–Largest Gift for an Institute at Stern Supports New Initiatives in Areas Disrupting Real Estate Alongside Global Expansion in Research, Industry Engagement, and Immersive Learning for Students
NEW YORK–(BUSINESS WIRE)–Today New York University Stern School of Business announced a $20 million gift from alumnus and Stern Executive Board member Charles C.Y. Chen (MBA ’91) to establish and endow a real estate finance institute at the School. Named in honor of his father, the Chao-Hon Chen Institute for Global Real Estate Finance will enable the global expansion of Stern’s position as a worldwide leader in research, immersive learning, and industry engagement in the fields of real estate and the built environment.
Ranked #2 by U.S. News & World Report in real estate, Stern’s reputation in the field derives from its faculty thought leaders, its vast network of industry partners, and its existing Center for Real Estate Finance, which will now serve as a foundational pillar within the new Institute. Additionally, the Institute will house three new, interdisciplinary initiatives in areas that are each fundamentally disrupting real estate on a global scale:
- Proptech, an integrated study of the various means by which technology is reshaping real estate markets, including the influence of data science and machine learning, blockchain, and other fintech innovations;
- Climate Change, to study its impact on real estate markets through a range of adaptations, including green finance, smart building technologies, and materials science; and,
- New and Emerging Real Estate Markets, to focus on opportunities and challenges around the world, leveraging NYU’s robust global network.
“Charles’ generosity and vision present a tremendous and especially timely opportunity for Stern to lead in reshaping the dynamic real estate industry which is currently undergoing significant transformation due to the myriad global, economic, finance, and climate forces at work,” said Raghu Sundaram, Dean, NYU Stern. “Equally important, Charles’ gift demonstrates the potential impact that is possible on a global scale through a multidisciplinary institute such as this one. We are deeply indebted to Charles for establishing a model of excellence we hope to replicate in other important areas here at the School.”
Stern’s new Chao-Hon Chen Institute for Global Real Estate Finance will annually award scholarships to a diverse group of high-performing undergraduate and MBA students studying real estate; become home to Scholars- and Industry Fellows-in-Residence in the Institute’s areas of focus; partner with centers of excellence at NYU and its global campuses; and provide research grants and other support to faculty and doctoral students from across NYU.
“By enabling Stern to establish this Institute, Charles is setting a new precedent for how we can drive and influence dynamic areas of business that will impact generations to come worldwide. We are thrilled to be in a position to support students and faculty, and to engage with global business and policy leaders in even more meaningful ways, as a result of Charles’ commitment,” said Andre J.L. Koo (MBA ’94), Chair of the Stern Executive Board.
“The impetus for this gift is to honor my father, who is a strong believer in the power of education and was the first in our family to attend a major university. He has also been instrumental in building our family business and in driving our family’s philanthropy. In his name, I am delighted to partner with the School to endow an enduring hub of thought leadership and industry engagement that will benefit students and faculty for years to come,” said Mr. Chen.
Sam Chandan PhD, currently Director of Stern’s Center for Real Estate Finance, will now serve as Director of the Institute, overseeing the new entity. According to Dr. Chandan, “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. Charles’ transformative gift empowers Stern to tackle some of the most pressing challenges and opportunities confronting the industry and to lead the dialogue in the global real estate and policy communities.”
About Charles C.Y. Chen (MBA ’91)
Charles Chen completed his MBA from Stern in 1991 and currently serves on Stern’s Executive Board. Professionally, Mr. Chen is chairman at Eyon Holding Group, a direct investment group in Taiwan. Mr. Chen has held leadership roles and directorships at a number of global and nonprofit organizations including Wan Hai Lines, Taian Insurance, China Airlines, Taiwan Air Cargo Terminal, UTAC Group, and Epistar Corp., as well as Chen Yung Foundation, New York Philharmonic, and numerous other Taiwan-based philanthropies. He will now join the distinguished Advisory Board of C-suite leaders, who have been engaged with the Center for Real Estate Finance and will now broaden their scope to serve the greater Institute moving forward.
About New York University Stern School of Business
New York University Stern School of Business, located in the heart of Greenwich Village and deeply connected with the City for which it is named, is one of the nation’s premier management education schools and research centers. NYU Stern offers a broad portfolio of transformational programs at the graduate, undergraduate, and executive levels, all of them enriched by the dynamism and deep resources of one of the world’s business capitals. NYU Stern is a welcoming community that inspires its members to embrace and lead change in a rapidly transforming world. Visit stern.nyu.edu.