Ackman Commits $260 Million to Manhattan Brain Institute After Daughter's 15-Hour Ordeal
Updated
Updated · Fortune · Jul 21
Ackman Commits $260 Million to Manhattan Brain Institute After Daughter's 15-Hour Ordeal
3 articles · Updated · Fortune · Jul 21
Summary
$260 million in property deals will anchor Bill Ackman’s new Ackman Oxman Institute, after his foundation bought 125 West End Avenue for $190 million and agreed to pay $70 million for an adjoining site.
The project was driven by Ackman’s daughter Lucy, 26, suffering a brain hemorrhage in February and being found 15 hours later; he said experimental treatments helped save part of her sight and shaped the institute’s mission.
The Manhattan center will start in a 400,000-square-foot building and could expand to nearly 700,000 square feet, with research spanning genetics, nutrition, longevity and neurosurgery.
Ackman said weaker life-science real estate markets and scientists’ greater willingness to leave academia made the plan feasible; operations are expected to begin by year-end with Mount Sinai as a partner.
Backed by Pershing Square Philanthropies, which has deployed more than $1 billion, the institute aims to pair research with startups and venture capital and could become one of New York’s largest medical research hubs.
Spurred by family crisis, Bill Ackman is building a brain institute. Can his Wall Street tactics accelerate a cure for brain injuries?
Ackman’s new fund trades at a deep discount. Can his Berkshire-inspired model justify its high fees and win over everyday American investors?
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From Wall Street to Brain Health: Bill Ackman’s $400 Million Philanthropic Pivot with Mount Sinai’s Ackman Brain Institute
Overview
The Ackman Brain Institute was founded by Bill Ackman after his daughter Lucy suffered a severe brain hemorrhage, a personal crisis that deeply changed his priorities and inspired him to focus on neurological research and care. This led Ackman to dedicate significant resources and strategic effort to the institute, which is being developed in partnership with Mount Sinai Hospital on Manhattan’s West Side. The institute aims to become a leading center for brain health, combining advanced research with patient care, and reflects Ackman’s commitment to tackling critical health challenges with the same intensity he brought to his financial career.