NYU Real Estate Institute renamed after $10M gift
June 16, 2008 04:40PM
The NYU Real Estate Institute will be renamed the NYU Schack Institute of Real Estate after the Schack family, which has been in the New York City real estate business for more than a century, donated $10 million, the largest gift in the institute's history.
The 40-year-old institute is home to graduate programs, applied research and continuing professional education in real estate and construction management.
The Schacks' donation launched a campaign to build a permanent endowment for the institute. The campaign will be officially launched at the Institute's Urban Leadership Dinner next week.
The Schack family has long been associated with the university. Samuel Schack, who founded the family firm, and grandchildren Kenneth Schack and Linda Schack Teitelbaum all attended NYU.
Schack & Schack Realty focuses on residential, loft and secondary office markets in Manhattan and the Bronx.
"We are profoundly grateful and honored by the trust and respect for the work of the Institute and SCPS that the Schack family has manifested through this transformative act of generosity," said NYU-SCPS Dean Robert S. Lapiner in a statement. TRD
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Comments
NYU Grad
Congrats to Dean Patton and gang on landing this great opportunity for the school and many thanks to the Schack family!! NYU REI is truly the best real estate program out there.
Comment #1 Posted By: NYU Grad 06/17/08
Anonymous
This family just sold 530-536 broadway to Yaron Jacobi and that loser Joe Sitt for $190M. This surely helped them make this donation. Too bad Sitt needs to obtain a crazy rent to make this deal work, which he won't get, further adding to his pathetic failures.
Comment #2 Posted By: Anonymous 06/17/08
Anonymous
Joe Sitt probably doesn't care, considering he has over $100 million in equity.
Comment #3 Posted By: Anonymous 09/15/08
MSRE2010
Recently attended the 2008 NYU REI Capital Markets Conference and was impressed by the real estate heavy hitters that attended the event. I had lunch watching such notables as Marc Holliday (the chief of SL Green), Stephen Ross (the founder and chief of the Related Companies), Bill Mack (head of Apollo Real Estate Advisors), Mike Fascitelli (president of Vornado) and Bill Rudin (head of the family owned real estate firm Rudin Management) and Larry Silverstein speak candidly about the state of the market. Aside from the sobering news about the market, I left the conference with a great respect for how NYU's REI and its Master's of Science Real Estate program are so interconnected with the industry and its major players.
Comment #4 Posted By: MSRE2010 11/18/08