The new position is to be named after Paul V. Profeta, president and owner of Paul V. Profeta and Associates Inc., who donated $1.5 million to the post. Another $1.5 million was provided by an anonymous donor, who contributed toward the university's “Endowed Chair Challenge" program, which aims to add 18 top faculty positions at Rutgers' Newark and New Brunswick campuses.
In a release about the real estate post, the business school's dean, Glenn R. Shafer, cited the need for real estate professionals who have specialized expertise. "New demands for financial sophistication in real estate, along with expectations for sustainability and increasing regulation, have created an unmet demand in New Jersey for personnel trained in finance, accounting and supply-chain management in the field of real estate," Shafer said.
The new professor will be charged with establishing an MBA concentration in real estate and performing international research, in addition to teaching.
Profeta has worked closely with the Rutgers Business School in the past, founding Profeta Urban Investment Foundation at Rutgers Business School, which gives free consulting advice and seed capital money to minority owned businesses. He is also a former adjunct professor at the Columbia Graduate School of Business.
"Having Rutgers Business School focus on real estate will be hugely beneficial for companies involved in this complex sector," Profeta said.
The school anticipates hiring someone for the position by September for the start of the fall term – and hopes to offer the concentration program beginning in the 2014-2015 school year.
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