Part 2: Vornado’s Deep Ties with Trump
The founder and CEO of Vornado Realty Trust, Steven Roth, isn’t just one of New York’s most powerful real estate moguls—he’s also one of President Trump’s enduring allies. For over four decades, Roth has maintained personal, political, and business ties with Donald Trump, resulting in a relationship that has proven highly lucrative for both men.
Roth’s partnership with Trump began in the early 1980s, when both businessmen acquired stakes in Alexander’s during a takeover battle for the department-store chain. Decades later, in 2007, Vornado took the Trump Organization as a partner to enter the California market. Together, they now own two major properties: 555 California Street in San Francisco and 1290 Avenue of the Americas in Manhattan, with Vornado holding a 70% ownership stake and Trump owning the remaining 30%. Additionally, Vornado is a partner of Trump’s son-in-law, Jared Kushner, in several prominent New York properties.
Beyond their professional ties, Roth and Trump share a well-documented personal friendship. When explaining the California partnership to shareholders, Roth described Trump as a “longtime friend.” He has played golf with him, attended his wedding to Melania, and stood by his side at key political moments. At Trump’s April 2016 primary victory speech, Roth was in the audience as the future president singled him out with praise, calling him “the great Steve Roth,” congratulating him on Vornado’s Central Park Tower, and warmly referring to him as “my man.”
Politically, Roth served as one of Trump’s top economic advisers during the 2016 presidential campaign. In 2017, he was appointed as an advisor on the Trump Administration’s Infrastructure Council, alongside fellow billionaire Richard LeFrak. The Council promoted a vision of development driven by private investment, large tax breaks, and deregulation. Yet as Roth advised the federal government, Vornado emerged as a finalist to build a new F.B.I. headquarters and began pushing to redevelop Penn Station. Amid increasing criticism over conflicts of interest, the council was quietly disbanded in under a year.
Vornado’s founder and CEO has also provided substantial financial support to Trump’s political endeavors. In 2016, Roth donated over $250,000 to the Trump Victory political action committee. Even after witnessing the trajectory of Trump’s first term, he continued to actively support him. In 2019, Roth gave another $200,000 to the same PAC and went a step further by hosting a lavish fundraiser at his Hamptons mansion, helping raise approximately $12 million for Trump’s reelection campaign.
After the January 6, 2021 insurrection, Vornado faced growing pressure from buyers, lenders, and business partners to cut ties with Trump. While many companies publicly rebuked Trump, Roth did not. He neither condemned Trump’s actions nor moved to end their partnership. Although internal discussions were reportedly held about ending the joint ownership of the two buildings, no changes were made. Vornado quietly shelved the idea and continued with bond deals that preserved Trump’s stake, allowing him to keep profiting from their partnership. Notably, a refinancing deal for 555 California Street in May 2021 delivered a substantial $617 million windfall, with Trump personally receiving an estimated $162 million.
Today, Trump’s stakes in the two properties he shares with Vornado remain among his most valuable assets, estimated at $645.6 million in 2024. Rather than diminishing, this partnership continues to generate substantial returns for both parties. Though Roth may now keep a lower profile about the relationship, his ongoing willingness to do business with Trump reflects the deep-rooted financial and political ties between them. It is crucial to keep those in mind when evaluating what interests guide the real estate mogul’s decisions about our communities.
Understanding who Vornado is—and how it operates—is the first step toward a more transparent and community-driven development process in New York City. In the Vornado Watch series, we explore Vornado’s role in specific projects and unpack its political ties.