Mayor Michael Bloomberg announced that the schools' proposal had been selected in the multi-billion-dollar competition.
Seven universities and consortiums submitted bids to build a campus in exchange for nearly free city land and up to $100 million in city improvements. California's Stanford University withdrew its proposal on Friday, saying it had failed to find a way to ensure the success of its proposed campus in its talks with the city.
Cornell said Friday it had received $350 million from an anonymous donor for its plan - the largest gift in the university's history. In a statement, Cornell President David Skorton said the project would "fuel the city's growing tech sector."
Cornell and Technion have promised city officials the program will be up and running before the end of 2012, in existing city space.
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