Previous E&Y Kenneth Leventhal Managing Director Became Effective as Realty Restructuring Expert Prior To Ending Up Being USC Lusk Chairman
Stan Ross, previous managing partner of E&Y Kenneth Leventhal Property Group and chairman emeritus of the University of Southern California Lusk Center for Real Estate, died this week from complications following a stroke. He was 82.
Ross is remembered as a property financing innovator and an advisor and coach to numerous real estate investors and designers. He and his accounting business partner, Kenneth Leventhal, are credited as being among the first to introduce contemporary corporate financing and tax methods to the real estate company. Together, they built Kenneth Leventhal & & Business into one of the country’s preeminent real estate accounting companies.
After broadening through the 1970s in southern California, the firm took an effective national practice during a property downturn in the late 1980s and early 1990s, specializing in reorganizing properties for struggling cost savings and loans taken over by the Resolution Trust Corp.
. According to a 1990 profile in The Washington Post, Leventhal & & Co.’s know-how in negotiating ‘work outs,’ essentially loan forgiveness plans in between property firms and their lending institutions, led the firm to end up being a prime recipient of the depression in realty worths then spreading out throughout the country. One of those who employed the company to negotiate with his loan providers
was an over-leveraged property developer in New york city called Donald Trump. According to the Post’s profile:”Because the accounting firm first got Trump’s call for aid six weeks ago, a team of professionals in Leventhal’s New york city workplace has been working around the clock, conference with Trump’s loan providers and attempting to persuade them that their client is worth more outside of personal bankruptcy court than in it.”
Leventhal, after flying to New York to start the talks with Trump’s loan providers, left to go cycling in Europe, according to the Post’s report, leaving his heir-apparent, Stan Ross, 55, and John Robbins, handling partner of the New York workplace, to negotiate in the marathon talks with Trump’s lenders.
That engagement, along with many others, ultimately led to a 1995 merger with Ernest & & Young. Ross became vice chairman of property market services at Ernst & & Young LLP, served on the firm’s management committee and retired as vice chairman of Realty Market Providers for Ernst & & Young LLP.
In an extremely successful ‘second act,’ Ross functioned as chairman of the University of Southern California Lusk Center for Real Estate for 18 years, assisting to develop the university as one of the premier training grounds for real estate advancement and financing.
Richard Green, the present director of the USC Lusk Center for Real Estate, stated Ross chaired USC’s Lusk Center for Real Estate for the very first nine years he was the director. It was a function, Green stated Ross did not see as merely being ceremonial, however one he took really seriously.
“I believe he’s one of the most remarkable individuals I’ve ever understood, and I would say, beyond the reality he was important to the Lusk Center, he was one of the most prominent individuals I’ve understood in my own life, personally,” said Green. “He simply made me rethink things. He showed me ways to live life well. He revealed me the best ways to behave. He was a good example.”
Ross was born in 1936 in the Bronx. According to his obituary, Ross said he discovered a crucial lesson maturing in the streets: “When you walk down an alley, something bad may occur. For that reason you need to determine a minimum of 2 or 3 exits prior to you stroll down it.”
He stated he applied the same strategy to real estate investing, recommending clients to come up with a similar variety of exit techniques in sizing up a home prior to investing. “Can I finance it? Can I re-finance it? Could I exchange it? Could I sell it? Know [your] choices in advance.”
Ross graduated from exactly what is now known as Baruch College, where the Stan Ross Department of Accountancy at the School of Organisation is named in his honor. He was likewise the recipient of an honorary Medical professional of Laws Degree from Baruch almost Twenty Years back. Ross served in the United States Army prior to moving to Los Angeles in 1961, where he joined up with Leventhal.
A 2004 conscript into the California Building Market Foundation’s Hall of Popularity, Ross served on many boards, including Forest City Enterprises and the American Jewish University, and was senior consultant to Newport Beach-based Irvine Company.
Donald Bren, chairman of the Irvine Business, said Ross was also a long time friend.
“Stan is remembered as one of the nation’s leading specialists on financing and realty,” Bren stated through e-mail. “More notably, he was a fantastic buddy, associate and long time consultant to the Irvine Co. His imprint on our company will be there for years to come.”
Ross and his spouse, Marilyn, also established the USC Ross Minority Program in Real Estate.
He was a leader in every sense of the word, according to Clare DeBriere, previous primary officer of the Ratkovich Business, creator of C+C Ventures and chair of Urban Land Institute Los Angeles.
“He was certainly a leader in his field, changing the manner in which realty is accounted for and financed forever,” DeBriere stated by means of e-mail. “He loved cities and more significantly, he loved individuals who lived in them. On an individual level, he told it like it was, and constantly had a kind word, a moment to spare and a big smile. He will be sorely missed.”