Tweet
Top ten homebuilder in USA. Born in 1924? Founder/Chairman of the Board/Director at Hovnanian Enterprises, Inc. Red Bank, New Jersey. Director since 1967.
An Armenian who had developed a large road construction company in Iraq, Hovnanian was forced to flee the country in 1959 when the Baathist party overthrew the government.
When Hovnanian arrived in New Jersey he cobbled together family funds to restart his business with a $20,000 loan. He eventually started a home construction company with his three brothers (Hirair, Jirair, Vahak) committed to building affordable townhouses and condominiums for first-time buyers. His brothers eventually started their own businesses. He has served as Chairman of the Board since its original incorporation in 1967. He served as Chief Executive Officer from 1967 through July 1997.
In 1983, Hovnanian was ready to take his fledgling company public. That’s when Mike and Drexel Burnham Lambert underwrote the company’s initial public offering. In ensuing years, Drexel issued subordinated notes, commerical paper and common stock that put Hovnanian on the road to becoming one of America’s largest home builders.
Under the leadership of Kevork and his son, Ara, Hovnanian Enterprises has expanded its portfolio to include single-family homes ranging from $70,000 to nearly $1 million. The company builds has extended its original Northeast market to include California, Washington, D.C., North and South Carolina, Texas and Florida. Over the past 40 years, Hovnanian Enterprises has helped hundreds of thousands of families enjoy new homes, and currently employs nearly 3,500 people
An Armenian who had developed a large road construction company in Iraq, Hovnanian was forced to flee the country in 1959 when the Baathist party overthrew the government.
When Hovnanian arrived in New Jersey he cobbled together family funds to restart his business with a $20,000 loan. He eventually started a home construction company with his three brothers (Hirair, Jirair, Vahak) committed to building affordable townhouses and condominiums for first-time buyers. His brothers eventually started their own businesses. He has served as Chairman of the Board since its original incorporation in 1967. He served as Chief Executive Officer from 1967 through July 1997.
In 1983, Hovnanian was ready to take his fledgling company public. That’s when Mike and Drexel Burnham Lambert underwrote the company’s initial public offering. In ensuing years, Drexel issued subordinated notes, commerical paper and common stock that put Hovnanian on the road to becoming one of America’s largest home builders.
Under the leadership of Kevork and his son, Ara, Hovnanian Enterprises has expanded its portfolio to include single-family homes ranging from $70,000 to nearly $1 million. The company builds has extended its original Northeast market to include California, Washington, D.C., North and South Carolina, Texas and Florida. Over the past 40 years, Hovnanian Enterprises has helped hundreds of thousands of families enjoy new homes, and currently employs nearly 3,500 people
