Steven Roth

Steven Roth
Born	1941 (age 82–83)
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)
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, the son of Fred and Virginia Roth. He graduated from DeWitt Clinton High School in the Bronx. 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. 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. 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) and dissolved the chain turning the stores into strip malls. His efforts were very successful and in 1980, he founded the New York-based real estate investment trust Vornado Realty Trust. In 1993, he took Vornado Realty Trust public. 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 adding Alexander's substantial real estate holdings to his existent portfolio. 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.

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. 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 and in 2012, he received an honorary Doctor of Humane Letters degree from Dartmouth.

Personal life

His wife is Broadway producer Daryl Roth (née Atkins) who is also Jewish. They have two children: Jordan Roth (born 1975), is the president and majority owner of Jujamcyn Theaters; and Amanda Roth Salzhauer.