Trump announces economic team with close ties to real estate industry

Republican presidential nominee Donald Trump has named a 13-man economic advisory team made up of an array of bankers, billionaires, businessmen and real estate bigwigs including Steven Roth, chairman and CEO of Vornado Realty Trust, and Howard Lorber of Vector Group.

Republican presidential nominee Donald Trump has named a 13-man economic advisory team made up of an array of bankers, billionaires, businessmen and real estate bigwigs including Steven Roth, chairman and CEO of Vornado Realty Trust, and Howard Lorber of Vector Group.

Members of the team with established ties to the commercial real estate and finance markets also include Thomas Barrack Jr., founder and executive chairman of Colony Capital, a private equity firm with both commercial and residential lending platforms; and Steven Feinberg, co-founder and CEO of Cerberus Capital Management, an asset management firm which lists distressed securities and assets, corporate middle-market lending and distressed real estate among its specialties. 

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Roth

Roth, a regular speaker at real estate industry events, founded Vornado in 1980. Vornado, a real estate investment trust listed on the New York Stock Exchange (VNO), maintains a portfolio of mostly office and retail properties in New York City, Washington, DC and Chicago. The company also owns a stake in Toys “R” Us and a number of hotels and malls.

In 2015 Vornado sold 1740 Broadway in Manhattan to Blackstone for $605 million, and the company is developing 220 Central Park South, a towering residential condo building that will reportedly boast a four-floor mansion priced at $250 million. Vornado upsized its financing package on the 66-story tower to $950 million in September of last year.

Trump will “unveil his policy agenda for revitalizing the American economy” at the Detroit Economic Club on Monday, according to a statement from his campaign. “[It] will focus on empowering Americans by freeing up the necessary tools for everyone to gain economically,” the statement read.

Lorber is president and CEO of Vector Group, a real estate and consumer products firm, and he also serves as chairman of brokerage firm Douglas Elliman Realty. The economic advisory team, which is thus far all male, also includes Andy Beal, founder and chairman of Beal Bank and Beal Bank USA, and affiliates CSG Investments, Loan Acquisition Corporation, and CLG Hedge Fund; and Stephen Calk, founder, chairman and CEO of Federal Savings Bank and National Bancorp Holdings.

Tom Barrack, Andy Beal, Harold Hamm, Steve Mnuchin, John Paulson and Wilbur Ross round out the list. Additinal advisors include Dan DiMicco, David Malpass, Stephen Moore, and Peter Navarro.  

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