Papa Khaly Noiyae, originally from Senegal, was shot and killed while trying to break up a dispute in the restaurant's parking lot.
30 percent of the proceeds will be donated to the Emergency Room at the UMDNJ Hospital across the street from the restaurant, where Noiyae and two other men wounded in the shooting were brought that night.
In addition, some of the money raised will be contributed to a community organization dedicated to fighting crime and violence in the neighborhood.
Police are still searching for the killer.
They released a grainy surveillance image of the shooter on Monday evening.
The incident happened just after 3 a.m. in the parking lot of the restaurant on Bergen Street, sending people running for cover.
Sources say the shooting stemmed from a fight that happened inside the restaurant.
Crime Stoppers of Essex County is offering a $10,000 reward for information leading to the capture of the suspect.