skip to main content

In a market weathering unprecedented change, companies involved in high-stakes real estate deals need a steady, trusted hand to guide them. They also need counsel who can help them find new solutions for tough new challenges. The Paul, Weiss Real Estate Department offers clients the best of both worlds. Our long history of executing every kind of deal touching real property and our business and legal savvy help the most complex real estate projects succeed in fluctuating economic conditions.

New York City Selects Partners to Build a $2 Billion School of Engineering and Applied Sciences on Roosevelt Island

As widely reported in The New York Times and other media outlets, Paul, Weiss client The New York City Economic Development Corporation (NYCEDC) announced the selection of Cornell University and Technion-Israel Institute of Technology to develop a new $2 billion engineering and applied sciences graduate campus on Roosevelt Island. The selection capped an intense year-long competition for the project among 17 world-class engineering schools, for a project which is intended to transform New York City's economy into a major hub of technology innovation.

Under the agreement between Cornell/Technion and NYCEDC, New York City will provide land on Roosevelt Island and $100 million in infrastructure investment, and Cornell and Technion will build a two million-square-foot campus with state of the art educational facilities, including space for technology incubators and start-up businesses. When completed, the campus is expected to serve 2,500 students and 280 faculty members, and to generate a projected $23 billion in economic activity over three decades.

Mayor Michael Bloomberg announced the deal on December 19, 2011, describing it as "game-changing" and stating that the graduate school will "spawn new companies, create new jobs and propel our city's economy to new frontiers."

The Paul, Weiss team was headed by real estate partner Meredith J. Kane and counsel Barry Langman. Intellectual property advice was provided by corporate partner Marilyn Sobel and environmental advice was provided by counsel William J. O'Brien.

January 4, 2012

© 2019 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy