Michael D. Fascitelli
Encyclopedia
Michael D. Fascitelli is CEO, President and a Trustee of the Board of Vornado Realty Trust
. He also is President and a Trustee of Alexander's
Inc. and on the Board of Toys "R" Us.
Mr. Fascitelli grew up in Providence, Rhode Island
. One of two sons to a tailor and a seamstress. He was the first in his family to go to college, and is a heartwarming rags to riches
story.
He is a member of the Class of 1978 of the University of Rhode Island
where he received his B.S. in Industrial Engineering
Summa Cum Laude. After graduating from URI, Mr. Fascitelli joined the Bristol-Myers Company
. In 1982 he received his MBA with highest distinction from the Harvard Graduate School of Business Administration. After graduating from Harvard in 1982, Mr. Fascitelli joined McKinsey & Company
, Inc., a management-consulting firm.
He was head of the real estate investment banking business of Goldman, Sachs & Co. and served on the Investment Committee for the Whitehall Real Estate Fund. He joined Goldman, Sachs & Co. in 1985 in the Real Estate Department and became a partner in 1992.
In 1996 Vornado Chairman billionaire Steven Roth lured Fascitelli to Vornado with an offer at the time worth 50 million dollars. The number had risen substantially as since Mr. Fascitelli has been at Vornado it has become the second largest REIT in the country.
Mr. Fascitelli has been active over the years in the real estate industry and his community. He is a trustee of the Urban Land Institute. He is Chairman of the Wharton Real Estate Center and Executive Committee. He serves on the Board of the New York University Child Study Center, The Rockefeller University Board of Trustees and St. Bernard's Board of Trustees. From the Greater New York Councils Boy Scouts of America he received the Good Scout award and the James E. West Fellow award in 1997 and he received the Silver Beaver Award in 2003. In May 2008, he received his Doctor of Laws from the University of Rhode Island.
In 2007 he was also name Harvard Business School's Alumni of the Year. He is a strong supporter to URI as he gave 1 million dollars to them last year, and set up a scholarship in his name.
In 2006, Fascitelli showed insight into the future economy as he sold one third of his stock, 1.3 million shares, and took home around $157 million.
In 2006, Fascitelli also bought a monmouth $16 million dollar spread in 170 East End. The highrise going up is being developed by Oren Wilf, and includes a golf simulator, movie theater, and squash courts. Fascitelli's 17th floor spread include an indoor two-hoop basketball court, a computer room, a wine cellar, a breakfast area, a TV/video room, and huge bathrooms, closets, bedrooms, and balconies.
On May 14, 2009 Vornado issued a press release announcing that Fascitelli would become CEO of the company immediately while remaining President, with Roth remaining Chairman of the Board.
Fascitelli is married to his wife Elizabeth, a partner at Goldman Sachs
, and has three sons Nick, 17, Matt, 16, and Jack, 13.
Vornado Realty Trust
Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.- History :...
. He also is President and a Trustee of Alexander's
Alexander's
Alexander's was a department store chain in the New York metropolitan area. Catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. At its height, the company operated 16 stores. Its advertising slogan was "You'll find...
Inc. and on the Board of Toys "R" Us.
Mr. Fascitelli grew up in Providence, Rhode Island
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
. One of two sons to a tailor and a seamstress. He was the first in his family to go to college, and is a heartwarming rags to riches
Rags to riches
Rags to Riches refers to any situation in which a person rises from poverty to wealth, or sometimes from obscurity to fame. This is a common archetype in literature and popular culture ....
story.
He is a member of the Class of 1978 of the University of Rhode Island
University of Rhode Island
The University of Rhode Island is the principal public research university in the U.S. state of Rhode Island. Its main campus is located in Kingston. Additional campuses include the Feinstein Campus in Providence, the Narragansett Bay Campus in Narragansett, and the W. Alton Jones Campus in West...
where he received his B.S. in Industrial Engineering
Industrial engineering
Industrial engineering is a branch of engineering dealing with the optimization of complex processes or systems. It is concerned with the development, improvement, implementation and evaluation of integrated systems of people, money, knowledge, information, equipment, energy, materials, analysis...
Summa Cum Laude. After graduating from URI, Mr. Fascitelli joined the Bristol-Myers Company
Bristol-Myers Squibb
Bristol-Myers Squibb , often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation...
. In 1982 he received his MBA with highest distinction from the Harvard Graduate School of Business Administration. After graduating from Harvard in 1982, Mr. Fascitelli joined McKinsey & Company
McKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
, Inc., a management-consulting firm.
He was head of the real estate investment banking business of Goldman, Sachs & Co. and served on the Investment Committee for the Whitehall Real Estate Fund. He joined Goldman, Sachs & Co. in 1985 in the Real Estate Department and became a partner in 1992.
In 1996 Vornado Chairman billionaire Steven Roth lured Fascitelli to Vornado with an offer at the time worth 50 million dollars. The number had risen substantially as since Mr. Fascitelli has been at Vornado it has become the second largest REIT in the country.
Mr. Fascitelli has been active over the years in the real estate industry and his community. He is a trustee of the Urban Land Institute. He is Chairman of the Wharton Real Estate Center and Executive Committee. He serves on the Board of the New York University Child Study Center, The Rockefeller University Board of Trustees and St. Bernard's Board of Trustees. From the Greater New York Councils Boy Scouts of America he received the Good Scout award and the James E. West Fellow award in 1997 and he received the Silver Beaver Award in 2003. In May 2008, he received his Doctor of Laws from the University of Rhode Island.
In 2007 he was also name Harvard Business School's Alumni of the Year. He is a strong supporter to URI as he gave 1 million dollars to them last year, and set up a scholarship in his name.
In 2006, Fascitelli showed insight into the future economy as he sold one third of his stock, 1.3 million shares, and took home around $157 million.
In 2006, Fascitelli also bought a monmouth $16 million dollar spread in 170 East End. The highrise going up is being developed by Oren Wilf, and includes a golf simulator, movie theater, and squash courts. Fascitelli's 17th floor spread include an indoor two-hoop basketball court, a computer room, a wine cellar, a breakfast area, a TV/video room, and huge bathrooms, closets, bedrooms, and balconies.
On May 14, 2009 Vornado issued a press release announcing that Fascitelli would become CEO of the company immediately while remaining President, with Roth remaining Chairman of the Board.
Fascitelli is married to his wife Elizabeth, a partner at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, and has three sons Nick, 17, Matt, 16, and Jack, 13.