New York University’s Stern School of Business is recognized as one of the best B schools for real estate management studies in the United States. Today (September 7), he announced a major investment that he hopes will reinforce that distinction for many years to come.
NYU Stern was awarded $20 million to establish the Chao-Hon Chen Institute for Global Real Estate Finance, the largest donation ever made to an institute in the school’s history. Gift from Stern alumnus and board member Charles CY Chen will support initiatives in areas disrupting real estate as well as the global expansion of research, industry engagement and research. immersive learning for students, the school said in a statement. There will also be scholarships for undergraduate and MBA students.
“Charles’ generosity and vision present a tremendous and uniquely timely opportunity for Stern to lead the overhaul of the dynamic real estate industry which is currently undergoing a significant transformation due to the myriad of global, economic, financial and climate forces at work.” , Stern Dean Raghu says Sundaram. “Equally important, Charles’ donation demonstrates the potential impact that is possible on a global scale through a multidisciplinary institute such as this.
“We are deeply grateful to Charles for setting a model of excellence that we hope to replicate in other important areas here at the school.”
CORNELL STERN SUITE IN A MAJOR REAL ESTATE INVESTMENT
NYU Stern ranked second in American News2022 Real Estate Honors Rankings, the second year in a row the school has been named a finalist for the Wharton School at the University of Pennsylvania. It consistently ranks among the top schools for real estate MBA salaries. Through its MBA real estate specialization, the school offers courses in primary real estate markets, real estate capital markets, real estate development and entrepreneurship, real estate transactions, and more.
Stern is also home to the Marron Institute of Urban Management, which monitors global and national urban expansion, collects and analyzes data on 200 cities to “study their possible effects on housing affordability, sustainable development, climate change resilience and metropolitan governance”. The school’s existing Real Estate Finance Center was established in 2012 and has since become a world leader in residential and commercial real estate finance research and policy impact; it will serve as the “fundamental pillar of the new Chao-Hon Chen Institute for Global Real Estate Finance”, the school announced.
Stern is the second New York-based business school to announce a major real estate investment this year. In June, Cornell University’s Johnson Graduate School of Management announced that a $30 million gift would create the Paul Rubacha Real Estate Department, with Cornell’s Baker Program in Real Estate serving as its flagship deliverance program. master’s degrees from the new department.
‘A SUSTAINABLE HUB OF THOUGHTFUL LEADERSHIP AND INDUSTRY COMMITMENT’
Stern’s new Chao-Hon Chen Institute for Global Real Estate Finance, named after the donor’s father Charles Chen, will award scholarships annually to “high-achieving undergraduate and MBA students studying real estate; become the home of scholars and industry fellows in residence in areas of interest to the Institute; establish partnerships with centers of excellence at NYU and its global campuses; and provide research grants and other support to faculty and doctoral students throughout NYU. It will also host three main initiatives:
- Real Estate Data Science and Technology Initiative, conducting research on proptech as a source of industry-wide disruption and innovation;
- Climate and Built Environment Initiative, bringing together leaders from research, policy and private industry to explore market structures, data and measurement systems; and
- Initiative in real estate in emerging markets, in the face of the increasing globalization of real estate investment and the institutionalization of real estate markets in emerging economies around the world.
“The impetus for this gift is to honor my father, who is a firm believer in the power of education and was the first in our family to attend a major university,” says Chen, who earned his MBA from Stern in 1991. “He has also been instrumental in building our family business and driving our family’s philanthropy. On his behalf, I am delighted to partner with the school to staff a sustainable center of thought leadership. and industry engagement that will benefit students and faculty for years to come.
“From climate change and sustainability to proptech and the globalization of real estate finance, the industry and our role in the built environment is being redefined,” says Sam Chandan, currently director of Stern’s Center for Real Estate Finance, who will serve as director of the new institute. “Charles’ transformative gift enables Stern to address some of the most pressing challenges and opportunities facing the industry and to lead the dialogue in the global real estate and policy communities.”
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