Trump Names Two New York Developers to Monitor $1 Trillion Infrastructure Plans

January 17, 2017

The Wall Street Journal reports President-elect Trump has asked Richard LeFrak and Steven Roth, both New York developers, to manage an oversight council consisting of the country’s top builders and engineers. “Some of the projects they’ll throw out. Some of the projects they’ll expand. But all of the projects, they’ll make sure we get a tremendous bang for the buck,” Trump said.

The Journal's report also mentions that Roth is chairman and chief executive of Vornado Realty Trust, a large real-estate investment trust that owns high profile office and retail property in New York, Washington, D.C. and other cities. Vornado controls two of Trump’s most valuable assets: 30 percent stakes in office buildings in Manhattan and San Francisco. Trump’s annual pretax income from the two assets comes to roughly $22.7 million, according to a financial services firm’s analysis last year of Vornado filings with the Securities and Exchange Commission.

Trump has known the LeFrak family for many years, Richard LeFrak supporting Trump at the Republican Convention last year.

Read the article here.