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