Real Estate Mogul Will Donate $20 Million to NYU Law

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Summary: Stephen M. Ross has stated he will donate $20 million to New York University School of Law.

The Wall Street Journal reports that New York University School of Law will receive an incredible $20 million donation from Stephen M. Ross, a real estate developer who also owns the Miami Dolphins.

  

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Last year, the Sandra Day O’Connor College of Law received a $10 million donation.

The gift is unrestricted, which means that the law school may use the funds however it likes. According to NYU Law, most of the donation is in the form of a bequest, which means it will be transferred to the school upon Ross’ death. Currently, it is the single largest donation in the history of the school.

Last June, $4 million was donated to SMU Dedman School of Law.

Ross, 75, is the founder and chairman of Related Cos., which is one of the country’s largest urban real estate developers. He launched the company in 1972, which became a leading syndicator of tax credits in the 1980s. Later, it gained popularity when it undertook major commercial projects, like the Time Warner Center and the Hudson Yards project in Manhattan.

Prior to creating Related, Ross earned his LL.M. in taxation from New York University School of Law Law in 1966. Last year, he stated that his time at NYU was the “best year of [his] life and probably the most influential.”

Last spring, Colorado Law received $10 million in a bequest.

Ross earned his law degree from Wayne State University Law School in Detroit.

Speaking of the gift, Ross said, “When you have the opportunity as a benefactor to have a real impact on society, you want to focus on institutions that can have a transformative effect on people’s lives. I think NYU Law is that kind of place.”

The dean of NYU Law, Trevor Morrison, said, “Steve has credited his experience at NYU Law as being critical to his success, and it is enormously gratifying that he is giving back this generously, so that others may similarly benefit.”

Ross is no stranger to giving generous gifts. Two years ago, he gave $200 million to the University of Michigan, where he graduated with a bachelor of business administration degree.

Source: Wall Street Journal

Photo credit: miamidolphins.com