Bill Ackman buys building for $260 million for new brain institute in Manhattan

Key Points:

• The Ackman Oxman Institute, funded by billionaire Bill Ackman and his wife Neri Oxman, will be a nearly 700,000-square-foot brain research center in New York City, combining two buildings and additional development rights.
• The institute was inspired by Ackman’s daughter Lucy’s survival and recovery from a severe brain hemorrhage, with plans to advance brain science through cutting-edge research in genetics, nutrition, longevity, and neurosurgery.
• Funding comes from Pershing Square Philanthropies, which has invested over $1 billion in grants and projects, and the institute aims to rival major research centers like the Rockefeller Institute.
• The board includes notable scientists like Nobel laureate Jim Rothman and neuroscientist Andrew Huberman, with operations expected to start by year-end and future funding supported by affiliated startups and venture capital.
• Ackman views this project as his most significant endeavor, partnering with Mount Sinai hospital, where his daughter was treated, and leveraging his experience and network in science and philanthropy.