campus

Cornell University Receives $350 Million Gift for New York City Tech Campus

Cornell University has announced a $350 million gift from Charles Feeney in support of its proposal to build a graduate science institution in New York City and help accelerate the city's transformation into a world leader in technology innovation.

The largest gift in Cornell history will support its proposal to build, in partnership with Technion-Israel Institute of Technology, an approximately two-million-square-foot campus on Roosevelt Island, a narrow parcel of land in the East River between the boroughs of Manhattan and Queens. According to a Cornell press release, the multidisciplinary institution will combine world class applied science research with entrepreneurship and commercialization studies.

Just before Cornell made its announcement on Friday afternoon, Stanford University, which, like Cornell, had been invited by New York City mayor Michael Bloomberg to participate in the competition, dropped its $2 billion bid for the project, the New York Times reports. Although the city received seven entries, including proposals from Columbia, New York University, and Carnegie Mellon, Stanford and Cornell were considered the leading contenders in the competition.

"Cornell and Technion are deeply committed to partnering with New York City to build the world's leading campus dedicated to technology and enterprise," said Cornell president David J. Skorton. "Our vision is to build a truly twenty-first century campus that will fuel the city's growing tech sector and spur the creation of new businesses and new industries for decades to come."