Steve Roth

Who they are

Steve Roth has run Vornado Realty Trust for more than four decades, and The Promote treats him as the most intimidating figure in New York real estate. When a former Vornado exec was charged with stealing from the REIT, the newsletter's first question was who in their right mind would mess with Steve Roth. His defining partnership was with Goldman alum Mike Fascitelli, hired in 1996, and the two were dubbed the 'Gangstas of Brick.' Fascitelli left in 2013, and Roth, now in his 80s, has never anointed a true successor. President Michael Franco is his top lieutenant. The Promote notes that some on the Street don't love the arrangement.

His deals tend to come with steep terms for the other side. When Jared Kushner needed rescue capital at 666 Fifth in 2011, Roth reportedly got about 11% on Vornado's invested money. He then bought the tower's prized retail for about $700M. At 220 Central Park South he pioneered the hush-hush, vetted-buyer approach to ultra-luxury condos, which produced Ken Griffin's $238M penthouse. When critics made that sale a symbol of inequality, Roth hit back with a 'double secret probation' jab. It also cost him: Gary Barnett extracted about $1,400 a foot for a sliver of it.

That reputation is now itself a legal issue. In a February 2026 suit over the Penn 1 ground-rent reset, the Korein family alleges that Roth is so feared that impartial brokers are hard to find. They also claim his public support for Darcy Stacom's new shop was linked to her role in the appraisal. Vornado's lawyer says the matter was already decided in Vornado's favor. Meanwhile Roth is chasing one more legacy project, 350 Park, with Griffin's Citadel. He has said a $3.3B construction loan is being lined up and has floated selling a 25% stake to family offices. On earnings calls he regularly complains that Vornado's stock trades below its asset value.