Paul, Weiss clients Memorial Sloan-Kettering Cancer Center and
the City University of New York (CUNY) announced plans to build two
science and medical facilities on Manhattan's Upper East Side. The
site on East 73rd Street is being acquired from the City of New
York in a transaction spearheaded by Mayor Michael R. Bloomberg and
the New York City Economic Development Corporation. The
transaction, which leverages an innovative partnership between the
public and private sectors, will enable these institutions to make
significant improvements to their facilities, thereby improving
critical medical services to patients and providing modern
education facilities to the next generation of health care
providers and researchers.
Under the agreement, Memorial Sloan-Kettering Cancer Center,
routinely ranked among the top cancer hospitals in the country,
will construct a cancer care facility of up to 750,000 square feet
that will allow it to develop innovative outpatient treatment
programs, extend its high-quality care to a greater number of
cancer patients, improve clinical outcomes and reduce the cost of
cancer care while meeting the growing demand for services as the
population ages.
CUNY Hunter College, which currently operates its health
sciences and basic sciences programs at two different campuses,
will build a new Science and Health Professions building of up to
336,000 square feet to upgrade its science and nursing facilities
and enabling its faculty, researchers and students to benefit from
close proximity to the main campus and institutional resources. The
new site enables Hunter to create consolidated, efficient, and
state-of-the-art science and nursing facilities.
The two projects will create 3,200 construction jobs and nearly
830 permanent jobs in New York City.
Real estate partner Steven Simkin and counsel Allen Wieder
advised Memorial Sloan-Kettering Cancer Center. Real estate partner
Meredith
Kane and counsel Andrew Wurzburger advised
CUNY.