Early Life
Leonard Norman Stern was born on March 28, 1938, in New York City. He is the son of Max Stern, who emigrated from Germany and built the family business, Hartz Mountain Corporation, a leading pet supply company. Max Stern also served as the vice-chairman of the board of trustees of Yeshiva University. Leonard graduated from New York University in 1957 with a Bachelor of Arts. He later earned an MBA from New York University's Stern School of Business.
Rise to Success
Stern joined his father's pet supply business in 1959 and took over the company in the early 1960s. Under his leadership, Hartz Mountain became the dominant force in the U.S. pet supply market. Stern expanded the company's operations and, in 1966, entered the real estate business with the acquisition of land in the New Jersey Meadowlands. He subsequently built a significant real estate portfolio, becoming one of the largest private owners of commercial real estate in the US. In 2000, Stern sold the pet supply business for $350 million, focusing Hartz Mountain exclusively on real estate.
Key Business Strategies
Stern's strategy included diversifying Hartz Mountain's holdings beyond pet supplies to include real estate, which has become the primary source of his wealth. His focus on industrial and multifamily assets in major East Coast markets, particularly New York and New Jersey, has driven the company's success.
Philanthropy
Stern is a well-known philanthropist, with a focus on education and aiding the homeless. He made a $30 million donation to NYU's business school, which was renamed the Leonard N. Stern School of Business. He has also donated $50 million to NYU Stern to support undergraduate scholarships in 2021. Furthermore, Stern founded Homes for the Homeless in 1986.
