Kevork Hovnanian, Founder of N.J. Builder, Dies at 86 (Update4)
Kevork S. Hovnanian, who fled Armenia for Iraq before coming to the U.S. and building a small family-run company into New Jersey’s largest homebuilder, died yesterday in Manhattan, the company said. He was 86.
The cause of death was not disclosed.
“Kevork was a giant, understanding, wonderful man who personified the American dream,” Robert Toll, chairman and chief executive officer of Horsham, Pennsylvania-based homebuilder Toll Brothers Inc., said in an e-mail. “He leaves a tremendous legacy and a great stamp forever on the homebuilding industry.”
In 1959, Kevork and his three brothers -- Hirair, Jirair and Vahak -- each contributed $1,000 and borrowed $20,000 to start a company to build homes in Toms River, New Jersey, Hovnanian Enterprises Inc. said in a news release marking its 50th anniversary.
Their motto: “Build the best possible homes at affordable prices and treat people fairly.”
Kevork was the company’s largest shareholder, with about 7.6 million shares, or a 12 percent stake, according to regulatory filings. His son, Ara, 52, has been president and CEO since 1997, when Kevork stepped aside to serve as company chairman.
Read entire article at Bloomberg.com
The cause of death was not disclosed.
“Kevork was a giant, understanding, wonderful man who personified the American dream,” Robert Toll, chairman and chief executive officer of Horsham, Pennsylvania-based homebuilder Toll Brothers Inc., said in an e-mail. “He leaves a tremendous legacy and a great stamp forever on the homebuilding industry.”
In 1959, Kevork and his three brothers -- Hirair, Jirair and Vahak -- each contributed $1,000 and borrowed $20,000 to start a company to build homes in Toms River, New Jersey, Hovnanian Enterprises Inc. said in a news release marking its 50th anniversary.
Their motto: “Build the best possible homes at affordable prices and treat people fairly.”
Kevork was the company’s largest shareholder, with about 7.6 million shares, or a 12 percent stake, according to regulatory filings. His son, Ara, 52, has been president and CEO since 1997, when Kevork stepped aside to serve as company chairman.