NEW YORK – November 4, 2021 – Innovo Property Group (IPG), a leading New York City-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, announced the establishment of the Innovo Property Group Scholarship Fund (The Fund), a $100,000 endowment for the Schack Institute of Real Estate within the NYU School of Professional Studies.
The endowment was established by Innovo to make annual awards in the form of tuition assistance to students at the Schack Institute with financial need who have overcome significant educational, economic, or personal obstacles. Recipients will be named “IPG Scholars” —and selected by the Institute’s associate dean or a designee.
A longtime supporter of New York City’s educational institutions – and NYU in particular – IPG is committed to supporting underprivileged students in New York at one of the city’s top institutions of higher learning.
“As a real estate investment and operating company in New York City, IPG has long had a finger on the pulse of economic trends and professional culture in the Tri-State area,” said Andrew Chung, founder and CEO of IPG. “Establishing The Fund is an important part of our ongoing role in and commitment to supporting and shaping the next generation, and critical to ensuring the future of our industry is in good hands.”
The Schack Institute is deeply grateful for this generous gift from the Innovo Property Group and Mr. Chung. The scholarship fund it has established will provide financial support for the future leaders of the commercial real estate industry,” said Sam Chandan, Larry & Klara Silverstein Chair in Real Estate Development & Investment, and associate dean of the Schack Institute of Real Estate.
Since 2015, IPG has been investing in New York City with a focus on value-add developments in the outer boroughs. Situated in Queens, Long Island City—one of the fastest-growing neighborhoods in the United States – IPG has been one of the most active industrial players in New York City over the last few years, with a focus on industrial developments and last-mile warehouse facilities. Chung also maintains a position on the Schack Institute advisory board and has served as a mentor for the Schack Institute’s Hirsh Fellows program.