Kevork Hovnanian
Encyclopedia
Kevork S. Hovnanian was an Iraq
i-born Armenia
n-American
businessman
and home builder, who founded Hovnanian Enterprises
in 1959. He remained the president and chief executive officer
of Hovnanian Enterprises until his retirement in 1997. Despite some recent financial difficulties due to the 2008-2009 recession and financial crisis, Hovnanian Enterprises remains the sixth largest American homebuilder and the largest homebuilder in New Jersey
, as of September 2009.
, present-day Iraq
, in 1923. He was the oldest of four sons born to Stepan K. Hovnanian, a refugee from Armenia
who had settled in Iraq
. Stepan Hovnanian operated a construction
business in Kirkuk which held contracts with oil companies in the region.
in the aftermath of the 1958 Iraqi Revolution
, which overthrew the monarchy
of Faisal II of Iraq
. Most of his family also moved to the United States.
In 1959, Kevork and his three brothers - Hirair Hovnanian, Jirair Hovnanian
and Vahak Hovananian - each contributed $1,000 dollars, in addition to $20,000 which they borrowed, to found Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey
. Hirair, Jirair and Vahak left the company by 1969 to found their own enterprises. Hovnanian and his company earned a reputation to selling low cost condos and townhouse
s, many to first time young homewowners and families. A typical two-bedroom
, two bathroom
Hovnanian home built in the early 1980s cost approximately $30,000 because Hovnanian eliminated amenities such as communal swimming pool
s, which other builders used to attract potential buyers. In a New York Times interview in 1983, Hovnanian explained his reasoning for marketing low cost homes in developments without community amenities, "There are limited recreation
facilities going in because people have little time for socialization
."
Hovnanian Enterprises had built and sold more than 30,000 homes and condos by 1989. An additional 200,000 residences were sold between 1989 and 2009, as the company expanded its construction to include luxury
homes, mid-priced homes and retirement communities. It remains one the United States' largest builders of "active adult homes", which are sold under the name of Four Seasons communities.
Kevork Hovnanian stepped down as president of Hovnanian Enterprises in 1989, and was succeeded by his son, Ara K. Hovnanian. He remained chief executive until his retirement in 1997, and was also replaced as CEO by Ara Hovnanian. However, he remained the chairman of the company's board of directors
until his death in 2009.
The company relocated its corporate headquarters
to a new building on the banks of the Navesink River
in Red Bank, New Jersey
, in 2006.
Hovnanian left a number of philanthropic contributions during his life, especially in support of New Jersey
, Armenia
and the Armenian diaspora
. Much the focus of his philanthropy focused on medical facilities and hospitals. His contributions included the K. Hovnanian Pavilion at the Alton A. Hovnanian Emergency Care Center at Riverview Medical Center
in Red Bank and the K. Hovnanian Children's Hospital at Jersey Shore University Medical Center in Neptune, New Jersey
. He also contributed donations to New York Presbyterian Hospital in New York City
, which honored its benefactor by naming its cardiology
practice unit for the K. Hovnanian family.
Hovnanian donated a townhouse
in New York City for use as the official Armenian Mission to the United Nations
. Hovnanian also constructed homes for earthquake
victims in Armenia.
In 1986, Hovnanian constructed the St. Stepanos Armenian Church in the Elberon
section of Long Branch
in honor of his mother. The construction of the church fulfuilled a promise he had made to himself when he fled Iraq in the late-1950s.
.
Kevork Hovnanian died on September 24, 2009, at New York Presbyterian Hospital in New York City
at the age of 86. His memorial service
was held at St. Vartan Cathedral
in Manhattan
on October 3, 2009. The service was presided over by Archbishop Khajag Barsamian
.
He was survived by his wife of 60 years, Sirwart (Emily); daughters, Sossie Najarian, Esto Barry and Lucy Kalian and Nadia Rodriguez; and son, Ara Hovnanian. He was also survived by two of his brothers, Hirair and Vahak, both of whom live in Middletown, New Jersey, and 13 grandchildren.
The president of the New Jersey Builders Association, Michael H. Karmatz, called Hovnanian an "industry vanguard" following his death.
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
i-born Armenia
Armenia
Armenia , officially the Republic of Armenia , is a landlocked mountainous country in the Caucasus region of Eurasia...
n-American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman
Businessperson
A businessperson is someone involved in a particular undertaking of activities for the purpose of generating revenue from a combination of human, financial, or physical capital. An entrepreneur is an example of a business person...
and home builder, who founded Hovnanian Enterprises
Hovnanian Enterprises
Hovnanian Enterprises, Inc. is a United States real estate company involved in every aspect of marketing homes, including design, construction and sales. The company works with individual detached housing as well as higher-occupancy dwellings, including townhouses, condominiums and retirement homes...
in 1959. He remained the president and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Hovnanian Enterprises until his retirement in 1997. Despite some recent financial difficulties due to the 2008-2009 recession and financial crisis, Hovnanian Enterprises remains the sixth largest American homebuilder and the largest homebuilder in New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, as of September 2009.
Biography
Kevork Hovnanian was born in KirkukKirkuk
Kirkuk is a city in Iraq and the capital of Kirkuk Governorate.It is located in the Iraqi governorate of Kirkuk, north of the capital, Baghdad...
, present-day Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
, in 1923. He was the oldest of four sons born to Stepan K. Hovnanian, a refugee from Armenia
Armenia
Armenia , officially the Republic of Armenia , is a landlocked mountainous country in the Caucasus region of Eurasia...
who had settled in Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
. Stepan Hovnanian operated a construction
Construction
In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
business in Kirkuk which held contracts with oil companies in the region.
Career
Hovnanian took over the family's construction business after his father became ill. The company eventually employed more than 12,000 people in Iraq. However, Hovnanian fled to the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in the aftermath of the 1958 Iraqi Revolution
14 July Revolution
The 14 July Revolution was a coup which took place on 14 July 1958 in Iraq, marking the overthrow of the Hashemite monarchy established by King Faisal I in 1932 under the auspices of the British. In 1958, the coup overthrew King Faisal II, the regent and Crown Prince 'Abd al-Ilah, and Prime...
, which overthrew the monarchy
Monarchy
A monarchy is a form of government in which the office of head of state is usually held until death or abdication and is often hereditary and includes a royal house. In some cases, the monarch is elected...
of Faisal II of Iraq
Faisal II of Iraq
Faisal II was the last King of Iraq. He reigned from 4 April 1939 until July 1958, when he was killed during the "14 July Revolution" together with several members of his family...
. Most of his family also moved to the United States.
In 1959, Kevork and his three brothers - Hirair Hovnanian, Jirair Hovnanian
Jirair Hovnanian
Jirair S. Hovnanian was an Armenian Iraqi-American home builder based in New Jersey. Hovnanian's business developed and built over 6,000 houses throughout South Jersey.-Early life:...
and Vahak Hovananian - each contributed $1,000 dollars, in addition to $20,000 which they borrowed, to found Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey
Toms River, New Jersey
Toms River is a census-designated place and unincorporated area located within Toms River Township and is the county seat of Ocean County, New Jersey. It is part of a larger Toms River Township...
. Hirair, Jirair and Vahak left the company by 1969 to found their own enterprises. Hovnanian and his company earned a reputation to selling low cost condos and townhouse
Townhouse
A townhouse is the term historically used in the United Kingdom, Ireland and in many other countries to describe a residence of a peer or member of the aristocracy in the capital or major city. Most such figures owned one or more country houses in which they lived for much of the year...
s, many to first time young homewowners and families. A typical two-bedroom
Bedroom
A bedroom is a private room where people usually sleep for the night or relax during the day.About one third of our lives are spent sleeping and most of the time we are asleep, we are sleeping in a bedroom. To be considered a bedroom the room needs to have bed. Bedrooms can range from really simple...
, two bathroom
Bathroom
A bathroom is a room for bathing in containing a bathtub and/or a shower and optionally a toilet, a sink/hand basin/wash basin and possibly also a bidet....
Hovnanian home built in the early 1980s cost approximately $30,000 because Hovnanian eliminated amenities such as communal swimming pool
Swimming pool
A swimming pool, swimming bath, wading pool, or simply a pool, is a container filled with water intended for swimming or water-based recreation. There are many standard sizes; the largest is the Olympic-size swimming pool...
s, which other builders used to attract potential buyers. In a New York Times interview in 1983, Hovnanian explained his reasoning for marketing low cost homes in developments without community amenities, "There are limited recreation
Recreation
Recreation is an activity of leisure, leisure being discretionary time. The "need to do something for recreation" is an essential element of human biology and psychology. Recreational activities are often done for enjoyment, amusement, or pleasure and are considered to be "fun"...
facilities going in because people have little time for socialization
Socialization
Socialization is a term used by sociologists, social psychologists, anthropologists, political scientists and educationalists to refer to the process of inheriting and disseminating norms, customs and ideologies...
."
Hovnanian Enterprises had built and sold more than 30,000 homes and condos by 1989. An additional 200,000 residences were sold between 1989 and 2009, as the company expanded its construction to include luxury
Luxury real estate
Luxury real estate is the real estate market niche targeted at the highest socio-economic group of consumers. -Definition:The characteristics that define luxury real estate differ among countries...
homes, mid-priced homes and retirement communities. It remains one the United States' largest builders of "active adult homes", which are sold under the name of Four Seasons communities.
Kevork Hovnanian stepped down as president of Hovnanian Enterprises in 1989, and was succeeded by his son, Ara K. Hovnanian. He remained chief executive until his retirement in 1997, and was also replaced as CEO by Ara Hovnanian. However, he remained the chairman of the company's board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
until his death in 2009.
The company relocated its corporate headquarters
Corporate headquarters
Corporate headquarters is a term used to describe the entity at the top of a corporation to take full responsibility for the overall success of the corporation, ensures Corporate Governance...
to a new building on the banks of the Navesink River
Navesink River
The Navesink River is an estuary, approximately 8 mi long in Monmouth County, New Jersey, United States. It is surrounded by the communities of Middletown, Red Bank, Fair Haven and Rumson....
in Red Bank, New Jersey
Red Bank, New Jersey
-Demographics:As of the census of 2000, there were 11,844 people, 5,201 households, and 2,501 families residing in the borough. The population density was 6,639.1 people per square mile . There were 5,450 housing units at an average density of 3,055.0 per square mile...
, in 2006.
Philanthropy
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, Armenia
Armenia
Armenia , officially the Republic of Armenia , is a landlocked mountainous country in the Caucasus region of Eurasia...
and the Armenian diaspora
Armenian diaspora
The Armenian diaspora refers to the Armenian communities outside the Republic of Armenia and self proclaimed de facto independent Nagorno-Karabakh Republic...
. Much the focus of his philanthropy focused on medical facilities and hospitals. His contributions included the K. Hovnanian Pavilion at the Alton A. Hovnanian Emergency Care Center at Riverview Medical Center
Riverview Medical Center
Riverview Medical Center is a 476-bed acute care community hospital located in Red Bank, New Jersey, United States. It was incorporated in 1928 and began in a renovated boarding house on Union Street, with 29 beds, one operating room, a delivery suite, and facilities for six newborns...
in Red Bank and the K. Hovnanian Children's Hospital at Jersey Shore University Medical Center in Neptune, New Jersey
Neptune Township, New Jersey
-Demographics:As of the census of 2000, there were 27,690 people, 10,907 households, and 6,805 families residing in the township. The population density was 3,366.8 people per square mile . There were 12,217 housing units at an average density of 1,485.4 per square mile...
. He also contributed donations to New York Presbyterian Hospital in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, which honored its benefactor by naming its cardiology
Cardiology
Cardiology is a medical specialty dealing with disorders of the heart . The field includes diagnosis and treatment of congenital heart defects, coronary artery disease, heart failure, valvular heart disease and electrophysiology...
practice unit for the K. Hovnanian family.
Hovnanian donated a townhouse
Townhouse
A townhouse is the term historically used in the United Kingdom, Ireland and in many other countries to describe a residence of a peer or member of the aristocracy in the capital or major city. Most such figures owned one or more country houses in which they lived for much of the year...
in New York City for use as the official Armenian Mission to the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
. Hovnanian also constructed homes for earthquake
Earthquake
An earthquake is the result of a sudden release of energy in the Earth's crust that creates seismic waves. The seismicity, seismism or seismic activity of an area refers to the frequency, type and size of earthquakes experienced over a period of time...
victims in Armenia.
In 1986, Hovnanian constructed the St. Stepanos Armenian Church in the Elberon
Elberon, New Jersey
Elberon is an unincorporated area that is part of Long Branch in Monmouth County, New Jersey, United States. The area is served as United States Postal Service ZIP code 07740....
section of Long Branch
Long Branch
Long Branch may refer to:In geography:* Long Branch, New Jersey, United States* Long Branch, Pennsylvania, United States* Long Branch, Eastland County, Texas, United States* Long Branch, Panola County, Texas, United States...
in honor of his mother. The construction of the church fulfuilled a promise he had made to himself when he fled Iraq in the late-1950s.
Later life
Hovnanian resided in Rumson, New JerseyRumson, New Jersey
Rumson is a borough in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the borough population was 7,122.Rumson was formed as a borough by an act of the New Jersey Legislature on March 15, 1907, from portions of Shrewsbury Township, based on the results of a...
.
Kevork Hovnanian died on September 24, 2009, at New York Presbyterian Hospital in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
at the age of 86. His memorial service
Funeral
A funeral is a ceremony for celebrating, sanctifying, or remembering the life of a person who has died. Funerary customs comprise the complex of beliefs and practices used by a culture to remember the dead, from interment itself, to various monuments, prayers, and rituals undertaken in their honor...
was held at St. Vartan Cathedral
St. Vartan Cathedral
St. Vartan Cathedral in New York City is the first cathedral of the Armenian Apostolic Church to be constructed in North America. It is located in New York City on the corner of Second Avenue and Thirty-forth street and was built to resemble the St. Hripsime Church in Echmiadzin. St...
in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
on October 3, 2009. The service was presided over by Archbishop Khajag Barsamian
Khajag Barsamian
Archbishop Khajag Barsamian , born 1951, is the primate of Diocese of Armenian Church of America and the president of the Fund for Armenian Relief.-Early life and church career:...
.
He was survived by his wife of 60 years, Sirwart (Emily); daughters, Sossie Najarian, Esto Barry and Lucy Kalian and Nadia Rodriguez; and son, Ara Hovnanian. He was also survived by two of his brothers, Hirair and Vahak, both of whom live in Middletown, New Jersey, and 13 grandchildren.
The president of the New Jersey Builders Association, Michael H. Karmatz, called Hovnanian an "industry vanguard" following his death.