When L&G asked some Stern '07 alums who from their year defined success unconventionally, the response was Jared Kushner. They described him as driven, down-to-earth and fun. He is unarguably one of the youngest movers and shakers in New York both in publications and real estate businesses. When approached for our interview, he kindly reorganized his calendar to share his experiences.
L&G: How did you decide to come to Stern?
Jared Kushner: I was in the law school. I enrolled in NYU Law School right out of college then I got accepted to the JD/MBA program. I figured for one extra year, an extra degree was a great deal!
L&G: Can you speak to your Stern experience?
Jared Kushner: It was difficult. I had to choose my classes by what time they were at, as opposed to who my professor was or what they were about. I would line up all of my classes on one day or another; even then I still did not have the best attendance record. But everyone understood that I was doing things outside of school and not too many professors gave me a hard time.
L&G: Doing deals while pursuing academic obligations…
Jared Kushner: I found it actually enhanced the learning experience. While most of the students were struggling with abstract problems, I faced real problems. The problems I tackled were very real and helped give me perspective.
L&G: What deals did you do while at school?
Jared Kushner: I bought the newspaper which was not the largest deal. But buying an operating company that I had no exposure to was interesting. I have since bought a lot of real estate. We bought this building, 666 Fifth Avenue, for then what was a record 1.8 Billion dollars. The transaction was very complex. We were able to bring in a 51-49% partner in the retail company with a 525 Million dollar valuation. We try to identify opportunities to turn into valuable investments.
L&G: Why the New York Observer?
Jared Kushner: It was an incredible and powerful brand that I had always heard about. It was well known and respected by a lot of people while not well read outside its target audience. It had a very loyal readership among the affluent and influential. It spoke to the most important people in New York, the most important city in the world. By speaking to these people, it addressed the world leaders. So it is a powerful periodical and as a result, a very lucrative and valuable opportunity for advertisers.
L&G: What was your goal in this deal?
Jared Kushner: The most important thing in any business is to grow the top line. To convert it into something that has growth potential, as opposed to try to manage the expense side, as best as possible.
L&G: You have really revamped the Observer…
Jared Kushner: I like to think so! When I got here it was a broken organization. It was not run like a standalone business or a business in general. I had to look at each piece of it, take it apart like a watch and try to rebuild it. A lot of people were used to doing things a different way. Editorial for example had not hit a deadline for the paper in 19 years. With the help of the President I brought in, we were able to identify the bottlenecks in the system and address them. Now for the last 16 months, we have met our deadlines.
L&G: How did your Stern experience help you specifically with the Observer?
Jared Kushner: At Stern I was working so much that I did not get an opportunity to network and tap into all of the talented classmates I had. One of my classmates helped me out a lot when I bought the paper. He had experience building websites and I was still learning, in fact I knew nothing about that then. He offered to help me for free, and then he became incredibly invaluable to the organization and came on staff. It is great for me since I have someone here I know I can trust.
L&G: Has Jared Kushner arrived?
Jared Kushner: I have not arrived. I do not feel as if I have accomplished anything yet. Every day I come, I fight, I push and I enjoy moving the ball forward. Every day I move it a little bit then I pick up another yard, eventually I will get there. But I have a long, long way to go before I feel as if I have accomplished something.
L&G: What are your goals?
Jared Kushner: To have fun! Fun comes with a great amount of stress. I work very long hours and take my work home with me. It is always on my mind: How I can improve this or fix that? At the end of the day, the goal is to ensure that what I am doing, I am doing for a reason. I am happy getting out of bed and going to the office and not many people are able to say that. It is very important for me to do things that excite me and get involved with businesses that generate wealth.
L&G: Has anything really surprised you about your work thus far?
Jared Kushner: I was very surprised by the publicity. I was not in the media industry, so I did not realize how much they cover. People write about things, not only about my work but also my personal life. I have found this a bit invasive.
L&G: Can you speak to dealing with the current economic turmoil?
Jared Kushner: The economic turmoil! You can buy a business thinking you are going to grow by executing your plans. But what makes people successful, is not how well they can formulate and execute a business plan but how they are able to adapt to a climate change. You have to be quick on your feet to make changes. My favorite quote is by, of all people, Mike Tyson "Everyone has a plan until they get hit!" It is very true. When the world changes the most successful people are fast to react.
L&G: Is there anything you wish you reacted to differently?
Jared Kushner: There are always things you wish you could do differently. At the end of the day, if you are happy, it is a result of both the good and bad things that have happened along your course. There are individual things I would have changed if I could but I know it is not worth dwelling on the past.
L&G: While at Stern you did not find your internship through OCD. In the current economic climate, MBA1s are increasingly forced to go the independent route. Any advice?
Jared Kushner: Be creative, think outside the box. In my first year, I knew I wanted to work in real estate private equity; not at a major shop, at a smaller more nimble place. As a result I wound up working for a start up, which today is a 1.5 billion dollar fund. Back then I was the third employee. So take risks, be unconventional, look for companies with creative leaders and tie yourself with the smartest people possible.
L&G: Taking risks can be costly and sometimes, don't pay!
Jared Kushner: When you think of the trajectory of your earning potential, what you earn now and the next three years is unimportant. What is important is finding great mentors to become as smart as possible. Down the road you are likely then to have a much higher earning potential because you would be better trained.
L&G: Who is your mentor?
Jared Kushner: I have a bunch of mentors. But having grown up with him, I have learned a lot from my father. He has an incredibly practical approach to everything. He sees the world as black and white. If you are late for something, the only reason you are going to be late is because you did not leave early enough. It does not matter if the cops had shut down the road; you were late because you did not leave early enough. He taught me to take responsibility for my actions and not to blame externalities. The reason people will not get an internship is not because of the economy, it is because of nothing other than them not looking hard enough or being creative enough. It is easy to find excuses, harder to identify solutions.
L&G: Stern is….
Jared Kushner: Stern is a business school!
is a member of the 
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