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To Download a PDF of an Interview with Jared NY CITY Building Businesses An Interview with Jared Kushner, Principal, Kushner Companies EDITORS’ NOTE At 29, Jared saw a lot of below market rents at is so well regarded and adds more credibility to Kushner has been involved in over the time in the offi ce tower, although the stuff we’re doing. $4.5 billion of real estate transac- since the market dropped, those be- There are some who suggest that with tions. He is currently a Principal low market rents are back to being the acquisition of The Observer, you’re look- at Kushner Companies and the market rents. ing to build a media empire. Do you foresee Chairman and Publisher of the but the real play there was the retail, more opportunities out there? Observer Media Group, which in- and we’ve been quite successful in terms i have built a phenomenal team at The cludes in its holdings the new york of buying out certain tenants. when we Observer. we have a lot of good insight in terms observer. Since acquiring the com- bought the building, the retail had a $10 of how to run, operate, and build businesses. pany in 2007, Kushner has grown million noi – now we have it to about we’ve started a few businesses since i’ve been the Observer Media Group into a dig- $35 million, and when it stabilizes, it will there, and we’re building a nice platform that ital as well as traditional media en- probably get to over $50 million. could be the foundation of what could be a tity, adding properties such as the Jared Kushner so the retail was what we saw, solid media company. commercial observer, VeryShortList. which is why when we structured the i don’t have a specifi c strategic vision for com, and PolitickerNJ.com. Kushner graduated original debt, we had the ability to bifurcate the the company, but we’re very selectively and op- Cum Laude from Harvard University in 2003 offi ce from the retail because we saw a good portunistically pursuing new acquisitions and and was awarded J.D. and M.B.A. degrees from portion of the equity value and the upside in opportunities. we started a new paper in Las New York University in 2007. the way the market was mispricing the retail vegas, a parenting magazine, and a commercial condo of this unit. real estate publication during the most tumultu- COMPANY BRIEF Headquartered in New York City, the retail alone has the potential to be ous recession of our time – all three are doing Kushner Companies (www.kushnercompanies.com) worth over $1 billion. very well. we purchased one web site and are is a diversifi ed real estate organization involved While many debate the future of print, in talks to purchase another. in the ownership, management, development, what excited you about the acquisition of these are all small businesses, but when and redevelopment of numerous properties, The New York Observer and what made you you put them together, there is a lot of infra- which consist of thousands of multifamily apart- feel this was a wise investment? structure savings, a lot of cost savings, and a lot ments and millions of square feet of offi ce, indus- when i bought it, i didn’t think we were go- of synergies and revenue opportunities. trial, and retail space throughout New York, New ing into such weak economic times, so that obvi- Have you been happy with the acquisi- Jersey, Pennsylvania, and Illinois. ously impacted the business plan to some degree. tions you’ve made with the Internet proper- but the great value i saw in The Observer is ties, and is that a growing area? When you look at the past 24 months, how that it’s a brand that resonates with a very spe- the hardest thing is getting older journal- much of an impact did you see on your cial group of people, to whom it is an important ists to buy into the new forms and opportunities business, and is the market coming back? source of information and perspective. these of web journalism. what has happened over the past 24 are the most important, wealthiest, and infl uen- we have grown our digital revenue signifi - months has taught me and everybody a lot tial people in the greatest city on earth. while cantly, but the potential for us to quadruple our about downside and how to protect against circulation is only 60,000, it punches above its revenue in that area over the next few years is it.we are seeing a lot of the market fundamen- weight and can cause quite a stir. it had also very real. tals stabilizing. during the past 24 months, the never been run as a business. i was able to In dealing across so many different scare was the unknown, which led to irrational instill a lot of fi scal discipline, invest in areas of platforms, do you have to be heavily struc- behavior and ineffi cient markets. a lot of what growth, and add ancillary businesses to it, so tured and plan accordingly? we’re seeing now are former markets establish- it was a real opportunity to turn it into a 21st one of my favorite quotes from mike tyson ing themselves, albeit at new levels – markets century media platform. is, “everybody has a plan until they get hit.” for offi ce space, retail, and for apartments, al- Did you need to start from scratch and so you can plan, but you fi nd things very though the sales market is still quite erratic. bring in those who understood the vision? rarely go according to script. the ability to im- the stabilization is at levels much lower yes. i turned over almost 80 percent of the provise is even more important than the ability than it was a few years ago, but hopefully with staff there, so we’re doing a lot more with a lot less. to plan. time and the right supply dynamics in the city, sometimes it’s harder to change something If I was talking to some of the people we should see some great growth. that exists than it is to start something from who have worked closely with you over the What did you see in 666 Fifth Avenue scratch. we try to be very entrepreneurial, come years, and I asked what it was like to work that made you feel it was the right acquisi- up with new ideas, innovate, and to look at for Jared, what do you think they’d say? tion for you, and was the decision based on things differently. but you always do have the they’ll tell you that i’m open-minded and your vision for the property? legacy business and certain legacy assets that that i don’t mind being proven wrong. but what the real play in 666 was always with you have to manage accordingly. is most important to me is winning and doing it the retail, though it’s obviously a great offi ce yet, the legacy assets allow us to innovate in an honorable way where everyone involved tower that has tremendous potential. we also under the cover of The Observer brand, which feels good about the outcome.• 62 Leaders posted with permission. copyright © 2010 magazine, inc. voLume 33, number 4.
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