Steven Roth

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Steven Roth
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 Increase US $ 1.0 billion (Sept 2015)[1]
Spouse(s) Daryl Atkins
Children Jordan Roth
Amanda Roth Salzhauer
Parent(s) Fred Roth
Virginia Roth

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[edit]

Roth was born to a Jewish family,[2] the son of Fred and Virginia Roth.[3] He graduated from DeWitt Clinton High School in the Bronx.[4] 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.[5]

Career[edit]

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.[6] 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)[6] and dissolved the chain, turning the stores into strip malls. His efforts were very successful[7] and in 1980, he founded the New York-based real estate investment trust Vornado Realty Trust.[7] In 1993, Roth took Vornado Realty Trust public.[6] 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.[8] 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.[6]

Political involvement[edit]

Roth was a major donor to Eliot Spitzer's 2006 New York gubernatorial campaign.[9] He served as one of the top economic advisers to Donald Trump's 2016 presidential campaign in 2016[10] and was included in a March 2017 White House meeting on the Trump Administration infrastructure plan.[11] 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.[12]

Roth's companies had past involvement in the Alexander's deal with Trump[13][14] and with Jared Kushner, Kushner's father and the Kushner family's real estate business.[15][16] Jared announced sale of his interests to his family when accepting a senior Trump White House appointment in January 2017.[17] Vornado's involvement with the Kushner family in 666 Fifth Avenue continued as of March 2017.[15]

Philanthropy and accolades[edit]

Roth has served as a trustee of the Intrepid Museum Foundation,[4] the Whitney Museum of American Art, the Jewish Theological Seminary of America, and the New York University School of Medicine Foundation.[citation needed] 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[4] and in 2012, he received an honorary Doctor of Humane Letters degree from Dartmouth.[5]

Personal life[edit]

Roth's wife is Broadway producer Daryl Roth[18] (née Atkins) who is also Jewish.[19] They have two children: Jordan Roth (born 1975), who is the president and majority owner of Jujamcyn Theaters;[20] and Amanda Roth Salzhauer.[21]

References[edit]

  1. ^ "The World's Billionaires - Steve Roth", Forbes, September 2015.
  2. ^ Nathan-Kazis, Josh, "Romney PAC Attracts New Jewish Donors", Jewish Daily Forward, March 12, 2012.
  3. ^ "Paid Notice: Deaths - Roth, Fred", New York Times, February 4, 2010.
  4. ^ a b c "Second Annual Titans of Real Estate" (speaker bio), Cornell SC Johnson College of Business, April 28, 2017. Retrieved 2017-04-01.
  5. ^ a b Dartmouth Board of Trustees: Steven Roth (2008-16). Retrieved April 1, 2017.
  6. ^ a b c d Piore, Adam, "'Vornado Tornado' gets ready to land despite sliding profits", The Real Deal, October 01, 2009.
  7. ^ a b Pristin, Terry, "In a Shift, Vornado Addresses Investor Concerns", New York Times, April 17, 2012.
  8. ^ "Company News; Vornado and Affiliate get control of Alexander's", New York Times, March 7, 1995.
  9. ^ Hakim, Danny (5 December 2006). "Albany: Spitzer’s Campaign Cash". New York Times. Retrieved 6 August 2016. 
  10. ^ Tankersley, Jim (5 August 2016). "Donald Trump’s new team of billionaire advisers could threaten his populist message". Washington Post. Retrieved 6 August 2016. 
  11. ^ Wise, Lindsay, "Trump’s infrastructure plan is caught in a White House turf war", McClatchy DC Bureau, March 29, 2017. Retrieved 2017-04-01.
  12. ^ 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. 
  13. ^ Belkin, Lisa (November 22, 1986). "Trump to Acquire 20% of Alexander's". New York Times. Retrieved April 3, 2017. 
  14. ^ "Alexander's Jumps On Trump Rumor". New York Times. May 14, 1991. Retrieved April 3, 2017. 
  15. ^ a b Bagli, Charles V., "At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal", New York Times, April 3, 2017. Retrieved 2017-04-03.
  16. ^ Haberman, Maggie, and Glenn Thrush, "Trump Reaches Beyond West Wing for Counsel > Steve Roth", April 22, 2017. Retrieved 2017-04-23.
  17. ^ 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.
  18. ^ Pham, Tiffany, "How She Did It: From Mother to Legendary Broadway Producer", Forbes, January 31, 2014. Retrieved 2017-04-23.
  19. ^ 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."
  20. ^ Jones, Kenneth, "Jordan Roth Is Now Principal Owner of Broadway's Jujamcyn Theaters", Playbill, January 22, 2013. Retrieved 2017-04-07.
  21. ^ "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.