A family crisis inspired Bill Ackman to spend $260 million to create a massive brain research institute in Manhattan

Billionaire investor Bill Ackman, famous for his unconventional Wall Street investments, is now channeling his resources into a different kind of venture: constructing a major research center in Manhattan's Upper West Side focused on brain research. The project was spurred by a personal tragedy - his daughter Lucy suffered a brain hemorrhage in February, leading to a life-altering condition.

This inspired Ackman and his wife Neri Oxman to establish the Ackman Oxman Institute, which will be housed in a 400,000-square-foot building at 125 West End Avenue and an adjoining 70,000-square-foot property at 320 West 66th Street. The institute will house cutting-edge research in various aspects of brain health, from rehabilitation to longevity, and will be led by a board featuring Nobel Prize-winning cell researcher Jim Rothman and Stanford neuroscientist Andrew Huberman.

The institute aims to build on the insights gained from Lucy's experimental treatments, which helped her survive despite her prognosis. Ackman hopes the institute will become a major force in brain research, attracting startups and venture capital to support its operations.