Mayor Michael Bloomberg on Friday officially signed a lease for the city to set aside 12 acres on Roosevelt Island to build a technology school.
A consortium led by Cornell University is set to open the campus in 2017.
The graduate level school, called Cornell Tech, began classes this fall in space donated by Google at its Chelsea headquarters.
"And when completed, the new Roosevelt Island campus, alone, will nearly double the number of full-time masters and PhD engineering students in our city," Bloomberg said.
The Roosevelt Island facility will eventually house 2,000 students and nearly 300 faculty and researchers.
It won't be fully complete until 2043.