Cornell University now has a new partner in New York City: Google. The search engine giant is giving Cornell free space in its Big Apple office until the school can build its new Applied Sciences campus on Roosevelt Island. Our Grace Rauh has more on Monday's announcement.

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UNITED STATES -- Google may have strong ties to Stanford University, but the internet giant is forging a new bond with Cornell University in New York.

"I think we just see a great opportunity for collaboration," said Google CEO Larry Page.

Speaking in Google's New York headquarters in Chelsea on Monday, Page said his company is giving Cornell 22,000 square feet of office space to give the university a temporary home until its new applied sciences campus is finished on Roosevelt Island.

That initial gift is just the beginning. As Cornell grows over the next few years, Google says it will give the school up to an additional 58,000 square feet. Page estimates the gift is worth more than $10 million.

The free office space may be a boon for Cornell's bottom line, but it raises questions about how cozy the relationship should be between an academic institution and a for-profit company.

"It is definitely a concern," Cornell President David Skorton said.

But said partnerships between universities and industry help to spur economic growth.

"Of course, we are going to watch and make sure we cut sharp corners and do everything in a way that we are proud of and open about, but we are jumping in with both feet," Skorton said.

"The distinctions that used to exist no longer exist anymore today. Things are founded on universities and developed by the private sector. That's what America, that's what society is all about in this day and age," said New York City Mayor Michael Bloomberg.

Of course, the biggest tech news of late has been out of Silicon Valley, with the IPO for Facebook sparking intense interest among investors. It seems Bloomberg did not get in on the ground floor by buying Facebook stock. But then again, maybe he did.

"I am not allowed to know what my investments are or my foundation's investments are," the mayor said.

Bloomberg would not say whether he thinks Facebook is a good buy, saying he is not a stock picker