The real estate aristocrat Steven Witkoff has an estimated net worth of around $400 million as of 2024.
Steven’s family was involved in the business; his father was a coat manufacturer in New York City, inspiring his approach to business establishment.
Highlights
- Steven Witkoff started in real estate law after college and co-founded Stellar Management in 1985.
- Witkoff strategically financed projects like the purchase of 33 Maiden Lane and major acquisitions such as the Woolworth Building.
- Through The Witkoff Group, Witkoff’s real estate empire now generates over $1 billion annually.
One of his sons, Zach, introduced Witkoff at the Republic National Convention, highlighting his hard work and perseverance, which are identical to those of Trump.
On the other hand, Witkoff introduced Trump’s empathy and determination, which are not visible on screen.
Steven Witkoff’s Commendable Journey From Stellar Management to A Private Led Firm, The Witkoff Group
After graduating from Hofstra University, Steven practiced real estate law at the firms Dreyer & Traub and Rosenman & Colin.
There, he represented numerous large developers and investors, including Donald Trump.
Then, in 1985, he partnered with a fellow advocate of Dreyer & Traub and founded a real estate company called Stellar Management.
Through the agency, he started by purchasing cheap buildings in Washington Heights, Manhattan, and created a small portfolio of residential buildings in NYC.
By 1995, Witkoff had enhanced his horizon into lower Manhattan and bought several cheap office buildings.
In 1996, the realtor secured funding from Credit Suisse First Boston and bought a 27-story tower called 33 Maiden Lane.
Soon, Witkoff purchased additional buildings and properties using his own money, which shows that he had accumulated enough budget over the years since graduation.
Then, in 1998, he formed a partnership with Rubin Schron and bought the Woolworth Building worth $137.5 million.
His real estate surpassed the geographical boundaries and entered the bigger states, such as Chicago, Dallas, and Philadelphia.
Before this, Witkoff founded and served as the Chairman and Chief Executive Officer of Witkoff Group, a global real estate development and investment firm, in 1997.
In 2013, the Witkoff group expanded its properties to 30 in the US and London, followed by the Helmsley Park Lane Hotel (New York) purchase, which cost about $600 million.
In 2022, the redevelopment of The Drew Las Vegas (worth over $600 million) was done in partnership with Mariott International Inc.
With experience, as of 2024, he has progressed to the construction of over 70 properties in prime business states in the U.S. and abroad.
The private firm has an annual cash flow of over $1 billion, and Steven Witkoff, as the sole owner, receives all revenue, bringing his net worth to approximately $400 million.
Additional Information
- Steven Witkoff married Lauren Rappoport in 1997. She is the Executive Vice President of the Witkoff Group and is responsible for the Sales and Marketing Department.
- Steven and Lauren and three sons. Unfortunately, one of their sons, Andrew, passed away in 2011 due to a drug overdose.
- Steven’s other two sons, Zach and Alex Witkoff, both are involved in the family real estate business, the Witkoff group.
