Speed Reads

Trump Transition

Donald Trump taps business partner, fellow developers, to head $1 trillion infrastructure plan

President-elect Donald Trump has tapped two fellow New York-area real estate developers and partners, Richard LeFrak and Steve Roth, to lead a council of 15 to 20 builders and engineers that will oversee his $1 trillion infrastructure proposal, Trump tells The Wall Street Journal. Trump and his transportation secretary nominee, Elaine Chao, propose that most of the improvements to America's roads, bridges, and other infrastructure be privately financed, encouraged through tax breaks of up to 82 percent for participating investors. Trump said that the council would throw out some proposed projects, and "some of the projects they'll expand. But all of the projects, they'll make sure we get a tremendous bang for the buck."

LeFrak (pictured), like Trump the wealthy scion of a New York real estate dynasty, has known Trump for decades and the two men socialize together. Roth, The Journal reports, is chairman and CEO of Vornado Realty Trust, which controls two of Trump's most valuable assets — the president-elect earned some $22.7 million pretax last year from the two projects, office buildings at 1290 Sixth Ave. in New York City and 555 California Street in San Francisco. Trump told The Wall Street Journal that he had just met with LeFrak and Roth, and "they've already agreed to do it." Neither man responded to The Journal's request for comment.