Billionaire Leon Cooperman recently made headlines with a $20 million donation to revitalize Newark by building the Cooperman Family Arts Education and Community Center at the New Jersey Performing Arts Center (NJPAC). Despite facing health issues such as Parkinson’s disease and blindness in his left eye, Cooperman remains committed to philanthropy, having already given away several hundred million dollars to various causes. The building, set to open in 2027, will cost $70 million with much of the funding coming from a combination of tax credits and a capital campaign.
The NJPAC has been a cultural hub in Newark since 1997, entertaining over 600,000 people a year with a variety of events. The new building aims to transform the area around the NJPAC into a lively neighborhood with retail, dining, and affordable housing. Cooperman, who avoids extravagant luxuries commonly associated with massive wealth, prioritizes healthcare and inner-city education in his philanthropic efforts. The NJPAC center will offer arts-related programs for students from near and far, providing training in theater performance, hip hop, jazz, and backstage production.
Born and raised in the South Bronx, Cooperman has committed to giving away his wealth in support of causes he is passionate about. The NJPAC expansion serves as a means for him to support the arts and education in areas close to his New Jersey home. Cooperman, who signed The Giving Pledge in 2010, views philanthropy as similar to picking stocks on Wall Street – choosing organizations run by competent individuals. The planned expansion of the NJPAC raises concerns about potential gentrification in Newark, a city with high poverty rates and unemployment.
Newark residents have mixed feelings about the NJPAC expansions – while some see it as a positive step towards growth, others worry about the impact on the local community. Cooperman’s donation, along with additional funding sources, will help create a vibrant new neighborhood around the NJPAC with amenities like apartment buildings, townhouses, restaurants, shops, and parks. NJPAC President and CEO John Schreiber assures that the developments will only take place in currently unpopulated areas to prevent displacing existing residents. The Cooperman Family Arts Education and Community Center aims to provide opportunities for students of all ages to engage in arts-related activities and receive training in various fields.
Overall, Cooperman’s generous donation to the NJPAC highlights his commitment to supporting the arts and education, particularly in under-resourced communities. The planned expansion of the NJPAC represents a significant investment in Newark’s downtown area, with the goal of creating a vibrant neighborhood while addressing concerns about potential gentrification. Cooperman’s philanthropic efforts continue to impact communities near and far, demonstrating his dedication to giving back and making a difference.
