New York University Medical Center is going downtown.
Under a sponsorship agreement reached last week, NYU will control the board of New York Downtown Hospital, an acute-care facility serving New York's Wall Street and Chinatown communities.
NYU Medical Center is just south of mid-town Manhattan.
Approved by trustees of New York University and New York Downtown, the deal evolved from an academic and clinical affiliation forged in 1994. Before that agreement, New York Downtown had ties to New York Hospital-Cornell Medical Center.
The sponsorship arrangement does not involve an exchange of cash, and New York Downtown will continue to control its own assets and liabilities under a newly reconstituted board of trustees, said Peter L. Ferrara, an NYU Medical Center spokesman. However, New York Downtown will gain access to the medical center's support services, he added.
Said Saul J. Farber, M.D., provost and dean of the medical center and school of medicine: "We hope to extend our resources to (New York Downtown) so they can broaden and expand their excellent care to the Lower Manhattan communities."
New York Downtown, which is licensed to operate 300 beds, becomes part of the NYU family of hospitals, including Tisch Hospital, Rusk Institute of Rehabilitation Medicine and Hospital for Joint Diseases.