Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. Since 2012, he and his wife, Mindy, have donated more than $100 million to cancer research following the death of Mindys sister, Faith Basser, from ovarian cancer at age 44. According to a new report, with only 4 licensed cannabis dispensaries in the Empire State and more than 1,400 unlicensed pot shops, the Wild West of Weed will lose billions in revenue if it doesn't stop the lawlessness soon. [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. Gray was under consideration as heir apparent well before this real estate bonanza became fully clear. 50 insiders reveal how the superinvestor consolidated power, elbowed out rivals, and is remaking the firm in his golden-boy image", "Investment strategy: The new property barons", "Blackstone to Check Out of Hilton Investment", "Blackstone's Hilton Deal: Best Leveraged Buyout Ever - Bloomberg", "40 under 40 - Jonathan Gray (7) - FORTUNE", "Blackstone Exits Single-Family Rental Bet Slammed by Warren", "Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes", "Warren Calls Out Blackstone for "Shameless" Profies From Housing", "Blackstone's Homegrown Dealmaker Finally Makes It to the Top", "Opinion | Wall Street Courts Hong Kong Strongman John Lee", "Three Top Bankers Pull Out of Hong Kong's Global Finance Summit", "Trump Said to Discuss Treasury Post With Blackstone's Gray", "Blackstone executive Jonathan Gray won't serve as Treasury secretary", "The Wallets of Wall Street Are With Joe Biden, if Not the Hearts", "Private-Equity Leaders Place Their Presidential Bets", "Joe Biden's fundraiser list includes more than 30 executives with Wall Street ties", "Joe Biden to host more than 250 donors from Wall Street, big business at NYC fundraisers here's the guest list", "Blackstone COO Jonathan Gray On Giving To Education, Cancer Research", "Blackstone President Jonathan Gray Donates $25 Million To Tackle Deadly Breast Cancer Gene", "Basser Center for BRCA Abramson Cancer Center", "Blackstone's Gray Becomes Billionaire Amid Property Wager", "The 2013 Basser Global Prize - Bassser Research Center for BRCA -Penn Medicine", "Penn Medicine's Basser Research Center for BRCA Announces Additional $5 Million Gift from Mindy and Jon Gray to Fund External Research Grant Program", "The T&C 50: The Top Philanthropists of 2016", "Blackstone's Gray Gives $21 Million to Hit Cancer Close to Home", "$55 million gift to Penn is aimed at stopping breast cancer before it starts", "University Of Pennsylvania Receives $55 Million Gift To Study, Treat Hereditary Cancers", "Blackstone's Gray Gives UPenn $55 Million for Cancer Prevention", "New York Seeks to Jump-Start College Savings by Giving Cash to Kindergartners' Parents", "Blackstone's Gray Donates $10 Million for Financial Aid at UPenn", "Money for Kindergartners, Spendable on College", "WEDDINGS - Mindy Basser, Jonathan D. Gray", https://en.wikipedia.org/w/index.php?title=Jonathan_D._Gray&oldid=1147945563, Wharton School of the University of Pennsylvania alumni, Articles with unsourced statements from April 2016, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 05:15. Gone are the days when Blackstone pursued only a traditional buy it/fix it/sell it strategy. It also gave heft to a new core investing platform that has a longer duration. The great success of Blackstones real estate foray has meant Wall Street believes Gray, whos spent 26 years at the firm after being hired out of University of Pennsylvania,will one day take its reins. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. In. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Mr Gray is 52, he's been the Gen. If we have a question about a prospective tenant in BioMed, we can ask Nick for his thoughts about the company, says Kenneth Caplan, global cohead of real estate. Although the successor choice went smoothly, Blackstone isnt exempt from the usual tensions at other corporate levels. Mr. Gray also previously served as a board member of Invitation Homes Inc., Brixmor Property Group Inc. and La Quinta Holdings Inc. Rowans compensation as an Apollo co-founder and senior managing director was not reported. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Gray insists he is talking in generalities. The real challenge in the years ahead is likely to come from Schwarzmans old nemesis: Finks BlackRock. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. Mr. Gray currently serves as Chairman of the Board of Hilton Worldwide. President & COO Jonathan ("Jon") Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstone's Board of Directors. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. In February 2018, Gray was named the firm's COO and president; he's considered a potential successor to cofounder and CEO Steve Schwarzman. Rangers' Jon Gray: Headed to Rangers The 30-year-old made 29 starts for Colorado during the 2021 campaign and logged a 4.59 ERA and 1.33 WHIP in 149 innings. Neil Bluhm, who owns 900 North Michigan Avenue. He notoriously quipped that an Obama administration proposal to raise taxes on private equity investors reminded him of when Hitler invaded Poland in 1939. (The ensuing uproar caused him to apologize. Meanwhile, Gray, whose net worth was estimated at a mere $550 million last year by Forbes, has kept a low profile since his 40.6 million shares of Blackstone hit the billion-dollar mark. But though Gray maintains a low profile, Schwarzman splashes his name across his projects, such as the renovation of the New York Public Librarys Beaux Arts main building. Blackstone's Jon Gray (Getty) Blackstone Group's president and COO Jon Gray thinks . Gray went on to craft three deals that transformed not only Blackstone but the real estate industry and made him the prohibitive favorite to someday succeed Schwarzman. There are 18 older and 7 younger executives at Blackstone Inc. Instead it leverages its brand to negotiate long-term franchise and management contracts with some 6,700 hotels and resorts around the world while spending very little of its own capital. He sits on its Management Committee and most of its investment committees. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion. Blackstones traditional buy it/fix it/sell it investments account for $531 billion AUM. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. These are properties used by Amazon and other e-commerce retailers as distribution hubs for the final stage in the delivery of products to nearby consumers. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. [35] In July 2019, it was announced that the Grays would donate a further $25million for research on pernicious genetic mutations that can lead to breast and ovarian cancer. Eventually, it owned more than 50,000 homes, making it the largest residential property owner in the U.S. The new Ardbeg BizarreBQ channels the distillerys fun-loving spirit and creativity into a bottle that fully embraces smokein this case, barbecue smoke. 'Creed III' the ninth Rocky Cinematic Universe film is in theaters March 3. His net worth nearly doubled from $3.9 billion last year. Or studio lots that the firm partly owns could end up producing content for a media company also partly owned by Blackstone. Although Schwarzman has not given a hint about when he intends to step down as chief executive, he has left no doubt that Gray is next in line and already exerts almost equal authority at the firm. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Schwarzman is giving the charismatic, even-tempered Gray every opportunity to prove he can. At the time, it seemed to me a devastating loss, recalls Gray. Biography Timeline Rank: #392 Net Worth: $1.7 billion Age: 45 Fund: Blackstone Group Schwarzman, 74, received $86.4 million in compensation and $524.1 million in dividends from his Blackstone shares, a regulatory filing showed on Friday. There are 2 executives at Blackstone Inc getting paid more, with JonathanGray having the highest compensation of $98,994,200. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. Position: Pitcher Bats: Right Throws: Right 6-4, 225lb (193cm, 102kg) . Mr. Gray earned a salary of $350,000.00, stock awards of $52,408,134.00, and other compensation of $103,836,036.00. Blackstones involvement in the sector began in 2015 when the firm bought BioMed Realty, an owner of buildings catering to life sciences firms. Said Schwarzman, Tony James has had a bigger impact on Blackstone than anyone in the firms history He has put in place the internal processes that are the bedrock of the institutionalization of our firm.. Last updated: 1 March 2023 at 11:00am EST. Distributable earnings reached $3.9 billion for the first nine months of 2021, a whopping 108 percent jump from $1.9 billion for the same period last year. Mr. Highlighted by the Covid pandemic, investments in potential medical breakthroughs are accelerating. In return, investors allow Blackstone to lock up their capital for many years. Earlier this year, Morgan Stanley chairman and CEO James Gorman disclosed a list of four possible successors all male executives. Every broadcast ends with Grays sign-off: Stay calm, stay positive, and never give up.. With Gray assuming more day-to-day CEO functions, Schwarzman at times chooses to act more like an executive chairman. Then Novartis, the epitome of Big Pharma, acquired the Medicines Company specifically to mass-produce and distribute inclisarin. Now Gray,worth $2.6 billion according to Forbes Real Time Net Worth Rankings, is shedding his real estate dealmaking cloth after building an industry heavyweight. Jonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. 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