Early Life and Education
Leonard Norman Stern was born on March 28, 1938, in New York City, to a Jewish family. His father, Max Stern, was a German-born businessman who had emigrated to the U.S. and established Hartz Mountain, a pet supply company. Leonard graduated from New York University (NYU) in 1957 with a Bachelor's degree and later earned an MBA from the Leonard N. Stern School of Business at NYU.
Rise to Success
Stern initially inherited his wealth from his father. He took over the family business, Hartz Mountain, in 1959. He expanded the business before selling the pet supply business for $350 million in 2000. Seven years after joining the company, Stern expanded into the real estate market, acquiring a New Jersey warehouse. His Hartz Mountain firm now owns more than 260 real estate properties, mostly in the New Jersey area. Stern transitioned into real estate, acquiring land and developing properties, eventually growing Hartz Mountain Industries into a major real estate company with a substantial portfolio. By 2000, Stern had transformed the company, focusing exclusively on real estate. The company holds more than 37 million square feet of residential, commercial property in New Jersey, New York and Chicago.
Key Business Strategies
Stern's success in real estate can be attributed to several key strategies. Firstly, he identified and capitalized on the growing demand for warehouses and industrial spaces, acquiring properties in strategic locations. Secondly, he has shown an ability to adapt to market trends, as evidenced by his move to real estate and further diversification into various industries. Finally, Stern has demonstrated a long-term vision, consistently investing in properties and projects that have yielded substantial returns over time.
Philanthropy
Leonard Stern is a well-known philanthropist. In 1986, he founded Homes for the Homeless, a non-profit organization that provides support to homeless families and children. Stern made a $30 million donation to NYU's business school, which was subsequently renamed the Leonard N. Stern School of Business in his honor. Stern has continued to support NYU, making an additional $50 million donation in 2021.