Mike Schnitt 2006 ‘Sails’ through Work and Play

8/12/2015

Maybe it was the computer game that allowed him as a 7-year-old to build an amusement park from scratch, starting with what rides to purchase and where they should be located, to where the concessions should stand. Or it could have been the Christmas present that his father gave to him at age 7— one share of Disney, one share of Coca-Cola, and one share of McDonald’s—that sparked his interest in the business behind the products that second graders know and love. (Or, it could have been the book he was encouraged to read from his mother at age 11, about managing his allowance: distribute evenly among three jars—one for savings, one for investing, and one for spending.)

Those kernels of inspiration, combined with a foundation of learning at Hamden Hall, have given Mike Schnitt, Class of 2006 Salutatorian, the wind beneath his wings (and, in his case, behind the mast!).

He graduated Cum Laude from the Wharton School of Business at the University of Pennsylvania in three and a half years in December 2009. Equipped with a Bachelor of Science in Economics with concentrations in Finance and Real Estate, Mike headed to New York City, landing a job at a $30+ billion fully integrated real estate investment trust and one of the largest commercial landlords in the United States. On most Fridays, however, Mike trades in his business loafers for boat shoes and heads to the Sachem’s Head Yacht Club in Guilford or the New York Yacht Club in Newport, R.I., where he races April through December, racking up scores of victories in the process.

Mike, who’s an avid boater (owns five, from a 40-foot Little Harbor to 9-foot Seadog), says he started sailing as an infant with his parents, Jerome and Diana. Now just 27 “years young,” Mike's sort of legendary at his hometown club of Sachem’s Head. Not for his trophies, however, but for the playful distinction of having a sandwich named after him: The Schnitt Special (grilled cheese with embedded French fries—his childhood concoction!).

Mike is also well known as the club’s entertainment chair (overseeing events, from casual weekend gatherings of 70 to nearly 300 on a holiday). The event planning is fun, but it's the relaxation of sailing and the excitement of racing that draws Mike to waters of Sachems Head and beyond.

"Sailing is a great combination of mind and body," he said. "A lot of people call it chess on water, but it’s really closer to game theory as everyone is making moves simultaneously. Melding together strategy and tactics on an ever-changing course of wind and waves really keeps the mind active. All the meanwhile, you’re racing with and against friends and family–pushing you, your boat, and your body to the limit, trying to squeeze out an extra half-knot of speed over your competition. I absolutely love it. And even when you don’t come out on top, you can take comfort in the saying: a bad day on the water is still better than a good day on land.”

Back on dry terrain, Mike enjoys a career at Vornado Realty Trust as a senior associate in the Acquisitions & Capital Markets Group—the team that acquires new properties for the portfolio and manages all the associated property and corporate level financing activities. The job plays right into Mike’s fervor for real estate and investing— a passion he traces back to his days in Hamden Hall Lower School.

“I was in fifth or sixth grade when I started reading books on real estate investing,” recalled Mike, a Hamden Hall "lifer,” having started in Kindergarten. “And I was actually able to get the series—Robert Kiyosaki’s Rich Dad Poor Dad—on the summer reading list for several years."

The books teach youngsters the rudiments of building wealth, and their underlying fundamentals helped drive Mike's "long-term life path."

"Since I was young, I knew what I wanted to do. It was just a matter of how to plan appropriately in order to get there," he said.

Part of Mike's journey came during Wharton, working at Barclays Capital fresh out of their takeover of Lehman Brothers in Barclays’ Real Estate Investment Banking Group.

“Barclays was a great experience—two sides of the same coin as compared to where I ended up—but while there, I quickly learned that I had no desire to be a career banker,” Mike said. “My time there, however, definitely helped put the corporate real estate universe into perspective.”

As for a life lesson gleaned that summer: “It's better to have a 10-week learning experience than a two-year mistake. After Barclays, I managed to get myself back to Vornado full-time and have been there for just over five years now.”

Professionally fulfilled, Mike credits his well-rounded Hamden Hall education for helping shape who he is today.

“The confluence of so many great teachers all coming together created a phenomenal learning environment,” Mike said.
Although all of his teachers made an impact, Mike gives a special nod to Sue and Keith Gonnelly, Judith Bratt, and Sarah Morris, as well as "the excellent guidance" from Fred Richter in college counseling, and "the tremendous leadership" of Head of School Bob Izzo and then Head of Upper School Bob Schroeder.

Editor’s Note: Mike is the brother of Rebecca Schnitt, Hamden Hall Class of 2001. Rebecca graduated from Kenyon College in 2006 with a Bachelor of Arts in molecular biology. She then worked as a researcher for several years in the Department of Surgery, Laboratory of Molecular Medicine at The Ohio State University. During that time Rebecca decided to pursue dentistry. In 2013, she graduated from the University of California San Francisco with a Doctor of Dental Surgery (DDS). This summer, she completed a two-year orthodontic residency program at the University of Minnesota where she earned a Master of Science in Dentistry and Certificate of Orthodontics. “It's hard to believe that after nearly three decades of education, my formal academic training has finally come to an end,” Rebecca said. “Currently, I am embarking on my career as an orthodontist in the San Francisco Bay Area.”

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Mike Schnitt 2006 ‘Sails’ through Work and Play