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May 20, 2015

Big Gifts From Koch and Kravis Boost N.Y. Medical Projects

Billionaire philanthropists David H. Koch and Henry R. Kravis made separate donations totaling $250 million Wednesday to gird major new hubs for medical research and treatment on Manhattan’s Upper East Side, reports The Wall Street Journal.

Memorial Sloan Kettering Cancer Center is getting $150 million from Mr. Koch, the executive vice president of Wichita, Kans.-based Koch Industries, for a 23-story outpatient center to rise on the East River waterfront near the hospital's main campus. The $1.3 billion facility, to be named for Mr. Koch, is expected to serve 1,300 patients daily. Mr. Koch has now donated some $225 million to Memorial Sloan Kettering.

Mr. Kravis, a co-founder of investment firm KKR, and his wife, Marie-Josée Kravis, are giving $100 million through their foundation to Rockefeller University for construction of a biological-sciences research center. The building, to be named for the couple, will span three city blocks and anchor a two-acre extension of the Rockefeller campus. Mr. Kravis serves as vice chairman of the university's board of trustees.