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Governor Hochul Announces First Long Island Investment Fund Award of $10 Million to Feinstein Institutes for Medical Research

LIIF Funding Plus Additional State Investment Represents $40 Million To Expand Life Sciences Economy on Long Island

Combined 60,000 Square Feet of Transformed Space Supports Medical and Infectious Disease Research

Governor Kathy Hochul today announced the $350 million Long Island Investment Fund awarded its first grant to the The Feinstein Institutes for Medical Research to construct 40,000 square feet of new state-of-the-art labs to support medical and infectious disease research. The $10 million Long Island Investment Fund grant complements an additional $30 million in State support previously awarded to the Feinstein Institutes to modernize 20,000 square feet of its Institute of Bioelectronic Medicine, which Governor Hochul opened today. New York State's assistance is part of an $85 million modernization effort at the Feinstein Institutes for Medical Research in Manhasset, Nassau County, and a broader initiative to highlight the growing life science industry on Long Island. The Feinstein Institutes is the research arm of Northwell Health and is one of the leading laboratory and research centers in the country, conducting cutting-edge studies that seek to cure diseases.

"New York is leading the way in medical innovation, and the Long Island Investment Fund will support life-saving research on the cutting edge of the life sciences industry," Governor Hochul said. "Our investment in the Institute of Bioelectronic Medicine is already improving the lives of everyday New Yorkers, and the additional Long Island Investment Fund award announced today reaffirms our commitment to remaining a national leader in the health and medical research fields. I am proud to support the Feinstein Institutes and their research, which will lead to life-changing medicine and treatments that will improve the lives of New Yorkers on Long Island and across the State."

Included as part of Governor Hochul's FY 2023 Enacted Budget, the Long Island Investment Fund focuses on projects that will support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island. The Fund's $10 million award to the Feinstein Institutes for Medical Research will support the renovation and construction of 26 new state-of-the-art research labs on two floors as well as the hiring of 10 new principal investigators and 60 research employees. These modernized labs will advance research efforts to develop novel therapies for cancer, diabetes, obesity, lupus, and other conditions

Empire State Development President, CEO and Commissioner Hope Knight said, "The Long Island Investment Fund represents a strategic investment to further enhance the region as a powerhouse for the life sciences industry, which is an important driver of New York State's economy. The Feinstein Institutes play a critical role in life-changing medical discoveries and therapeutics that can improve our everyday lives. ESD is proud to support the growth of visionary life sciences companies like the Feinstein Institutes, whose work is crucial to building a healthier and stronger Empire State."

Read the full press release here.