NJIT opens new real estate and entrepreneurship centers

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Newark, New Jersey, May 24, 2021 (GLOBE NEWSWIRE) – The New Jersey Institute of Technology is about to open two new real estate and entrepreneurship education and research centers made possible by a historic gift from the Paul V. Profeta Foundation, Inc. become .

Paul V. Profeta, President of the Foundation, signed an agreement with NJIT President Joel S. Bloom for the largest single donation in NJIT history. The donation will support the Paul V. Profeta Foundation, Inc. real estate, design and innovation center (“Profeta Real Estate Center”) and the Paul V. Profeta Foundation, Inc. (“Profeta Center”) center for innovation and entrepreneurship. ) established ”).

Profeta is a real estate investor and developer with commercial properties nationwide, educator, and philanthropist focused on revitalizing Newark. In 2008, Profeta formed the Profeta Urban Investment Foundation, a 501 (c) 3 nonprofit that provides seed capital to minority startup companies in Newark, and funded the creation of the Center for Urban Entrepreneurship and Economic Development (CUEED) at Rutgers Business School to work in collaboration with his foundation. The foundation has set up 15 companies and created around 450 jobs. The Profeta Urban Investment Foundation also provided seed capital for the Intersect Fund, which has given more than 3,000 micro-loans to small minority businesses and entrepreneurs.

Profeta also funded Rutgers Law Associates, a program run by Dean Andrew Rothman of Rutgers Law School, in which law school graduates help ex-convicts and gang members reintegrate into society by issuing old warrants that are no longer valid. their records are removed.

The Real Estate Center at NJIT is the third Real Estate Center created by Profeta. The first was at Columbia Business School in New York City in 1980; the second was the Rutgers Center for Real Estate in Newark. He also founded and publishes Real Estate New Jersey, the only magazine devoted solely to commercial real estate in New Jersey.

“NJIT is honored to accept this gift and thanks Paul Profeta for all that he has done and will continue to do for our university,” said Bloom. “His unwavering support for innovation and entrepreneurship at NJIT and across Newark is a shining example of generosity and purposeful giving.”

The first of its kind, the Profeta Real Estate Center, will serve as a hub for teaching, training and research related to disruptive technologies, innovations and novel design and construction techniques that are actively changing the real estate field.

Profeta Real Estate Center is located at the Martin Tuchman School of Management (MTSM) of the NJIT and draws on multidisciplinary expertise from faculty across the university. It will establish new programs for undergraduate, graduate and MBA students, offer certificate and non-credit training, organize and host conferences, symposiums and workshops, and cutting edge research into changing ways real estate is built, traded and managed.

“Global real estate is a more valuable asset class than all stocks, stocks and bonds combined,” said Oya Tukel, dean of MTSM. “We are excited to lead this market and create the future real estate entrepreneurs and innovators in the world.”

The transdisciplinary research activities of the Profeta Real Estate Center focus on the use of technology, new design and construction methods and innovative business models in real estate, with a special focus on the application of information technology and platform economy also on real estate markets known as property technology or “PropTech” . The center is headed by the Profeta Chair for Real Estate Technology, Design and Innovation.

“This extraordinarily generous gift will transform the way real estate is taught, learned and explored by incorporating novel and creative methodology and technology into STEM education,” said NJIT Provost and Senior Executive Vice President Fadi P. Deek.

In addition, through the newly established Profeta Center for Innovation and Entrepreneurship, the Profeta Foundation will expand NJIT’s existing and solid efforts in this area through the establishment and endowment of the Paul V. Profeta Foundation, Inc. Innovation and Entrepreneurship Scholarship. The scholarship offers:

  1. Scholarships for students with a focus on business and a focus or innovation in “Innovation and Entrepreneurship”.
  2. Summer scholarships that allow recipients to work as interns in one of NJIT’s hands-on, entrepreneurship-focused centers.
  3. Grants for the students selected as Profeta Fellows to participate in national and regional training programs, workshops and conferences on entrepreneurship.

The Profeta Center for Innovation and Entrepreneurship will also serve as a hub for Newark-focused entrepreneurship initiatives, including the launch of the Newark Startup Studio at VentureLink. The startup studio will nurture and nurture historically underserved entrepreneurs from the Newark community, particularly women and those from racial and ethnic minorities, and help them develop and launch sustainable new businesses powered by NJIT-generated intellectual property. In addition, the Profeta center hosts networking and mentoring programs, training workshops and conferences for students, teachers and other potential entrepreneurs.

The Profeta Center for Innovation and Entrepreneurship will be located on the NJIT campus at 211 Warren Street, and the renamed building will provide a platform for university and community entrepreneurship. Efforts are already being made to develop the centers, establish study and certificate programs, and renovate the physical facilities in preparation for launch in summer 2021. A festive opening ceremony is expected in the fall.

Profeta on the upcoming centers launch: “I am proud to be working with NJIT to create an education center in Newark for the future of real estate. It is very gratifying to help students who otherwise may not have the opportunity to be innovators in the field that has given me so much, in the city that is so close to my heart. I look forward to the new centers thriving as a place for entrepreneurs to drive innovation and renewal. “

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