Mistakes being made already...
The university should concentrate on the research, and forget about stimulating NY City's economy.
If the research is fruitful, the secondary effects should come naturally. But, when one of the goals is to stimulate any economy, then, it becomes part of an agenda for the professors and politicians everywhere. The politicizing of the research always ends up with bad results, such as what's happened with "climate change"/"global warming" "science".