Tuesday, 30 August 2016
Last updated 27 min ago
Mar 26 2010 | 3:57am ET
The children of Long Island have a new champion: SAC Capital Advisors’ Steven Cohen.
The hedge fund honcho has given $50 million—and his name—to the former Schneider Children Hospital in New Hyde Park, N.Y. The hospital, just a few miles from Cohen’s hometown of Great Neck, will be called the Steven and Alexandra Cohen Children’s Medical Center of New York, the North Shore-LIJ Health System announced.
The Cohen’s donation will be used to complete an expansion postponed in 2008, after the donors pulled out following the Bernard Madoff scandal. The hospital plans to add 50 beds to its pediatric intensive care and medical surgery units.
“Pediatric health care is an issue that is near and dear to our hearts,” Cohen said.
The Cohens have donated millions to children’s hospitals, including $7 million to the Long Island hospital over the past decade.
The Schneider family has been sponsoring the hospital since 1983, but earlier this month asked their name be removed. The family wishes to have the name used exclusively on a children’s hospital in Israel.
Earlier this month, the Cohens made a more personal donation somewhat closer to home, giving their Zamboni machine to the Rye Country Day School, the private school in Westchester County, N.Y., attended by their daughters. The Cohens are dismantling the ice rink at their Greenwich, Conn., mansion.