Steve Witkoff

Last updated
Steven Witkoff
Born
Steven Charles Witkoff

(1957-03-15) March 15, 1957 (age 67)
New York City, U.S.
Education Hofstra University (BA, JD)
Known forFounder of the Witkoff Group
SpouseLauren Rappoport
Children3
Website witkoff.com

Steven Charles Witkoff (born March 15, 1957) [1] is an American real estate investor and landlord based in New York City, and founder of the Witkoff Group.

Contents

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 law 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. 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 owned 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).

In August 2017, Witkoff purchased the unfinished Fontainebleau Resort Las Vegas in Las Vegas. [6] In February 2018, he announced the former Fontainebleau will be developed and open in 2020 as The Drew Las Vegas, named after Witkoff's son, Andrew (nicknamed "Drew"), who died of a drug overdose in 2011. The Drew Las Vegas will open in partnership with Marriott International Inc., and will be the first JW Marriott on the Las Vegas Strip.[ citation needed ]

In April 2019, Witkoff announced that the Drew's opening will be pushed back to the second quarter of 2022 to allow more certainty about his construction project. The property was previously scheduled to open in late 2020. [7]

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, their son Andrew died of an OxyContin overdose at the now-closed Sunset Plaza Drive sober living facility in California. [8]

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References

  1. 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 .
  2. 1 2 3 4 5 6 7 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 .
  3. ↑ Elkies, Lauren. "Steve Witkoff". The Real Deal . Retrieved October 25, 2013.
  4. 1 2 "Lauren and Susan Rappoport to Wed". The New York Times . January 4, 1987.
  5. 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.
  6. ↑ "Fontainebleau's new owner is no stranger to Las Vegas". Las Vegas Review-Journal. 2017-09-01. Retrieved 2017-09-01.
  7. ↑ "Vegas Strip's $3.1 Billion Resort Postponed More Than a Year". April 16, 2019 – via www.bloomberg.com.
  8. ↑ Baum, Gary (August 17, 2013). "Wrongful Death Lawsuit Hits L.A. Rehab Center Following THR Investigation". The Hollywood Reporter .
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