Steven Roth
Steven Roth | |
|---|---|
| Born | 1941 United States |
| Occupation(s) | Real estate entrepreneur, businessman |
| Known for | Founder and chairman of Vornado Realty Trust; co-founder and managing general partner of Interstate Properties; chairman and CEO of Alexander's |
| Spouse | Daryl Roth |
| Children | 2, including Jordan Roth |
Steven Roth (born 1941) is a prominent American real estate entrepreneur, best known as the founder and chairman of Vornado Realty Trust, which stands as New York City's largest commercial property owner. Additionally, he serves as co-founder and managing general partner of Interstate Properties and holds the positions of chairman and CEO at Alexander's.
Early life and education
Born into a Jewish household to parents Fred and Virginia Roth, Roth completed his secondary education at DeWitt Clinton High School located in the Bronx. He graduated with an A.B. degree from Dartmouth College in 1962, followed by an M.B.A. from Dartmouth’s Tuck School of Business in 1963.
Career
In 1964, Roth established Interstate Properties alongside investor David Mandelbaum—who provided $250,000 in initial capital—and Russell Wight Jr. The firm specialized in acquiring, refurbishing, and leasing shopping centers, with Roth acting as managing partner. Remarkably, Roth reimbursed Mandelbaum’s investment within a year. By 1979, Interstate had taken a stake in New Jersey discount retailer Two Guys and gained control over its parent company Vornado, previously a fan manufacturer. They subsequently dismantled the retail chain to develop strip malls. This achievement paved the way for Roth to create Vornado Realty Trust in 1980, which he later took public in 1993.
In 1995, Vornado acquired a controlling interest in the bankrupt retailer Alexander's for $54.8 million from Citicorp, thereby adding significant real estate assets to Roth’s holdings.
Throughout the 1990s, Roth forged business partnerships with Donald Trump by investing in properties such as 1290 Sixth Avenue and a high-rise in San Francisco. In 1997, Vornado expanded beyond retail by purchasing seven office buildings in Midtown Manhattan for $656 million from Bernard H. Mendik. The following year, it further increased its portfolio with 20 additional Manhattan office properties for $1.7 billion, including the notable One Penn Plaza.
Roth’s enterprises have engaged in transactions involving Trump and the Kushner family's real estate projects. As of 2017, Vornado maintained involvement with Kushner’s development at 666 Fifth Avenue. Roth and Trump jointly own 1290 Sixth Avenue, each holding a 30% stake; this property ranks as the second-largest asset within Vornado’s New York portfolio.
By 2016, Vornado’s holdings encompassed over 50 properties amounting to 23.5 million square feet across New York City, reinforcing its status as the city’s foremost commercial landlord. In 2017, Roth received $2 million in dividends on shares he does not directly own—a typical form of executive remuneration involving restricted stock.
In June 2017, Vornado was selected as one of three finalists competing for a $1.7 billion contract to develop the FBI’s new headquarters in Washington D.C. Roth’s advisory position to the Trump administration and connections to Jared Kushner sparked concerns regarding potential conflicts of interest.
In July 2017, Roth counseled U.S. Transportation Secretary Elaine Chao against halting the Gateway Project—a vital infrastructure effort linking New Jersey with Manhattan’s Penn Station. Vornado is among three companies responsible for transforming the historic Farley Post Office into Moynihan Station, aimed at increasing Penn Station’s capacity.
Political involvement
Roth played a significant role as a major contributor to Eliot Spitzer's 2006 campaign for New York governor. He acted as a principal economic consultant during Donald Trump's 2016 presidential bid and took part in a White House meeting in March 2017 focused on the Trump Administration's infrastructure strategy. On April 20, 2016, Roth was at Trump’s campaign headquarters when Trump celebrated multiple GOP primary wins, receiving notable recognition alongside Carl Icahn, Howard Lorber, and Bennett LeBow. Subsequently, Trump suggested forming a national committee composed of "very smart people who understand how to allocate funds effectively," appointing Roth and developer Richard LeFrak as co-leaders to evaluate infrastructure initiatives.
Philanthropy and accolades
Roth has held trustee positions at 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 served as chairman of the National Association of Real Estate Investment Trusts (NAREIT) and was a member of the Board of Overseers at Tuck. Roth provided funding for the Roth Center for Jewish Life at Dartmouth College and was honored with an honorary Doctor of Humane Letters degree from Dartmouth in 2012.
Honors and awards
In 2015, Roth was inducted into Crain's Hall of Fame.
Personal life
Roth is married to Broadway producer Daryl Roth (née Atkins), who is also Jewish. They have two children: Jordan Roth (born 1975), who serves as president and majority owner of Jujamcyn Theaters, and Amanda Roth Salzhauer.
In August 2017, Roth underwent coronary artery bypass surgery. Following a short period of recovery, he returned to lead Vornado, reassuring shareholders with the statement, “I’m not quite done yet.”