New York State’s first Long Island Investment Award grant of $10 million will go to Feinstein Institutes for Medical Research to update and expand its laboratory facilities, Gov. Kathy Hochul announced Tuesday.
Feinstein Institutes is the research center affiliated with Northwell Health and studies ways to cure diseases. The state previously awarded the lab $30 million to upgrade its Institute of Bioelectronic Medicine, which Hochul helped open during her Tuesday morning visit to the Manhasset facility.
“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,” Hochul said. “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.”
With the $10 million grant, Feinstein Institutes will create and modernize 26 new research labs on two floors and hire 10 new principal investigators and 60 research employees.
“At the Feinstein Institutes, scientific progress is made every day,” said Feinstein Institutes President and CEO Dr. Kevin Tracey. “With the proper facilities and tools, we can help advance that progress even further.”
The Long Island Investment Award, part of Hochul’s 2022-23 budget, totals $350 million to fund economic growth in the region. This is the first grant announced in the award with more to come.