Alexander S. Farkas (April 3, 1930 – July 28, 1999) was the
chief executive officer
A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization.
CEOs find roles in variou ...
of
Alexander's
Alexander's, Inc. is a real estate investment trust that owns 7 properties in New York metropolitan area, including 731 Lexington Avenue, the headquarters of Bloomberg L.P. It is controlled by Vornado Realty Trust. It was founded by George Farka ...
, a
department store
A department store is a retail establishment offering a wide range of consumer goods in different areas of the store under one roof, each area ("department") specializing in a product category. In modern major cities, the department store mad ...
.
Early life and education
Farkas was the son of George Farkas, the founder of Alexander's, and Ruth Lewis Farkas, a sociologist and the
US Ambassador to Luxembourg.
[
Farkas attended ]Choate Rosemary Hall
Choate Rosemary Hall ( ) is a Independent school, private, Mixed-sex education, co-educational, College-preparatory school, college-preparatory boarding school in Wallingford, Connecticut, United States. Founded in 1890, it took its present na ...
and The Bronx High School of Science
The Bronx High School of Science is a State school, public Specialized high schools in New York City, specialized high school in the Bronx in New York City. It is operated by the New York City Department of Education. Admission to Bronx Science ...
. He received a Bachelor of Arts
A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts deg ...
from the University of Chicago
The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...
in 1949 and studied business at Cornell University
Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...
.
Career
Although Farkas originally wanted to be a professor, in 1951, his father George forced him to work for the store, first as head of stock in the women's coat department. In 1959, after undergoing a rigorous training program, Farkas was named president
President most commonly refers to:
*President (corporate title)
* President (education), a leader of a college or university
*President (government title)
President may also refer to:
Arts and entertainment Film and television
*'' Præsident ...
and general merchandising manager. In his first year, Farkas doubled the chain's advertising budget and made arrangements with European houses to get their excess inventories.[
In 1963, Farkas is credited with pushing the company to buy the land for its flagship store on 59th street in Manhattan from ]Joseph P. Kennedy Sr.
Joseph Patrick Kennedy Sr. (September 6, 1888 – November 18, 1969) was an American businessman, investor, philanthropist, and politician. He is known for his own political prominence as well as that of his children and was the ambitious patri ...
for what seemed like a high price of $125 per square foot.[
In 1968, his father retired as CEO of Alexander's and Alexander took the position. That same year, the company became a ]public company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
and each of George's sons owned stock worth $2.5 million.[
]
Family
Through his brother, Robin, he was the uncle of billionaire
A billionaire is a person with a net worth of at least 1,000,000,000, one billion units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. It is a sub-category of the concept of the ultr ...
Andrew L. Farkas, who founded Insignia Financial Group
Insignia Financial Group was a company that invested in apartments that were financially distressed, with the goal of increasing value via recapitalization. It was founded and controlled by billionaire Andrew L. Farkas and was headquartered in ...
.
His mother was President Nixon's Ambassador to Luxembourg.
His younger brother Jonathan is married to Somers (nee White) Farkas, who was nominated by President Trump to be US Ambassador to Malta in December 2024.
Farkas was married 5 times and had 3 children from his 3rd marriage.[
]
References
External links
*George Farkas (1902-1980
NY Times Obit
*Ruth Lewis Farkas {1907-1996
*Robin Farkas (1933 - 2018
NY Times Obit
*Alexander Farkas (1930 - 1999
{{DEFAULTSORT:Farkas, Alexander S.
1930 births
1999 deaths
20th-century American businesspeople
American businesspeople in retailing