The Richest in Real Estate Top 100
The Basics
Location: New York City | Net Worth: $1.00 B
Location: New York City | Net Worth: $1.00 B
A New York Native and a graduate of both Dewitt Clinton High School in the Bronx and Dartmouth College, Steven Roth was born to a Jewish family. In 1964, Steven got his start by founding Interstate Properties with $250k from investor David Mandelbaum.
1979, Interstate purchased interest in a New Jersey discount appliance chain, Two Guys and later gained control of its parent company and former fan manufacturer, Vornado. Steven dissolved the chain, turning the stores into strip malls. By 1980, Steven officially founded Vornado Realty Trust, a New York-based REIT that he took public in 1993 and acquired controlling interest in former retailer Alexanders in 1995. In 1997, Vornado evolved beyond strip malls and purchased seven Midtown office buildings with 4M SF of space for $656.
The REIT then stepped up its game again in 1998, when it purchased 20 more office buildings in Manhattan for $1.7B, including One Penn Plaza. Vornado now owns office and retail spaces throughout NYC, DC and Chicago, as well as a stake in Toys R Us and a number of hotels and malls. The company was also responsible for creating the world’s largest LED advertising sign in Times Square. Steven also owns stake in Alexander Inc., another REIT.
