Steven Roth

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Steven Roth
Born1941 (age 76–77)
EducationDeWitt Clinton High School[1]

B.A. Dartmouth College (1962)

M.B.A. Tuck School of Business (1963)[2]
OccupationReal estate investor
Known forFounder of Vornado Realty Trust
Net worthIncrease US $ 1.1 billion (March 2017)[3]
Spouse(s)Daryl Roth
Children2 including Jordan Roth
Parent(s)Fred Roth
Virginia Roth[4]

Steven Roth (born 1941) is an American real estate investor, the founder and chairman of Vornado Realty Trust, chairman and chief executive officer of Alexander's, and chairman of JBG Smith.

Career[edit]

In 1964, along with Russell Wight Jr. and $250,000 in seed money from real estate investor David Mandelbaum, Roth formed Interstate Properties to invest in shopping centers.[5] He repaid Mandelbaum within a year.

In 1979, Interstate purchased an interest in Two Guys, a New Jersey discount appliance chain, and later gained control of its parent company Vornado, a former fan manufacturer that was purchased by Two Guys in 1959 to utilize its tax loss carryforwards.[5] Roth dissolved the chain, turning the stores into strip malls.[5] His efforts were very successful and Roth formed Vornado Realty Trust to hold the real estate.[6]

In 1993, Vornado Realty Trust became a public company via an initial public offering.[5] In 1995, Vornado purchased a controlling interest in Alexander's, a failed department store that had substantial real estate holdings, for $54.8 million from Citicorp.[7] The stake owned by Citicorp was previously owned by Donald Trump, who was forced to turn his shares over to the bank.[8][9]

In 1997, Vornado purchased 7 Midtown office buildings with 4 million square feet from Bernard H. Mendik for $656 million. In 1998, Vornado purchased 20 more office buildings in Manhattan for $1.7 billion, including One Penn Plaza.[5]

In 2011, under Roth's leadership, Vornado invested $80 million for a 49.5% stake in 666 Fifth Avenue, controlled by Charles Kushner, the son-in-law of Donald Trump.[10][11][12]

Political involvement[edit]

In 2006, Roth was a major donor to Eliot Spitzer's New York gubernatorial campaign.[13]

In 2011, Roth and his wife, who have a gay son, donated to the campaigns of three Republican state senators who were supporting same-sex marriage in New York.[14]

In 2012, Roth donated $100,000 to Mitt Romney's Super PAC.[15]

Trump campaign and presidency[edit]

As noted above, Roth has had real estate business dealings with Trump and his family for decades.

In 2016, Roth served as one of the top economic advisers to Donald Trump's 2016 presidential campaign.[16]

In January 2017, the president discussed establishing a national panel to review infrastructure projects with Roth and another New York developer Richard LeFrak as co-heads.[17][18] Roth was included in a March 2017 meeting at the White House on the Trump Administration infrastructure plan.[19]

Personal life[edit]

Roth is Jewish.[15] Roth is married to is Broadway producer Daryl Roth (née Atkins) who is also Jewish.[20][21]

They have two children: including Jordan Roth (born 1975), who is the president and majority owner of Jujamcyn Theaters;[22] .[23]

Philanthropy[edit]

In 2011, Roth donated $15 million to his alma mater, Dartmouth College.[23]

Trustee positions[edit]

Roth has served as a trustee of the Intrepid Museum Foundation, the Whitney Museum of American Art, the Jewish Theological Seminary of America, and the New York University School of Medicine Foundation, and the Horace Mann School.[24] He also served as chair of the National Association of Real Estate Investment Trusts (NAREIT) and as a member of the Board of Overseers of Tuck. He funded the Roth Center for Jewish Life at Dartmouth and in 2012, he received an honorary Doctor of Humane Letters degree from Dartmouth.[2]

References[edit]

  1. ^ "Vornado Realty Trust: Executive Management". Vornado Realty Trust.
  2. ^ a b "Dartmouth Commencement 2012: Biography of Steven Roth '62". Dartmouth College. June 1, 2012.
  3. ^ "Forbes profile: Steven Roth". Forbes. March 20, 2017.
  4. ^ "Paid Notice: Deaths - Roth, Fred". The New York Times. February 4, 2010.
  5. ^ a b c d e Piore, Adam (October 1, 2009). "'Vornado Tornado' gets ready to land". The Real Deal.
  6. ^ Pristin, Terry (April 17, 2012). "In a Shift, Vornado Addresses Investor Concerns". The New York Times.
  7. ^ "Company News; Vornado and Affiliate get control of Alexander's". The New York Times. March 7, 1995.
  8. ^ Belkin, Lisa (November 22, 1986). "Trump to Acquire 20% of Alexander's". The New York Times.
  9. ^ "Alexander's Jumps On Trump Rumor". The New York Times. May 14, 1991.
  10. ^ Haberman, Maggie; Thrush, Glenn (April 22, 2017). "Trump Reaches Beyond West Wing for Counsel". The New York Times.
  11. ^ Bagli, Charles V. (April 3, 2017). "At Kushners' Flagship Building, Mounting Debt and a Foundered Deal". The New York Times.
  12. ^ Parker, Will (March 21, 2017). "Kushner has even bigger plans for 666 Fifth Avenue — and they total $12B". The Real Deal.
  13. ^ Hakim, Danny (December 5, 2006). "Albany: Spitzer's Campaign Cash". The New York Times.
  14. ^ Samtani, Hiten; Parker, Will (November 1, 2016). "Vornado post Roth?". The Real Deal.
  15. ^ a b Nathan-Kazis, Josh (March 12, 2012). "Romney PAC Attracts New Jewish Donors". Jewish Daily Forward.
  16. ^ Tankersley, Jim (August 5, 2016). "Donald Trump's new team of billionaire advisers could threaten his populist message". The Washington Post.
  17. ^ Grant, Peter; Mann, Ted (January 16, 2017). "Donald Trump Asks Richard LeFrak, Steven Roth to Monitor Infrastructure Plan's Costs". The Wall Street Journal.(subscription required)
  18. ^ Haberman, Maggie; Thrush, Glenn (April 5, 2017). "Partial Transcript: Trump's Interview With The Times". The New York Times.
  19. ^ Wise, Lindsay (March 29, 2017). "Trump's infrastructure plan is caught in a White House turf war". The McClatchy Company.
  20. ^ Musleah, Rahel (March 2006). "Profile: Daryl Roth". Hadassah Women's Zionist Organization of America.
  21. ^ Pham, Tiffany (January 31, 2014). "How She Did It: From Mother to Legendary Broadway Producer". Forbes.
  22. ^ Jones, Kenneth (January 22, 2013). "Jordan Roth Is Now Principal Owner of Broadway's Jujamcyn Theaters". Playbill.
  23. ^ a b "Dartmouth Receives $15 Million Gift to Endow Two New Distinguished Professorships and a Faculty Fellowship". Dartmouth College. April 12, 2011.
  24. ^ "SNL: Board of Trustees". S&P Global.