|Born||1941 (age 75–76)|
|Education||A.B. Dartmouth College
M.B.A. Tuck School of Business
|Occupation||real estate investor|
|Known for||founder of Vornado Realty Trust|
|Net worth||US $ 1.0 billion (Sept 2015)|
Amanda Roth Salzhauer
Steven Roth (born 1941) is a real estate investor, the founder and chairman of Vornado Realty Trust, the co-founder and managing general partner of Interstate Properties, and chairman and chief executive officer of Alexander's.
Early life and education
Roth was born to a Jewish family, the son of Fred and Virginia Roth. He graduated from DeWitt Clinton High School in the Bronx. In 1962, Roth graduated with a B.A. from Dartmouth College and in 1963, he graduated with a M.B.A. from the Tuck School of Business at Dartmouth.
In 1964, with $250,000 in seed money from real estate investor David Mandelbaum, he formed Interstate Properties, a three-person partnership (Roth, Mandelbaum, and Russell Wight Jr.) tasked with purchasing, renovating, and leasing shopping centers with Roth as managing partner. He repaid Mandelbaum within a year. In 1979, Interstate purchased an interest in the New Jersey discount appliance chain, Two Guys and later gained control of its parent company Vornado, a former fan manufacturer (purchased by Two Guys in 1959 to utilize its tax loss carryforwards) and dissolved the chain, turning the stores into strip malls. His efforts were very successful and in 1980, he founded the New York-based real estate investment trust Vornado Realty Trust. In 1993, Roth took Vornado Realty Trust public. In 1995, Vornado purchased a controlling interest in Alexander's - the former retailer that had declared bankruptcy in 1992 - for $54.8 million from Citicorp, adding Alexander's substantial real estate holdings to his existent portfolio. In 1997, marking its first major acquisition outside of strip malls, Vornado purchased seven Midtown office buildings with 4 million square feet from Bernard H. Mendik for $656 million. In 1998, they purchased 20 more office buildings in Manhattan for $1.7 billion, including One Penn Plaza.
Roth was a major donor to Eliot Spitzer's 2006 New York gubernatorial campaign. He served as one of the top economic advisers to Donald Trump's 2016 presidential campaign in 2016 and was included in a March 2017 White House meeting on the Trump Administration infrastructure plan. The president later spoke of establishing a national panel of "very smart people that know how to spend money properly", with Roth and another New York developer Richard LeFrak as co-heads, to review infrastructure projects.
Roth's companies had past involvement in the Alexander's deal with Trump and with Jared Kushner, Kushner's father and the Kushner family's real estate business. Jared announced sale of his interests to his family when accepting a senior Trump White House appointment in January 2017. Vornado's involvement with the Kushner family in 666 Fifth Avenue continued as of March 2017.
Philanthropy and accolades
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. 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.
Roth's wife is Broadway producer Daryl Roth (née Atkins) who is also Jewish. They have two children: Jordan Roth (born 1975), who is the president and majority owner of Jujamcyn Theaters; and Amanda Roth Salzhauer.
- "The World's Billionaires - Steve Roth", Forbes, September 2015.
- Nathan-Kazis, Josh, "Romney PAC Attracts New Jewish Donors", Jewish Daily Forward, March 12, 2012.
- "Paid Notice: Deaths - Roth, Fred", New York Times, February 4, 2010.
- "Second Annual Titans of Real Estate" (speaker bio), Cornell SC Johnson College of Business, April 28, 2017. Retrieved 2017-04-01.
- Dartmouth Board of Trustees: Steven Roth (2008-16). Retrieved April 1, 2017.
- Piore, Adam, "'Vornado Tornado' gets ready to land despite sliding profits", The Real Deal, October 01, 2009.
- Pristin, Terry, "In a Shift, Vornado Addresses Investor Concerns", New York Times, April 17, 2012.
- "Company News; Vornado and Affiliate get control of Alexander's", New York Times, March 7, 1995.
- Hakim, Danny (5 December 2006). "Albany: Spitzer’s Campaign Cash". New York Times. Retrieved 6 August 2016.
- Tankersley, Jim (5 August 2016). "Donald Trump’s new team of billionaire advisers could threaten his populist message". Washington Post. Retrieved 6 August 2016.
- Wise, Lindsay, "Trump’s infrastructure plan is caught in a White House turf war", McClatchy DC Bureau, March 29, 2017. Retrieved 2017-04-01.
- Haberman, Maggie; Glenn Thrush (5 April 2017). "Trump’s Interview". New York Times. Archived from the original on 6 April 2017. Retrieved 6 April 2017.
- Belkin, Lisa (November 22, 1986). "Trump to Acquire 20% of Alexander's". New York Times. Retrieved April 3, 2017.
- "Alexander's Jumps On Trump Rumor". New York Times. May 14, 1991. Retrieved April 3, 2017.
- Bagli, Charles V., "At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal", New York Times, April 3, 2017. Retrieved 2017-04-03.
- Haberman, Maggie, and Glenn Thrush, "Trump Reaches Beyond West Wing for Counsel > Steve Roth", April 22, 2017. Retrieved 2017-04-23.
- Parker, Will, "Kushner has even bigger plans for 666 Fifth Avenue — and they total $12B", The Real Deal, March 21, 2017. Retrieved 2017-04-05.
- Pham, Tiffany, "How She Did It: From Mother to Legendary Broadway Producer", Forbes, January 31, 2014. Retrieved 2017-04-23.
- Samantha Ettus interview of Tony winning Broadway Producer Daryl Roth,[dead link] blip.tv. Retrieved October 25, 2013. Minute 12:30 of the interview: "My Dad Jerry Adkins was a Chevrolet car dealer and my Mom was a homemaker...We were on the outside a bit since there were not any Jewish families where we lived."
- Jones, Kenneth, "Jordan Roth Is Now Principal Owner of Broadway's Jujamcyn Theaters", Playbill, January 22, 2013. Retrieved 2017-04-07.
- "Dartmouth Receives $15 Million Gift to Endow Two New Distinguished Professorships and a Faculty Fellowship", news.dartmouth.edu, April 12, 2011. "... Daryl and Steven Roth will create two distinguished professorships and a prestigious academic fellowship with a $15 million gift. They are joined in their support of Dartmouth’s faculty by their daughter Amanda Roth Salzhauer ’93, son-in law Michael Salzhauer ’84, and son Jordan Roth, Princeton ’97. ..." Retrieved 2017-04-07.