Steve Witkoff Explained

Steven Witkoff
Birth Name:Steven Charles Witkoff
Birth Date:15 March 1957
Birth Place:New York City, U.S.
Education:Hofstra University (BA, JD)
Known For:Founder of the Witkoff Group
Children:3
Spouse:Lauren Rappoport

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

Early life

Witkoff was born to a Jewish family in the Bronx and raised in Baldwin Harbor, New York[1] and Old Westbury, New York,[2] the son of Martin and Lois Witkoff. His father was a manufacturer of ladies' coats in New York City.[3] 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.

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.[4] He accumulated a small portfolio of buildings and in 1995, he expanded into lower Manhattan, buying several cheap office buildings. 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.

In 1998, he and partner Rubin Schron purchased the Woolworth Building for $137.5 million[5] 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 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.[1]

As of 2013, Witkoff owned about 30 properties in the United States and London. 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.

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]

In 2024, Witkoff gave a speech on night four of the Republican National Convention. In his speech, he spoke about his close friendship with Donald Trump.[8]

Personal life

Witkoff lives on the Upper East Side in Manhattan.[5] In 1987, he married Lauren Rappoport. They have three sons.[5] In 2011, their son Andrew died of an OxyContin overdose at the now-closed Sunset Plaza Drive sober living facility in California.[9]

Notes and References

  1. Web site: Steve Witkoff's Nine Lives: Tough Guys Don't Fold-They Crawl Back From the Abyss . . Devin . Leonard . December 6, 1999.
  2. Web site: Steve Witkoff . . Lauren . Elkies . October 25, 2013.
  3. Web site: Lauren and Susan Rappoport to Wed . . January 4, 1987.
  4. Web site: With 150 Charles Street and Now 10 Madison Square West, Steve Witkoff May Be the King of Condo Financing . Commercial Observer . Damian . Ghigliotty . May 1, 2013.
  5. Web site: The modest mogul - Investor Ruby Schron could quietly become the city's next billionaire landlord, despite eschewing glamour and a place in the spotlight . . Adam . Piore . December 1, 2012.
  6. News: Fontainebleau's new owner is no stranger to Las Vegas. 2017-09-01. Las Vegas Review-Journal. 2017-09-01. en-US.
  7. News: Vegas Strip's $3.1 Billion Resort Postponed More Than a Year. Bloomberg . April 16, 2019. www.bloomberg.com.
  8. Web site: Hensley . J. J. . Real estate baron Steven Witkoff uses RNC speech to humanize Trump, recall son who OD'd . 2024-08-11 . USA TODAY . en-US.
  9. Web site: Wrongful Death Lawsuit Hits L.A. Rehab Center Following THR Investigation . . Gary . Baum . August 17, 2013.