Richard LeFrak’s profile picture

Richard LeFrak

Richard LeFrak’s profile picture
Net worth 2018: $5.65 Billion
Industry: Real Estate
Residence: New York, New York
Country: United States
BirthDay: 1945
Children: 2
Education: Bachelor of Arts / Science, Amherst College; Doctor of Jurisprudence, Columbia University
BIOGRAPHY

Richard LeFrak was bornon 1945 in New York, New York, United States. Richard LeFrak is #330 in List Billionaires People In The World. Richard LeFrak became CEO of the LeFrak Organization in 2003 when his father Sam died. The father-son team transformed the business, which started in France in 1883, into one of the largest real estate developers in the New York area. Holdings include LeFrak City - a 20 building, 5,000-unit apartment complex in Queens - and hundreds of acres across from Manhattan to Newport, N.J. Known for apartments for moderate-income tenants in the areas around New York City, LeFrak has recently been expanding into luxury and new markets. LeFrak sat on President Donald Trump's infrastructure council before it was disbanded in August 2017. Trump and LeFrak are longtime friends.

NET WORTH STATISTIC
2009

$4 Billion

2010

$4.3 Billion

2011

$5 Billion

2012

$5.2 Billion

2013

$5.6 Billion

2014

$5.8 Billion

2015

$6.1 Billion

2016

$6.7 Billion

2017

$6.5 Billion

2018

$5.65 Billion

The real estate business is just a proxy for the demographics of a community. If a community is growing, the real estate business benefits from it. If the community is shrinking, then the real estate business gets damaged.

Richard LeFrak
TIMELINE
Richard LeFrak (born 1945) is an American businessman. He is chairman and CEO of LeFrak, a privately held, family-run company based in New York City that owns, develops, and manages real estate. He is one of the biggest landlords in the NY tri-state area.LeFrak was born in 1945 to a Jewish family in New York City, one of four children of Ethel Stone and real estate developer Samuel J. LeFrak. LeFrak received a B.A. and graduated cum laude from Amherst College. LeFrak also holds a J.D. from Columbia University. In 1998, LeFrak received an honorary doctorate degree from Amherst College.LeFrak joined his family's real estate firm, LeFrak, in 1968. In 1975 he was appointed president. In 2003, he was elected chairman and CEO following the death of his father, Samuel J. LeFrak. In 1986 LeFrak and his father began building in Jersey City, New Jersey on the site of abandoned piers and rail yards. The area is now known as Newport, a 600-acre neighborhood with 8 office buildings, 13 apartment towers, 2 hotels, an urban beach, schools, a retail mall, and parks.LeFrak is also credited with leading the LeFrak organization’s expansion and diversification outside of the New York area. In 2008 the company purchased a 12-story office building on Hollywood Boulevard as well as a medical building in Beverly Hills, California. In 2012 LeFrak purchased a stake in a South Beach, Miami luxury mixed-use property, including a hotel formerly known as the Gansevoort. The project is expected to open in early 2014 as the eco-minded 1 Hotel Homes.LeFrak was ranked #16 on the Commercial Observer's Real Estate Power 100 in 2013, # 20 in 2012, #20 in 2011, #10 in 2010, #18 in 2009, and #64 in 2008.LeFrak currently sits on the board of directors of the Prostate Cancer Foundation and is a member of the board of trustees of the American Museum of Natural History. From 1995 to 2007, he was a board member of Smith & Wollensky. Previously, he served on the board of trustees of Amherst College and Trinity School; was a member of the New York State Banking Board; and served as director of BankUnited, Florida.LeFrak presides over the Richard S. and Karen LeFrak Charitable Foundation, a private charity whose mission includes the support of charitable organizations.In 2017, St. Joseph's Chapel, the Catholic September 11 Memorial at the World Trade Center, located in the Gateway Plaza in Battery Park City, was threatened with closure due to the St. Peter's parish's reluctance or inability to pay a tripling of its rent by a management company run by LeFrak corporation and partners.He is married to Karen Tucker, a children's author. They live in New York and Southampton. They have two sons:
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