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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.

NYU and New York City Agreement Creates New Applied-Science Research Institute

As reported in The Wall Street Journal, The New York Times, Crain's New York Business and other media outlets, Mayor Bloomberg announced on Monday that city officials have reached an agreement with New York University that clears the way for the university to create an applied-science research institute in Downtown Brooklyn. A consortium of universities led by NYU will set up the Center for Urban Science and Progress (CUSP) at 370 Jay Street, a building now leased from the city by the Metropolitan Transportation Authority. CUSP will tackle the challenges urban areas face as more and more of the world's population are living in cities.

The deal includes a unique partnership between NYU and the city to allow data sharing from city agencies to develop new technologies for solving urban management issues in a variety of fields. NYU's partner institutions in the CUSP project include, among others, University of Toronto, University of Warwick, Carnegie-Mellon, Indian Institute of Technology-Bombay, IBM and Cisco.

Real estate partner Meredith J. Kane and counsel Barry Langman represented the New York City Economic Development Corporation, which led the transaction for the city. Intellectual property advice was provided by partner Marilyn Sobel. The Paul, Weiss team also represented New York City in the applied-sciences and engineering transaction with Cornell University and Technion-Israel Institute of Technology, which was announced last December.

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April 25, 2012

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