According to the NYU School of Continuing and Professional Studies, its Real Estate Institute will be renamed the NYU Schack Institute of Real Estate in honor of the Schack family, longtime owners and developers of area real estate. The Schack family donated a $10 million cash gift to provide support for students, faculty, research, and physical infrastructure. The contribution is the lead gift in a campaign to build an endowment for the 40 year old institute, NYU's home for applied research, graduate study, and continuing professional education in real estate, construction management, and related fields.