NEW YORK (AP) — A $40 million gift will be used to establish an institute for urban studies.
New York University announced the launch Wednesday of the Marron (MEHR'-uhn) Institute on Cities and the Urban Environment.
The gift is from Donald B. Marron. He previously was chairman of Paine Webber and is the founder and current chairman of Lightyear Capital.
NYU President John Sexton said more than half the world's population lives in cities. He said the institute will "knit together" research from many disciplines using academic connections around the world.
Mayor Michael Bloomberg said it's crucial to make sure that cities remain centers of innovation and learning.