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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.September 10, 2012