Opinions expressed by Forbes Contributors are their own. They developed the site, then sold it in 2005, spending the proceeds on 1290 Sixth Avenue and a San Francisco skyscraper, with Trump receiving 30% ownership of both. Vornado owns more than 20 million square feet of Manhattan office and retail space, plus stakes in hotels and malls. He funded the Roth Center for Jewish Life at Dartmouth[4] and in 2012, he received an honorary Doctor of Humane Letters degree from Dartmouth. [6] In 1995, Vornado purchased a controlling interest in Alexander's - the 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. They listed it this week for $21 million. Also present, and thanked by Trump, were Carl Icahn, Howard Lorber, and Bennett LeBow. [14] Vornado's involvement with the Kushner family in 666 Fifth Avenue continued as of March 2017. Think Michael Douglas as Gordon Gekko in the 1987 film “Wall Street” walking along the beach talking on a cellphone bigger than a shoe. His wife, Daryl, is a Broadway and off-Broadway producer. He is now the 275th-richest person in America, by our count—16 spots lower than a year ago. [8], In the 1980s, Donald Trump bought the West Side Yards, an abandoned railroad yard along the Hudson River in midtown Manhattan, but in the 1990s was forced by his bankers to sell 70% to a group of Hong Kong investors. [15], In July 2017, Roth advised U.S. Transportation Secretary Elaine Chao not to cancel construction of the Gateway Tunnel, which would link New Jersey with Penn Station in Manhattan. The Hong Kong investors then sold their share to Roth, making Roth and Trump business partners. But Roth won the lion's share of Trump's praise. For hungry income investors, consider the fact that ALX’s dividend yield is an enticing 5.9%. All Rights Reserved, This is a BETA experience. Live: What The Presidential Election Results Mean For Your Money, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Being Bloomberg's Landlord Pays Dividends, Literally, Iowa Caucus Leader Pete Buttigieg Has Most Exclusive Billionaire Donors Of Any Democrat. The 118-year old retail brand may be entering bankruptcy. Buttigieg received contributions to his campaign from titans in private equity, hedge funds and real estate. Steven is related to Steve J Roth. I'm a former Bloomberg senior reporter and mortgage columnist. His efforts were very successful[7] and in 1980, he founded the New York-based real estate investment trust Vornado Realty Trust. Critics, noting Roth's role as a Trump infrastructure advisor and a consultant with the White House Office of American Innovation, led by Jared Kushner, charged that any government contract with Vornado would represent a conflict of interest. You may opt-out by. Here Are The Billionaires Backing Pete Buttigieg’s Presidential Campaign, Donald Trump’s Sons Have Sold More Than $100 Million Of His Real Estate Since He Took Office, Donald Trump Falls Another 16 Spots On The Forbes 400 List, Trump’s Secret Windfall: The Crown Jewels Of His Fortune Are 2 Skyscrapers He Didn’t Want—And Doesn’t Control, Donald Trump's Business Is Booming In San Francisco, Bernie Madoff's 'Modest' Beach House In The Hamptons Lists At $21M, Sans Catwalk, How Trump And Vornado's Steven Roth Became Accidental Partners, Donald Trump Taps Richard LeFrak, Steven Roth To Lead New Infrastructure Council. The living room was more of a challenge. Reporting on this payout, Crains News York noted that “Vornado is one of at least 10 New York companies that pay executives dividends on shares they don’t own,” a form of compensation that exists “because companies regularly grant executives restricted shares that don’t vest for several years.”[9], The Associated Press reported in June 2017 that Vornado was one of three finalists for a $1.7 billion contract to build a new headquarters building in Washington D.C. for the FBI. The Seven Habits of Spectacularly Unsuccessful Executives. When Tony Award-winning producer Daryl Roth and her husband, Steven Roth, chairman of Vornado Realty Trust, bought the property in 2009 for $9.4 million, they worked the kind of magic that buckets of money coupled with Manhattan’s most in-demand architect can achieve. Join Facebook to connect with Steve Roth and others you may know. [9] The president later spoke of establishing a national panel of "very smart people that know how to spend money properly", with Roth and another New York developer Richard LeFrak as co-heads, to review infrastructure projects. Trump owns 30%, while Roth owns 30%. [17] He served as one of the top economic advisers to Donald Trump's 2016 presidential campaign in 2016[18] and was included in a March 2017 White House meeting on the Trump Administration infrastructure plan. [5], Roth was a Crain's Hall of Fame inductee in 2015. The 3,000-square-foot house at the tip of New York’s Long Island was, as one Hamptons broker put it to me this week, “a 1980s dump set in a fabulous location.”. [9], Roth's wife is Broadway producer Daryl Roth[21] (née Atkins) who is also Jewish. Daryl and Steven Roth listed the former Madoff home this week for $21 million. The original architect, the late Gene Futterman, was considered one of the “big three” Hamptons architects of the 1980s, along with Norman Jaffe and Charles Gwathmey. Roth is waiving 50 percent of his base salary for the rest of the year, the real estate investment trust disclosed in a regulatory filing Monday. They have also lived in Stateline, NV and Loleta, CA. In the last few years, celebrities such as Academy Award-winning actress Julianne Moore and Cynthia Nixon, the “Sex And The City” star now running to be governor of New York, have summered there, as have various characters from “Keeping Up With The Kardashians” and its spinoffs.