Steve Witkoff
| Steven Charles Witkoff | |
|---|---|
| Born |
March 15, 1957 Bronx, New York |
| Residence | Manhattan, New York |
| Nationality | United States |
| Education | J.D. Hofstra University |
| Occupation | real estate investor |
| Known for | founder of the Witkoff Group |
| Spouse(s) | Lauren Rappoport |
| Children | three |
| Parent(s) |
Martin Witkoff Lois Witkoff |
Steven Charles Witkoff (born March 15, 1957)[1] is a New York real estate investor, landlord, and the founder of the Witkoff Group.
Early life and education
Witkoff was born to a Jewish family in the Bronx and raised in Baldwin Harbor, New York[2] and Old Westbury, New York,[3] the son of Martin and Lois Witkoff. His father was a manufacturer of ladies' coats in New York City.[1][4] He earned a J.D. from Hofstra University. After school he worked for the real estate firm Dreyer & Traub, where one of his clients was Donald Trump.[2]
Career
In 1985, he partnered with fellow Dreyer & Traub attorney Laurence Gluck and founded Stellar Management (the name Stellar is derived from Steve and Larry) and purchased cheap buildings in Washington Heights, Manhattan.[2][5] He accumulated a small portfolio of buildings and in 1995, he expanded into lower Manhattan, buying several cheap office buildings.[2] In 1996, he was able to secure financing from Credit Suisse First Boston for the purchase of 33 Maiden Lane, a 27-story tower designed by Philip Johnson. A close relationship with Credit Suisse First Boston soon developed and Witkoff was able to purchase additional properties - typically using very little of his own money - including the landmark News Building.[2] In 1998, he and partner Rubin Schron purchased the Woolworth Building for $137.5 million[1] and he expanded his portfolio to include real estate purchases in Chicago, Dallas and Philadelphia.[2] In 1998, the planned IPO of his company was cancelled due to the collapse of the real estate market[2] and Witkoff and Gluck dissolved their partnership with Gluck taking the residential properties and Witkoff the office buildings. Witkoff founded the Witkoff Group and expanded into residential construction and rehab.[2] As of 2013, Witkoff owns about 30 properties in the United States and London.[5]
In November 2013, the Witkoff Group announced their purchase of the Helmsley Park Lane Hotel (New York). The purchase was made with Jynwel Capital, a Hong Kong-based equity majority partner, for US$660 million.[6]
Personal life
Witkoff lives on the Upper East Side in Manhattan.[1] In 1987, he married Lauren Rappoport.[4] They have three sons.[1] In 2011, the couple's son Andrew died of an OxyContin overdose at the now closed Sunset Plaza Drive sober living facility in California.[7]
References
- 1 2 3 4 5 Piore, Adam (December 1, 2012). "The modest mogul - Investor Ruby Schron could quietly become the city's next billionaire landlord, despite eschewing glamour and a place in the spotlight". The Real Deal.
- 1 2 3 4 5 6 7 8 Leonard, Devin (December 6, 1999). "Steve Witkoff's Nine Lives: Tough Guys Don't Fold-They Crawl Back From the Abyss". The New York Observer.
- ↑ Elkies, Lauren. "Steve Witkoff". The Real Deal. Retrieved October 25, 2013.
- 1 2 "Lauren and Susan Rappoport to Wed". The New York Times. January 4, 1987.
- 1 2 Ghigliotty, Damian (May 1, 2013). "With 150 Charles Street and Now 10 Madison Square West, Steve Witkoff May Be the King of Condo Financing". Commercial Observer.
- ↑ Minchom, Clive. "Steven Witkoff And Hong Kong Partner Buy New York's Helmsley Park Lane Hotel For $660 Million". Jewish Business News. Retrieved 4 December 2013.
- ↑ Baum, Gary (August 17, 2013). "Wrongful Death Lawsuit Hits L.A. Rehab Center Following THR Investigation". The Hollywood Reporter.