Fellow entertainment mogul Russell Simmons and other artists were their to support him.
Click in the Eyewitness News story window above to watch Sid Garcia's ABC7.com Extra, with Sean Combs.
Academy Award winning actor Jamie Foxx told the crowd, the person who runs Bad Boy Entertainment, is quite a man.
"Not only is he a rapper, not only is he a music mogul, this individual is a legend. Who knew that he was gonna be a bad boy? Who knew that this bad boy was going to turn into a great man. I am glad that I am here to share this," said Foxx.
"I've gone to Harlem to Hollywood. Through that journey I have had the love and support of my family and some of the greatest friends in the world," said Combs.
He's conquered Broadway and now he's making his mark in the movies.
He has had a successful rapping, producing and now acting career, but is being regarded as an influential businessman more satisfying to him now?
"I consider myself an entertainer. I have been blessed with the talent to be a business man and I am blending that with my entertainment. I am here to make great art and great work. I want to make you dance, design incredible clothing and right now act in movies," said Combs.
Combs, according to his friends and collaborators, has mainstreamed the hip-hop culture successfully.
"He was very smart in making that transition," said actor Arsenio Hall.
Hollywood's listening now and banking on his future success as an actor.