Stanford University is withdrawing its bid to build a new science and engineering campus in New York City.
Stanford officials said Friday that after several weeks of negotiations with New York City they decided it wouldn't be in the university's best interests to continue pursuing the opportunity.
Stanford President John Hennessy says the "university could not be certain that it could proceed in a way that ensured the success of the campus."
Stanford was a finalist in the competition to construct the Manhattan campus, part of New York City's bid to overtake Silicon Valley as a center of technological innovation. The winner will be announced in January.
Stanford officials say the university still plans to move ahead with a recently announced partnership with the City University of New York.