NEW YORK—NewYork-Presbyterian Hospital broke ground on its Morgan Stanley Adult Emergency Department Oct. 7. The expansion and renovation will double the size of the existing emergency department when it’s completed in December 2017.
The project is funded by $15 million from Morgan Stanley, the global financial services company, and a number of trustees and friends of the hospital—including Stephen Robert and Pilar Crespi Robert, who are trustees of the Source of Hope Foundation.
The hospital’s current emergency department was designed to provide care for 50,000 patients per year, but has been seeing around 80,000 patients per year, “hence the need for an expanded facility,” said James Giglio, director of emergency medicine for NewYork-Presbyterian Hospital.
When complete, the new emergency department will be 45,000 square feet, with 88 treatment bays. The project will open in stages over the four years.
Steven Corwin, CEO of NewYork-Presbyterian said the renovation would not have been possible without Morgan Stanley. “Think about what that firm and its leadership has done for our hospital,” he said.
Morgan Stanley has a close relationship with the hospital. More than a dozen of the financial firm’s employees serve on leadership committees of the hospital. Morgan Stanley employees have also served on the board of trustees since 1973.
In the early 1990s, Morgan Stanley provided funding to expand the hospital’s pediatric intensive care unit, which opened in 1998 and is named after the firm.
Morgan Stanley, under the leadership of then CEO and Chairman John Mack, raised $62 million to fund a new children’s hospital. The 10-story Morgan Stanley Children’s Hospital at NewYork-Presbyterian opened in 2003. It is just down the block from the new emergency department.
“Our employees, sooner or later, need this hospital and what all of you bring,” said John Mack, chairman of the board of NewYork-Presbyterian.
NewYork-Presbyterian Hospital is affiliated with two of the nation’s Ivy League medical schools, Weill Cornell Medical College and Columbia University College of Physicians and Surgeons.
Columbia University and NewYork-Presbyterian Hospital administrators, current and former executives from Morgan Stanley, and Source of Hope Foundation trustees attended the groundbreaking ceremony at Broadway and 167th Street.