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Steven Roth

Steven Roth (born 1941) is an American real estate investor, founder, chairman, and of , a leading that ranks as the largest commercial landlord in . Roth began his career in the 1970s developing industrial properties in before expanding into high-profile acquisitions that transformed Vornado into a powerhouse, with ownership of over 20 million square feet of office and retail space. He co-founded Interstate Properties and has chaired ., contributing to major deals and redevelopment efforts, including attempts to overhaul Penn Station amid urban infrastructure debates. While celebrated for building Vornado's portfolio to a combined value exceeding $37 billion alongside spin-offs like Urban Edge Properties, Roth has encountered shareholder pushback on his compensation packages during periods of market volatility. Additionally, he and his wife, Broadway producer , engage in via their foundation, supporting Jewish organizations, education, arts, and health initiatives.

Early Life and Education

Family Background and Upbringing

Steven Roth was born in 1941 to a Jewish family in . His father, Fred Roth, operated a small apparel manufacturing business focused on . Roth grew up in borough of , where he attended , a public institution known for its diverse student body during the mid-20th century. This environment, characterized by urban working-class and immigrant influences, shaped his early years amid the post-World War II economic expansion in the region. Limited public details exist on his mother's background or specific family dynamics, though Roth's later , including support for Jewish institutions, reflects enduring family ties to Jewish heritage.

Academic Career and Early Influences

Steven Roth graduated from in . He enrolled at at the age of 16, reflecting an accelerated academic path. Roth earned an A.B. degree from Dartmouth in 1962. He then pursued graduate studies at the at Dartmouth, obtaining an M.B.S. degree with high distinction in 1963. This early completion of both undergraduate and business degrees by age 21 equipped him with foundational knowledge in business principles that informed his subsequent entry into investment. While specific mentors from his Dartmouth tenure are not prominently documented, the Tuck School's emphasis on case-based learning and practical business strategy likely shaped Roth's analytical approach to commercial opportunities, as evidenced by his immediate post-graduation focus on property acquisitions in . His Jewish family background, rooted in modest circumstances, may have instilled a drive for self-reliance during these formative years, though direct academic influences remain tied primarily to 's rigorous curriculum rather than individual figures.

Business Career

Early Ventures and Interstate Properties

Steven Roth co-founded Interstate Properties in 1964, securing $250,000 in seed capital from real estate investor David Mandelbaum to establish a three-person comprising Roth, Mandelbaum, and one other associate. The venture marked Roth's entry into commercial and residential development shortly after his graduation from in 1962. As managing , Roth directed the firm's operations, initially concentrating on opportunistic property acquisitions and construction projects in the . In its early years, Interstate Properties specialized in developing multi-family housing and industrial facilities, capitalizing on undervalued land in suburban . By the , the firm had constructed industrial warehouses and distribution centers in the , leveraging low-cost sites near major highways for and tenants. These projects demonstrated Roth's strategy of targeting underutilized industrial zones to generate steady rental income through ground leases and build-to-suit developments, establishing a foundation for scaled operations without reliance on public markets. Interstate's approach emphasized value-add investments, often involving rezoning and infrastructure improvements to enhance property yields, which yielded returns amid the era's economic volatility. Roth's hands-on management during this period honed his expertise in navigating regulatory hurdles and financing challenges, positioning the firm as a nimble player in before pivoting toward larger-scale acquisitions in the late 1970s.

Transformation and Leadership at Vornado Realty Trust

In 1980, Steven Roth, through his firm Interstate Properties, acquired control of Vornado Inc., a discount retailer operating under the Two Guys banner, and shifted its focus from retail operations to real estate development and management. Roth liquidated the company's retail assets, converting former store locations into strip malls and shopping centers, which marked the initial pivot toward property ownership as the core business. By the end of 1996, under Roth's direction, Vornado owned 57 shopping centers across seven states, establishing a foundation in commercial real estate. Roth became Chairman of Vornado's Executive Committee in April 1980 and Chairman of the Board in May 1989, roles that solidified his strategic oversight. In 1993, he led the conversion of Vornado into a (REIT) and took it public, enabling capital access for expansion into high-value urban properties, particularly in . This restructuring transformed Vornado from a diversified retailer into a specialized REIT emphasizing and assets, with Roth serving as CEO from 1989 to 2009 and resuming the position in 2013. Under Roth's leadership, Vornado prioritized 's core districts, growing its portfolio to over 20 million square feet of office and retail space, positioning it as one of the city's dominant commercial landlords. Key strategic decisions included selective acquisitions and divestitures to concentrate on premium assets, such as focusing 69% of holdings in by 2016, while navigating market shifts like the rise of online retail. Roth's emphasis on and REIT structure innovations contributed to industry recognition, including his role as a in commercial mortgage-backed securities (CMBS).

Key Investments, Acquisitions, and Developments

Under Steven Roth's leadership, shifted focus from retail operations to commercial in the early 1980s. In 1980, Roth's Interstate Properties acquired control of Vornado Inc. following a proxy battle, leading to the liquidation of the unprofitable discount chain, which generated $600 million in annual sales but incurred a $20 million loss; inventory was sold for $196 million to fund emphasis. By 1985, Vornado began accumulating stakes in the distressed department store chain, which held valuable properties. In 1995, Vornado purchased Citicorp's 25% stake for $54.8 million, securing majority control and averting liquidation; Roth assumed the CEO role there, facilitating redevelopment of sites like the Rego Center into mixed-use assets including an anchor. The late 1990s marked aggressive expansion in office space. In 1997, Vornado acquired Mendik Co. for $437 million in cash and securities plus $217 million in assumed debt, incorporating 4 million square feet of midtown properties such as 888 Seventh Avenue. That year also saw a $160 million for the and $75 million purchases of buildings and retail leases near . In 1998, Vornado bought the Kennedy family's 5.3 million-square-foot portfolio for $625 million, including Chicago's . Efforts around involved over $1.7 billion in acquisitions, including 1 Penn Plaza, to develop the Penn District, though comprehensive redevelopment plans faced regulatory hurdles by 2024. Vornado pursued high-profile opportunities into the , winning a $3.25 billion bid for a on the complex in February 2001—more than double competing offers—but the deal faltered amid negotiations, ultimately transferring to in April 2001. Recent activities reflect strategic refocusing on core assets: in 2025, Vornado completed the purchase of 623 and acquired a vacant Midtown office building for $218 million earmarked for full redevelopment. The firm has signaled potential divestitures of non-NYC holdings, such as Chicago's and San Francisco's , to prioritize recovery, while selling properties like 512 West 22nd Street.

Recent Strategic Decisions and Market Challenges

In 2025, under Steven Roth's leadership as chairman and CEO, Vornado Realty Trust announced plans to diversify into residential development by selling select office properties and redirecting proceeds toward apartment construction, signaling a response to evolving market dynamics in commercial real estate. This included specific initiatives such as a proposed $350 million rental tower in the Penn District and another apartment building near Penn Station at 484 Eighth Avenue, with construction slated to commence shortly after April announcements. Concurrently, Vornado pursued divestiture of non-core assets outside New York, expressing openness to selling office buildings in Chicago and San Francisco to concentrate on Manhattan holdings, as Roth stated "nothing is sacred" in the portfolio. Offsetting these shifts, Vornado executed targeted acquisitions and refinancings to bolster its portfolio, completing the $218 million purchase of 623 —a 382,500-square-foot property above the flagship—on September 8, 2025, despite its 75% vacancy rate, with intentions to redevelop it into a Class A boutique . The firm also refinanced its 1.2 million-square-foot PENN 11 building for $450 million on July 16, 2025, securing five-year financing amid stabilizing interest rates. Roth emphasized leasing momentum, with Q2 2025 results showing strong activity that contributed to beating estimates of $0.13 with $0.18, alongside declarations that the work-from-home era's threat to had ended, anticipating robust return-to-office trends. Market challenges persisted, particularly high vacancy rates in New York City offices—around 16% as of late 2024—driven by hybrid work models reducing demand and exposing Vornado's heavy concentration to risks like tenant instability and elevated operating expenses. Elevated and net interest expenses, projected to rise by about 30 cents per share in 2024-2025, further pressured funds from operations (FFO), though net acquisitions/divestitures remained positive at $0.130 billion for the twelve months ending March 31, 2025. Countervailing factors included improving occupancy, with office visits surpassing pre-pandemic levels by mid-2025 and a broader REIT rebound anticipated, as noted by rating agencies upgrading outlooks amid leasing gains.

Political Involvement

Advisory Roles and Government Ties

In August 2016, Steven Roth served as one of six advisers to Donald Trump's presidential campaign, contributing expertise on and development. This role leveraged Roth's position as chairman and CEO of , a major owner of commercial properties including those leased to federal agencies. Following Trump's election, on January 16, 2017, the president-elect appointed Roth, alongside developer , to co-lead a proposed advisory tasked with overseeing planning, costs, and project selection for a $1 initiative. The , intended to comprise 15 to 20 business leaders, aimed to advise on public-private partnerships but operated informally without formal establishment. Roth actively participated, including traveling with to promote the plan in June 2017. The infrastructure advisory effort effectively ended in August 2017 when the disbanded related initiatives amid legislative challenges and internal shifts. Roth's involvement drew scrutiny for potential conflicts, given Vornado's bids for federal projects like the FBI headquarters relocation, though no direct evidence of has been substantiated in court records. These ties stemmed from longstanding business partnerships between Roth and , including joint ventures dating to the 2000s. Beyond the administration, Roth has held no other documented formal advisory positions with U.S. government entities, though Vornado maintains ongoing leases with tenants such as the General Services Administration.

Campaign Donations and Political Funding

Steven Roth has made campaign contributions to candidates and committees of both major parties, with records showing a predominant tilt toward . During the election cycle, he donated $354,232 in total to candidates, parties, and PACs, including $349,232 to Republicans and $5,800 to Democrats, earning a classification as a solidly Republican/conservative donor. Among his Democratic contributions, Roth gave $5,800—the federal individual maximum—to Senate Majority Leader Chuck Schumer's campaign committee on March 31, 2021. In contrast, his earlier support for Republicans included a $25,000 donation to the Campaign Committee on October 20, 2008. At the state level in , Roth contributed nearly $70,000—the approximate individual maximum—to Kathy Hochul's 2022 reelection campaign, aligning with 46 other high-dollar donors who provided similar maximum gifts. These donations occurred amid Vornado Realty Trust's pursuit of tax incentives and development opportunities tied to Hochul's Penn Station redevelopment initiative, for which Roth has been described in media reports as a megadonor. Public records do not indicate significant direct contributions from Roth to presidential campaigns, such as those of or .

Influence on Infrastructure and Economic Policy

Steven Roth served as one of Donald Trump's top economic advisers during the 2016 presidential campaign, contributing to discussions on fiscal policy and industry revival as part of an all-male advisory team that included executives from real estate and energy sectors. In January 2017, shortly before Trump's inauguration, the president-elect announced plans to appoint Roth, alongside developer Richard LeFrak, to co-chair a new advisory council tasked with monitoring costs and overseeing the implementation of a proposed $1 trillion federal infrastructure initiative, leveraging their private-sector expertise in large-scale development projects. This council was envisioned to prioritize efficient spending on roads, bridges, and urban transit, drawing on Roth's experience managing Vornado Realty Trust's portfolio of high-profile properties in New York and Washington, D.C. The council's formation faced internal challenges and was ultimately abandoned by August 2017, amid turf wars over policy priorities and funding mechanisms, limiting Roth's direct role in shaping enacted . Despite its dissolution, Roth's selection underscored the administration's intent to incorporate perspectives into strategy, with potential implications for public-private partnerships in federal projects, including urban redevelopment and federal building leases where Vornado held interests. Advocacy groups later raised concerns that Roth and similar associates exerted informal influence on federal housing policies through personal ties, prompting lawsuits seeking records of communications with agencies like the Department of Housing and Urban Development. Roth's advisory input extended to broader economic recovery efforts, as he participated in consultations on and during the in 2020, aligning with initiatives to stimulate commercial and urban economies. His positions emphasized pragmatic, cost-controlled approaches to public investment, reflecting first-hand knowledge of market-driven development rather than expansive , though no specific outcomes directly attributable to Roth were implemented at the federal level.

Philanthropy and Public Service

Major Charitable Contributions

Steven Roth, alongside his wife , has directed significant philanthropy through the Daryl & Steven Roth Foundation, which focuses on Jewish agencies and temples, federated giving programs, , , and and human services. The foundation's annual contributions have included $13,772,514 in 2019 and $2,150,000 in 2023, supporting organizations such as and various educational initiatives. A prominent example is the couple's $25 million gift to , announced on April 18, 2024, marking the largest donation dedicated to the arts in the institution's history. This lead contribution funds an $89 million expansion of the Hopkins Center for the Arts, including a 15,000-square-foot addition named the Daryl and Steven Roth Wing, featuring a recital hall, performance lab, dance studio, and public plaza; the project, initiated in winter 2022-2023, is slated for completion in 2025. In 2011, Roth and his wife donated $15 million to to establish two distinguished professorships and a prestigious academic fellowship, enhancing faculty resources in key disciplines. The Roth family also serves as principal donor to the Roth Center for Jewish Life at , supporting Jewish student life and programming on campus. These efforts reflect a sustained commitment to educational institutions, particularly Roth's , where he graduated in 1962.

Involvement in Educational and Civic Institutions

Roth served as a trustee of from 2008 to 2016, during which he chaired the Real Estate and Facilities Committee. In this capacity, he contributed to oversight of the institution's and decisions. Roth maintains involvement in civic institutions through his on the of the , a focused on promoting business interests, , and urban development in . The Partnership engages in advocacy on issues such as , education funding, and initiatives, including support for NYC public schools and efforts. He previously served as chairman of the National Association of Real Estate Investment Trusts (NAREIT), a representing the REIT industry, where he influenced policy and standards for real estate investment vehicles.

Honors and Awards

Real Estate Industry Recognitions

In 2004, Roth received the Industry Leadership Award from the National Association of Real Estate Investment Trusts (NAREIT), recognizing his significant contributions to the growth and development of the REIT sector as chairman and CEO of . Barron's magazine named Roth one of the World's Thirty Most Respected CEOs in 2005, 2006, and 2007, highlighting his sustained influence in corporate leadership within and beyond. In its January 2006 ranking of the Best CEOs in America, magazine designated Roth as the top executive in the REIT industry, based on evaluations from investors and analysts. Roth was inducted into Crain's New York Business Hall of Fame in 2015, an honor acknowledging his transformative role in New York City's commercial market through Vornado's portfolio expansion and strategic acquisitions. In June 2024, the Fordham Institute honored Roth at its New York Awards Gala, dubbing him the "Father" of the commercial mortgage-backed securities (CMBS) market for pioneering its application in financing during the 1990s.

Broader Civic and Academic Honors

Steven Roth received an honorary degree from during its 2012 commencement ceremonies, recognizing his contributions to business leadership and . In April 2024, organized an event to honor Roth and his wife for their longstanding service to the institution and impact in their professional fields, coinciding with their $25 million gift supporting the expansion of the Hopkins Center for the Arts; this led to the naming of the Daryl and Steven Roth Wing, dedicated in October 2025 as part of 's reimagined arts district. Roth has held trustee positions reflecting civic engagement, including service on the Board of Trustees at from 2008 to 2016, current trusteeship at the Intrepid Sea, Air & Space Museum Foundation, and board membership at the Whitney Museum of American Art and the .

Controversies and Criticisms

Political Associations and Perceived Conflicts

Steven Roth has maintained longstanding personal and business ties to , dating back decades through joint real estate ventures such as the Riverside South development in . Roth served on Trump's and was appointed co-chair of an in 2017 alongside , tasked with shaping a proposed $1 trillion federal investment plan. Trump publicly praised Roth as "one of the greatest builders in " during his speech. While Roth has been characterized as a megadonor, he has also contributed to Democratic s, including $50,000 to New York Governor Kathy Hochul's 2022 reelection effort amid negotiations over Vornado's involvement in the Penn Station project. These associations have drawn scrutiny for potential conflicts of interest, particularly during Trump's first term, when Roth's advisory role coincided with Vornado Realty Trust's pursuit of major federal contracts. Vornado, under Roth's leadership, emerged as the largest private landlord to the U.S. government, leasing space to agencies including the General Services Administration (GSA). In 2017, Vornado bid to relocate the FBI headquarters to a site near its properties in , prompting concerns from ethics watchdogs that Roth's proximity to —through shared business stakes in properties like 1290 Avenue of the Americas, where Trump held a 30% passive interest—could influence government decisions. The advisory board's operations were criticized for lacking transparency, leading to a by a nonprofit alleging violations of federal open-advisory laws. Further perceptions of entanglement arose from Roth's informal influence on Trump administration policies, including advice to Transportation Secretary against certain infrastructure priorities in July 2017. Post-2024 election, amid Trump's second term preparations as of June 2025, Roth was speculated by critics as a candidate for Treasury Secretary, highlighting ongoing worries about Vornado's leasing portfolio—valued in billions—and Roth's dual role as a Trump and corporate executive. These episodes underscore tensions between Roth's private interests and influence, though no formal ethics violations were adjudicated.

Business Practices and Regulatory Issues

In 1986, model , a in a building owned by Steven Roth, was the victim of a razor-blade slashing attack on a street, which left her face permanently scarred. Prosecutors alleged that Roth, amid a dispute over unpaid rent and her refusal to vacate the apartment, orchestrated the assault by hiring an intermediary who in turn recruited two men to carry it out, framing it as an intimidation tactic to pressure holdover s. Roth denied any involvement, characterizing the claims as unfounded attempts to extort him, and faced no criminal charges; the two assailants and the were convicted of assault-related offenses. The incident drew media attention to aggressive practices in City's competitive rental market during the , though Roth's company maintained compliance with legal procedures. Vornado Realty Trust, led by Roth as chairman and CEO, has been involved in multiple civil disputes over and leasing, reflecting operational tensions in its portfolio of commercial and retail assets. In June 2025, owners of the New World Mall in accused a Vornado-controlled entity of committing 15 lease violations, including failure to maintain common areas and unauthorized subletting, prompting threats of amid broader tied to New York City Mayor ' administration. Vornado denied the allegations, asserting adherence to lease terms and disputing the claims as baseless negotiation tactics. Such conflicts highlight criticisms of Vornado's hands-on style, which emphasizes repositioning underperforming properties but has occasionally led to litigation over contractual obligations. On regulatory matters, Vornado has faced civil claims alleging workplace safety lapses at construction sites, including violations of Labor §200 and §241(6) for failing to provide adequate protection against hazards. In a 2015 federal case, former employees sued Vornado and affiliates for overtime violations under the Fair Labor Standards Act, seeking damages for uncompensated hours. These suits, typical in the real estate sector's development activities, have not resulted in systemic regulatory penalties or enforcement actions by agencies like the or OSHA against Roth personally or Vornado as a pattern of noncompliance; the company discloses potential environmental and safety liabilities in its filings but reports no material fines for violations as of December 31, 2024. Vornado's documents emphasize regulatory adherence, with internal policies requiring compliance with federal, state, and local laws.

Shareholder Disputes and Market Performance Critiques

In May 2024, at Vornado Realty Trust's annual , more than 40% of investors voted against a proposed compensation package for Chairman and CEO Steven Roth that increased his total pay to $19.7 million, effectively doubling the prior year's amount. The package included a $3.7 million cash bonus and a $2.2 million incentive tied to the 350 project, despite the company's reporting a $9 million net loss in the first quarter of 2024 compared to a $5.2 million in the same period the previous year. (ISS), a prominent advisory firm, recommended against the plan, citing a "pay-for-performance misalignment" amid declining occupancy rates and operational challenges. This marked a significant escalation from the prior year, when 23% of shareholders opposed Roth's compensation. Critics of Vornado's market performance under Roth have pointed to persistent underperformance relative to REIT peers, including a 36% stock price decline over the two years leading into early 2024, outpacing broader sector losses. The company's decision to slash dividends by 68% to $0.68 per share in 2023—following a suspension for most of that year—drew further scrutiny, as it reflected strained cash flows and a shift away from returns amid high interest rates and sector headwinds. Analysts have attributed some of these issues to execution shortfalls in key developments, such as setbacks in the Penn District project, where leasing delays for properties like PENN 2 have raised questions about capital allocation discipline and Roth's emphasis on ambitious redevelopment over prudent management. holdings have similarly underdelivered, with non-core investments failing to generate and highlighting perceived inflexibility in adapting to market shifts. These critiques underscore broader concerns about Vornado's portfolio concentration in space, which has been vulnerable to hybrid work trends and elevated vacancy rates, contributing to total returns that lagged the U.S. while occasionally outperforming a distressed REIT average. Despite recent analyst upgrades citing resilience, the combination of dividend reductions and project risks has fueled arguments that leadership decisions have prioritized long-term bets over immediate , amplifying calls for enhanced alignment.

Personal Life

Family and Relationships

Steven Roth has been married to (née Atkins), a Award-winning and producer known for works including and , since the early 1970s. The couple has two children: , born in 1975, who serves as president and majority owner of Jujamcyn Theatres, overseeing five venues; and Amanda Roth Salzhauer, a social worker with limited public involvement in her parents' professional spheres. No public records indicate prior marriages or additional immediate family members beyond this nuclear unit. The Roth family maintains a low public profile regarding personal relationships, with joint philanthropic efforts in arts and education reflecting shared interests rather than detailed interpersonal dynamics.

Residences and Lifestyle

Steven Roth maintains his primary residence in New York City, where he oversees Vornado Realty Trust's extensive Manhattan portfolio. Roth and his wife, Daryl Roth, owned a longtime seasonal home in East Hampton, New York, at 107 Apaquogue Road, purchased in 1994 for $3.5 million. The 5,300-square-foot shingle-style property on a 1.35-acre lot includes four bedrooms, five bathrooms, a guesthouse, a lap pool, a mirrored home gym, and a roof deck, situated a block from Georgica Beach near Grey Gardens. They listed the compound for sale in July 2024 at $19.5 million through Compass. In 2015, Roth acquired another East Hampton estate at 23 Hedges Lane, a Tudor-style house with eight bedrooms, 7.5 bathrooms, and five acres, for $22.05 million. Earlier in his career, Roth owned a light-filled duplex loft in Manhattan's , acquired for $1.72 million and sold in 2013 for $6.8 million, yielding a substantial return. He has also held other Hamptons-area properties, including the renovation and 2022 resale of a Montauk home formerly owned by for $14 million. Roth's lifestyle reflects the understated profile of a veteran real estate executive, centered on City's business environment with seasonal retreats to for leisure amid proximity to oceanfront amenities. Early accounts from 2001 noted an additional residence in , though no recent confirmations of ongoing ownership there exist.

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