Steven Roth (born 1941) is an American real estate investor, founder and chairman of Vornado Realty Trust, chairman and chief executive officer of Alexander, and chairman of JBG Smith.
Video Steven Roth
Careers
In 1964, together 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. He paid Mandelbaum a year.
In 1979, Interstate bought flowers in Two Guys, a New Jersey discount tool chain, and then mastered its parent company Vornado, a former fan manufacturer purchased by Two Guys in 1959 to exploit his tax losses. Roth broke the chain, turning the stores into striped malls. His business was very successful and Roth formed the Vornado Realty Trust to hold real estate.
In 1993, Vornado Realty Trust became a public company through an initial public offering. In 1995, Vornado purchased a controlling stake in Alexander's, a failed department store that had substantial real estate holdings, for $ 54.8 million from Citicorp. The stake owned by Citicorp was previously owned by Donald Trump, who was forced to transfer his shares to the bank.
In 1997, Vornado bought 7 Midtown office buildings with 4 million square feet of Bernard H. Mendik for $ 656 million. In 1998, Vornado purchased 20 more office buildings in Manhattan for $ 1.7 billion, including One Penn Plaza.
In 2011, under the leadership of Roth, Vornado invested $ 80 million for a 49.5% stake in 666 Fifth Avenue, controlled by Charles Kushner, a relative of Donald Trump.
Maps Steven Roth
Political engagement
In 2006, Roth was the main donor to the New York governor's campaign by Eliot Spitzer.
In 2011, Roth and his wife, who have a gay son, donated to a campaign of three Republican state senators who supported same-sex marriage in New York.
In 2012, Roth donated $ 100,000 to Mitt Romney's Super PAC.
Trump campaign and presidency
As noted above, Roth has had a real estate business deal with Trump and his family for decades.
In 2016, Roth served as one of the top economic advisers for Donald Trump's 2016 presidential campaign.
In January 2017, the president discussed the establishment of a national panel to review infrastructure projects with Roth and other New York developers Richard LeFrak as vice-chairman. Roth was included in a March 2017 meeting at the White House on the Trump Administration infrastructure plan.
Personal life
Roth is a Jew. Roth is married to Broadway producer Daryl Roth (nÃÆ'Â © e Atkins) who is also a Jew.
They have two children: including Jordan Roth (born 1975), who is president and majority owner of Jujamcyn Theater;.
Philanthropy
In 2011, Roth donated $ 15 million to his alma mater, Dartmouth College.
position of Trustee
Roth has served as guardian of the Intrepid Museum Foundation, Whitney Museum of American Art, American Jewish Theological Seminary, and New York University School of Medicine, and Horace Mann School. He also serves as chairman of the National Association of Real Estate Investment Investment (NAREIT) and as a member of the Tuck Board of Trustees. He funded the Roth Center for Jewish Life in Dartmouth and in 2012, he received the Doctor of Humane Letters from Dartmouth.
References
Source of the article : Wikipedia
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