Steven Roth Biography
Steven Roth born in 1941 is a real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties also chairman and chief executive officer of Alexander’s.
Steven Roth Age
Roth was born in 1941. He is around 77–78 years as of 2018-2019. His exact birth month and day are not known.
Steven Roth Family
Roth was born to a Jewish family in 1941. He is the son of Fred and Virginia Roth. He attended and graduated from DeWitt Clinton High School in the Bronx. In 1962, he graduated with a B.A. from Dartmouth College and in 1963, he graduated with an M.B.A. from the Tuck School of Business at Dartmouth.
Steven Roth Wife
He is a married man. He is married to Daryl Roth a Broadway producer and is also Jewish. Together they have two children: Jordan Roth (born 1975), who is the president and majority owner of Jujamcyn Theaters; and Amanda Roth Salzhauer.
In August 2017, he had heart bypass surgery. After a brief medical leave, he resumed the reins of Vornado, saying to investors, “I’m not quite done yet.
Steven Roth Career
In 1964, he formed Interstate Properties, a three-person partnership (Roth, Mandelbaum, and Russell Wight Jr.) with $250,000 in seed money from real estate investor David Mandelbaum. They were tasked with purchasing, renovating, and leasing shopping centers with him as managing partner. He repaid Mandelbaum within a year.
In 1979, Interstate purchased an interest in the New Jersey discount appliance chain, Two Guys. 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.
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 the 1980s, Trump bought the West Side Yards, an abandoned railroad yard along the Hudson River in midtown Manhattan. Additionally, in the 1990s he was forced by his bankers to sell 70% to a group of Hong Kong investors. They developed the site, then sold it in 2005, spending the proceeds on 1290 Sixth Avenue and a San Francisco skyscraper, with Trump receiving 30% ownership of both. The Hong Kong investors then sold their share to Roth, making Roth and Trump business partners.
In 1997, Vornado purchased seven Midtown office buildings with 4 million square feet from Bernard H. Mendik for $656 million marking its first major acquisition outside of strip malls. In 1998, they purchased 20 more office buildings in Manhattan for $1.7 billion, including One Penn Plaza.
His companies had past involvement in Alexander’s deal with Trump and with Jared Kushner, Kushner’s father and the Kushner family’s real estate business. In January 2017, Jared announced the sale of his interests to his family when accepting a senior Trump White House appointment.
Vornado’s involvement with the Kushner family in 666 Fifth Avenue continued as of March 2017. Trump and Roth also co-own 1290 Sixth Avenue, an office tower containing 2.1 million square feet office. Trump owns 30%, while Roth owns 30%. It is the second largest property in Vornado’s New York portfolio.
As of 2016, Vornado owned more than 50 properties in New York City. All this covering 23.5 million square feet, making it the largest commercial landlord in New York City. In 2017, he was paid $2 million in dividends on shares in firms that he does not own.
Reporting on this payout, Crains News York noted that “Vornado is one of at least 10 New York companies that pay executives dividends on shares they don’t own,” a form of compensation that exists “because companies regularly grant executives restricted shares that don’t vest for several years.”
In June 2017, The Associated Press reported that Vornado was one of three finalists for a $1.7 billion contract to build a new headquarters building in Washington D.C. for the FBI. Critics, noting Roth’s role as a Trump infrastructure advisor and a consultant with the White House Office of American Innovation, led by Jared Kushner, charged that any government contract with Vornado would represent a conflict of interest.
In July 2017, he advised U.S. Transportation Secretary Elaine Chao not to cancel construction of the Gateway Tunnel, which would link New Jersey with Penn Station in Manhattan.
Vornado is one of the three firms that are turning the old Farley Post Office building in New York into Moynihan Station, a replacement for Penn Station.
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.
He was present at Trump headquarters on April 20, 2016, when Trump gave a speech celebrating his victory in multiple GOP primaries. Also present, and thanked by Trump, were Carl Icahn, Howard Lorber, and Bennett LeBow. Roth won the lion’s share of Trump’s praise.
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.
Philanthropy and accolades
He 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). Also 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.
Steven Roth Net Worth
Roth is a real estate investor and the founder and chairman of the Vornado. As of 2019, his net worth is estimated to be $ 1.1 billion.