Steven Roth
| Steven Roth | |
|---|---|
| Born | 1941 (age 73–74) |
| Ethnicity | Jewish |
| 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)[1] |
| Spouse(s) | Darryl Adkins |
| Children |
Jordan Roth Amanda Roth Salzhauer |
| Parent(s) |
Fred Roth Virginia Roth |
Steven Roth 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.
Biography
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] 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.[6] In 1979, Interstate purchased an interest in the New Jersey discount appliance chain, Two Guys[6] 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, he took Vornado Realty Trust public.[6] In 1995, Vornado purchased a controlling interest in Alexander's - a former retailer that had declared bankruptcy in 1992 - for $54.8 million from Citicorp[8] 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.[6] In 1998, they purchased 20 more office buildings in Manhattan for $1.7 billion, including One Penn Plaza.[6]
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.[5] 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[5] and in 2012, he received an honorary Doctor of Humane Letters degree from Dartmouth.[5]
Personal life
His wife is Broadway producer Daryl Roth (née Atkins) who is also Jewish.[9] They have two children: Jordan Roth (born 1975), is the president and majority owner of Jujamcyn Theaters; and Amanda Roth Salzhauer.[5]
References
- ↑ Forbes: The World's Billionaires - Steve Roth September 2015
- ↑ Jewish Daily Forward: "Romney PAC Attracts New Jewish Donors" By Josh Nathan-Kazis March 12, 2012
- ↑ New York Times: "Paid Notice: Deaths - ROTH, FRED" February 4, 2010
- ↑ Robin Hood Organization Speaker Bios: Steven Roth retrieved October 25, 2013
- 1 2 3 4 5 Dartmouth Board of Trustees: Steven Cohen retrieved October 25, 2013
- 1 2 3 4 5 6 7 The Real Deal: "'Vornado Tornado' gets ready to land despite sliding profits - Steven Roth builds up war chest and prepares to go shopping" By Adam Piore October 01, 2009
- 1 2 New York Times: "In a Shift, Vornado Addresses Investor Concerns" by TERRY PRISTIN April 17, 2012
- 1 2 New York Times: "COMPANY NEWS; VORNADO AND AFFILIATE GET CONTROL OF ALEXANDER'S" March 07, 1995
- ↑ Samantha Ettus interview of Tony winning Broadway Producer Daryl Roth 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."