New York University’s Stern School of Business has announced a $20 million gift from alumnus and Stern executive board member Charles C.Y. Chen (MBA ’91).

The funding will be used to establish and endow the Chao-Hon Chen Institute for Global Real Estate Finance, named after Chen’s father. The institute will include three interdisciplinary initiatives: proptech, an integrated study of the 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, which will study the impact of environmental conditions 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, which will focus on opportunities and challenges around the world.

“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,” said Chen. “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.”

“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 of 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.”

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