Despite his troubles, Leonard is also known for being a philanthropist who has turned his entrepreneurial skills to benefit New York Citys homeless by raising $100 million in private funds in 1985 to construct new, temporary shelters for two thousand families. Struck by the high rate of mental deterioration among the residents, Stern went to work creating a plan to build garden apartment-like buildings in the vacant lots in the citys outer boroughs, financed through bond issues, reasoning that this would cost the government less than they were currently paying for substandard solutions to what was clearly a growing crisis. Young Leonard attended yeshiva (a Jewish school), and dreamt of going into business, though not necessarily with his father. Leonard Stern at the Wildlife Conservation Society Gala, 2003. The Stern Registrar allows non-Stern students to take a maximum of 6 Stern credits per term. The school is located on West 4th Street, occupying Shimkin and Tisch Halls and the Kaufman Management Center, on NYU's Washington Square campus. [21], In 2005, Stern launched the Student Social Venture Fund,[22] the first student-run venture philanthropy fund of its kind at a U.S. business school. Leonard visited welfare hotels and gymnasiums to see for himself. Home. But New York fought back. Top 100 Quotes. Pet supplies manufacturers like Hartz were able to get their customers to buy products through an advertising technique called anthropomorphism, which meant attributing human qualities of taste to their pets. He also supported the establishment of the Albert Einstein College of Medicine in New York City, assisting in convincing Albert Einstein to lend his name. She is current the vice chairperson and a trustee of the Wildlife Conservation Society. The paper began to lose its near monopoly on weekly cultural news and entertainment listings in the mid-1980s, with the arrival of The Observer, New York Press, and Time Out. To those who questioned his political compatibility factor, Leonard cited his attraction to an unexpected opportunity to own a popular, profitable, growing and respectable publication. people. Locating near Manhattan and both the New York and New Jersey Ports, which became one of the countrys most powerful magnates for corporate development, turned out to be a strategic goldmine. Hartz Mountain was already a long-established pet company when his father turned over the reigns to him. New York University (NYU) - Leonard N. Stern School of Business ( email) 44 West 4th Street Suite 9-160 New York, NY NY 10012 United States. The couple had three children: Stanley, Leonard, and Gloria. 1963), and Andrea Caroline (b. After working in several positions at The Village Voice newspaper while under family ownership, she founded The Long Island Village Voice, a Village Voice offshoot. He said he was the brightest student he ever taught.[37] Edward won a prestigious Thomas J. Watson Fellowship to study fiction writing in Italy, writing under a pen name, Julius Lowenthal. Lehman Brothers 1988 - 1996 8 years. In 1913, Jeanette Hamill, J.D., M.A., joined the school's Economics department, becoming its first female faculty member. Topics. The book contains 66 pictures of her family and contains 160 pages. Next came the Tribeca Grand Hotel for $50 million, and several hotels in suburban New Jersey, bringing the total of Hartz-owned hospitality properties to eleven. Woolworth, Sears Roebuck, and other stores, making Max Americas largest livestock importer by 1932. [51], Stern's alumni include former Chair of the Federal Reserve of the United States, Alan Greenspan; former CEO and current Chairman of Nasdaq, Robert Greifeld; Iceland's "first billionaire", Thor Bjorgolfsson; former CEO and Chairman of MetLife, John J. Creedon; former CEO of Viacom, Thomas E. Dooley; CFO of Pfizer, Alan Levin; President of DC Comics, Paul Levitz; and the founding financier of The Home Depot, Kenneth Langone. Downloads. Leonard Stern. But while food accounted for the majority of sales in the cat and dog sectors of the pet industry, it was non-food items such as tanks, pumps, lights, colored gravel, filters, heaters, and decorative plants that generated the most sales for fish.[14]. He believed that whoever could play early in the game would profit immensely from a great economic miracle. CEPR Discussion Paper No. Marcel is the son of Ghity Lindenbaum and Max Stern. When a naming opportunity for a new exhibit dedicated to the endangered snow leopards became available in 1996, Mr. After using family funds for small-scale trading for two years, Edward dove wholeheartedly into Canary Capital Partners and its management company, Canary Investment Management. By 1998, the circulation had risen from 118,361 three years earlier to 250,961, including 23,232 paid copies mailed outside the city. This simple approach spawned a revolution in the industry. His second wife was Ghity Lindenbaum in 1950. Each net worth figure is updated every business day after the close of trading in New York. He made the purchase in a single hour, hoping to prevent it from closing down. He was born in Fulda, Hesse, Germany, to parents Emanuel and Caroline Stern. [43], That wasnt the first controversy to hit the Stern familys growing business empire. Leonard was determined to prove that reaching his goal of distributing about a million quarts of free milk in 2011 was workable. Its circulation had fallen from 151,109 in 1984 to 118,361 in 1995. EN. [46], Stern offers the Master of Business Administration (MBA) for full-time students and executive programs for working professionals. By 1945, the school's enrollment was well over 10,000 with graduates hailing from 36 countries and 48 states. Therefore, they created their own opportunities, fueled by a sense that America was truly a land of unlimited opportunity for them and their families, and the knowledge that entrepreneurship was where their fortunes would lie. [7] Max Stern, Fund Raiser, Active in Jewish Affairs, Boston Globe, May 21, 1982. 1966). Once they learned that Leonard would be the new owner, eyebrows and questions were raised. Hartz Mountain was buffeted in the late seventies and eighties by antitrust suits and the company ended up paying a $40 million lawsuit in 1984. In 1987, Hartz faced problems with its new flea repellant, Blockade, which was its highest-profile product that year. Leonard married Judith Falk, a psychologist, in 1962 and had three children: Emanuel Theodore (b. This was triple the total pet field volume spent in 1960, the industrys first billion-dollar year. The index is a dynamic measure of personal wealth based on changes in markets, the economy and Worried about inflation and the financial turmoil that rocked Germany in the early twentieth century, the then twenty-eight-year-old businessman packed his bags and sailed to the U.S. in 1926 with his most valuable possession: five thousand singing canaries, which hed received as payment for a debt. The expansion continued in 1994, when Wardley Products, which was the nations largest manufactured line of aquatic fish supplies, joined the Hartz Group. His first wife was Judith Stern Peck who is a consultant for Hartz Group and family Therapist. [7] The Max Stern Academic College of Emek Yezreel, in Jezreel Valley, Israel, is named in Sterns honor. Veterinarians have tried for decades to have the products removed from the market. Download This Paper. placed it on the market without adequately warning of the defect. As the plaintiffs sought damages and an injunction against further Blockade sales, Stern spent millions in advertising touting that the spray was not harmful to pets. Sells pet care and publishing operations for about $500 million. By the early 1980s, he had expanded the company's focus beyond pet foods to make it America's leading pet supply manufacturer and name brand. [41] See her website at http://www.andreasternphotography.com (accessed July 19, 2012). By the end of 1960, he was started to invest in real estate and bought Meadowlands, New Jersey. He died on 7 June 2011 in Los Angeles, California, USA. Seven years later, he took Hartz private again over objections from a minority of shareholders. He shrewdly bought out the stockholders for $14.50 a share, folded Hartz Mountain into his privately owned real estate concern, and used his cash flow from pet wares to finance his vision of developing the Meadowlands.[19]. The states vibrant economy in the 1980s spurred skyrocketing growth in the price of real estate and a rush to develop land that was reminiscent of the Florida land booms and the western gold strikes. He was also founder, president, and honorary chair of the Manhattan Day School, and honorary chairman of Torah Umesorah, the National Day School movement. Leonard, twenty-one, stepped to the forefront in 1959, buying out his brother and sisters interests to be the sole leader of the well-known and highly successful bird food enterprise. In the 1960s, international business courses were introduced and soon became an important focus of the school's curriculum. By 2000, he was accepting outside money from eager investors with deep pockets. Max soon turned to big variety and merchandise chains, pushing his belief that mass merchandising of live pets could be feasible and lucrative. Like many of his fellow Jews who fled hard times with the hope of something better, Max Stern found New York City, the economic capital of the United States, to be fertile ground. Given its importance, it . With baby boomers trading in empty suburban nests for more urban downsizing, rents in Manhattan driving many to the fringes of the city, and Wall Street businesses looking to grow, the area was primed for a major growth spurt. PaineWebber, Bankers Trust, and Peat Marwick were among the large firms that found it cheaper to locate back-of-office and computer operations to the other side of the river. [18] There are[when?] [43] Meg Richards, Canary Capital Agrees to Pay $40 Million, Associated Press, September 4, 2003 (accessed July 28, 2012.). While taking over day-to-day business operations from his father, young Leonard had a vision beyond the business decreasing sales and mounting debt to new opportunities, and he had the education, moxie, and business savvy to realize his ambitious goals. [22] At its headquarters in the East Village, the feisty weekly had been struggling with a clash of visions by the time Leonard acquired it. New York University Stern School of Business, Graduate School of Business Administration, Commerce/College of Business and Public Administration, "In 1916, the School of Commerce's Wall Street branch became the home of New York University's Graduate School of Business Administration (GBA). [9] One area where Leonard and his parents agreed was giving back. Also helping to fuel New Jerseys economic boom was an exodus of financial service jobs from Manhattan. Stern had become the largest livestock importer in the U.S. by 1934, manufacturing packaged bird foods under the Hartz Mountain brand. Abstract. Back home, he wrote for Spy magazine, then worked as business manager for TheVillage Voice, which Leonard had purchased in 1985. Stanley is currently the head of Investment Banking and Managing Director of Oppenheimer & Corporation. Leonards talent for business diversification took another turn into unfamiliar territory when he first bought the iconic thirty-year-old weekly alternative newspaper, The Village Voice, in 1985. #20 Leonard N. Stern School of Business New York University #20 Leonard N. Stern School of Business New York University. Maxs famed love of animals reportedly did not extend to personal pets. The Federal Trade Commission and several supply companies and distributors alleged that Hartz, despite a commanding market share in many pet supply categories, seemed determined to drive all competitors out of its markets. Stern offers a broad spectrum of academic programs at the graduate and undergraduate levels. [16], Once again, his bold vision and penchant for risk-taking paid off, and this land formerly known for pig farms grew into the heart of one of Americas most profitable privately-owned real estate portfolios. His hedge fund was alleged to have taken advantage of special trading opportunities with prominent mutual fund families by promising to invest heavily in funds managed by several companies such as Bank of America Corps Nations Funds, Bank One Corp, Strong Capital Management Inc., and Janus Capital Group. Capital Markets Fixed Income Sales to Institutional accounts. New York University - Stern School of Business; New York University (NYU) - Leonard N. Stern School of Business Date Written: July 23, 2019 Abstract As companies and investors globalize, we are increasingly faced with estimation questions about the risk associated with this globalization. The graduate school's[12] first dean was appointed in 1921. Under his stewardship, the newspaper was improved by snappier graphics, whiter newsprint and more colorful covers.[24]. [20] This program lasts one semester at many business schools around the world. Many were able to rise to economic security within little more than a single generation. In his late forties, Stern had a style that differed markedly from the reserved, buttoned-down senior executives of his generation. He liked cigars, good food, and dance. Maidy is the daughter of Ghity Lindenbaum and steps daughter of Max stern. In the same year, Tisch Hall, designed by Philip Johnson and Richard Foster in a similar style as Bobst Library and Meyer Hall, opened at 40 West Fourth Street to house the undergraduate college. DP15303. Then mayor Edward Koch posed for advertisements in which he was shown boarding up the Holland Tunnel to stop companies from fleeing to New Jersey. In the mid-1980s, Hartz Mountain branched out into an unexpected direction yet again by acquiring the Carpet Magic Company, which rented carpet-cleaning machines to individual households. Bloomberg reporting. After calculating the financial projects for himself, Stern was startled to have projected a likely deficit of more than $11 million in three years. On a tour of the company properties along the Hudson, Emanuel Stern shared his vision of building multi-thousands of residential units and large amounts of commercial real estate, and this will become the sixth borough [of New York City].[32] Though Lord Abbettt & Co. moved from Donald Trumps General Motors building into the twelve-story, 420,000-square-foot property at 90 Hudson Street, Emanuel admitted that, with Wall Street layoffs and abundant inventory available on the New Jersey waterfront, it was a challenging time to have made such a high-priced purchase. It was his contention that the plea did not represent guilt on the companys part, but rather served as an admission that while some of its corporate executives had engaged in illegal conduct, Hartzs top executives were not touched by the scandal. He looks after the family business and is the current CEO and Chairman of private family Hartz Group. Andrea married Adam Pelzman, an attorney, in a traditional Jewish ceremony on September 7, 1997 (Andrea Stern and Adam Pelzman, New York Times, September 7, 1997 (accessed July 19, 2012)). Sales of cat and dog food in 1968 amounted to $918 million, a gain of nearly 14 percent over the 1967 level. When the economy was iffy, Gene Heller, Hartzs president of real estate, wanted to build, build, build. Leonard saw beyond pets to property when he learned that a soggy, garbage-strewn piece of real estate in the Meadowlands area of New Jersey was for sale at a bargain rate of $13,000 an acre. Hes particularly knowledgeable about Greco-Roman art and has a very extensive collection that includes the art of Van Gogh and Modigliani, among others, said his longtime friend Wilbur Ross. Date Written: April 14, 2019. Quote Of The Day. They had a pet products headquarters in St. Thomas, Ontario, Canada, with regional branches in Toronto, Montreal, and Calgary. Number of pages: 54 Posted: 22 Sep 2020. While the war created a great demand for pets, Americans saw Hartz Mountain as a company known for selling the most operatic canaries. While Max might have been self-taught, his philanthropic focus on supporting higher education demonstrated his conviction that a learned person is best prepared to take the reins of the family business and move it onward and upward. [22] Richard W. Stevenson, Village Voice is Bought by Chairman of Hartz, New York Times, June 21, 1985. Stern School of Business, New York University; New York University (NYU) - Leonard N. Stern School of Business, Department of Economics There are 3 versions of this paper Date Written: January 2014 Abstract The commercial banking business has changed dramatically over the past 30 years, due in large part to technological change. The company's real estate portfolio was owned and operated under its Hartz Mountain Industries subsidiary company, of which he also serves as Chairman and CEO. Leonard came to his sons defense. Small business owners, city officials, and low income residents were displaced by his development projects and vision of gentrification in north Jersey, which ushered in a rise of homelessness, poor Hispanics being forced out of Hoboken, and historic buildings being razed. By supporting each other economically, they planted the seed for a strong foundation that continues to undergird the Jewish community in America today. Do you have a job opening that you would like to promote on SSRN? The annual expenditures rose 20 percent faster than the pet population, which had been gaining about 3 percent a year during that decade. This gift comes on the heels of another $50 million gift also directed towards undergraduate scholarships earlier . Writer: Get Smart. Max, like many immigrants, mastered the process of reinvention. Stern sold his pet supplies business in 2000. Additional initiatives provide literacy training, tutoring, and a program to build employee readiness. He was age forty-seven, and had been named by Forbes magazine as one of the 400 wealthiest Americans, with a net worth of more than $550 million. Gus Milano, president of Hartz Mountain Industries, didn't respond to requests for comment on the net worth calculation. [17], Leonards real estate investment instincts werent based on familiarity with the New Jersey landscape, but driven strictly by financial considerations. Next, they added a Life Science Center to their tropical fish distribution facility in Tampa, Florida. Its assets grew to $30 million the following year, and that year, Canary had to give 15 percent, minus fees, to investors. He holds a position of a board member in families Hartz group. He diversified into alternative newspaper publishing, including The Village Voice, the grizzled dean of New York Citys alternative newspapers; real estate magazines through the Harmon Publishing Company; carpet cleaning machines via the Carpet Magic Company; and general merchandise service distribution through S.M. This spawned a huge rift that was a staple of real estate gossip for many years. Stern's sons, Emanuel and Edward, joined their father's business in 1990, expanding the company's real estate holdings with the Soho and Tribeca Grand hotels in New York. [4] The school was also ranked 1st in the world for finance for all years between 2017-2021 based on the Academic Ranking of World Universities (ARWU). Edward is the founder of one the family business groups of Hartz Capital Inc. Before finding the new business he was the CEO and President of Hartz Mountain Corporation. While building and then selling those enterprises, Leonard grew the companys real estate holdings to include more than 210 buildings with over thirty-eight million square feet of industrial, office, retail, and hotel space in New York and New Jersey, including the fashionable New York Soho and Tribeca Grand Hotels, and the company headquarters at 667 Madison Avenue in New York City under the umbrella of The Hartz Group, Inc.[2] In recognition of his philanthropy, New York University named the Leonard N. Stern School of Business, where he earned his MBA at age nineteen, in his honor. We think this could be an example of something that could be really scalable.[56], Yet, some saw his charity as window dressing. Hartz found that flea collars were big business, leading them to develop several flea and tick prevention products for dogs and cats, which grew into pet shampoos and other personal care products. Stern's largest concentration of properties is in northern New Jersey, where he owns an industrial portfolio totalling more than 23 million square feet. He is the chairman and CEO of the privately owned Hartz Group based in New York City By the late 1960s, Leonard said that his pet supplies business was generating more cash than it needed, and so diversification was a business imperative. According . The suit charged that Hartz, knowing that Blockade was defective and dangerous . This enabled Edward to invest in his dream of running a hedge fund, which provided private investment opportunities for the wealthy. Leonard Stern joined his father's pet food business after graduating with an MBA from New York University in 1959. [14] Alexander R. Hammer, Affluence Is Fueling Pet Industry Growth, New York Times, September 2, 1969. [38] Senior Executive Profile: Edward Stern (accessed July 19, 2012). Leonard structured the business around the core principal of retaining sufficient cash flow to finance its own ventures, remaining independent of bank financing. He expanded into real estate development in the 1960s, acquiring two tracts of. [11] Emanuel married Elizabeth Egan, a Manhattan schoolteacher and animal lover from Southern California, in June 1992 in a traditional Jewish ceremony held in the Central Park Zoo (Lois Smith Brady, Vows; Elizabeth Egan and Emanuel Stern, New York Times, June 28, 1992 (accessed July 19, 2012)). The analysis assumes the properties are about 50% leveraged. Later, the Sterns started Sternco Industries Inc., another family-controlled pet and pet supply company, which eventually merged with Hartz Mountain. Total Cost * $152,710. He was a writer and producer, known for Get Smart (1965), He & She (1967) and I'm Dickens, He's Fenster (1962). The multi-generational success of the Stern family is rooted in the classic tale of a European immigrant who came to America with nothing more than a dollar and a dream (and, in Maxs case, five thousand singing birds), and who, through grit, ingenuity, and unstoppable chutzpah, created a successful business enterprise. Additionally, brand name affiliation and new methods of packing eased owners handling of pet food. Students who attend the Stern School of Business are often called "Sternies. . 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