Richard LeFrak and Family Net WorthReal Name: Richard LeFrak and Family
Date of Birth: 1/1/1945
Place of Birth: New York, New York
2017 Net Worth: $6.5 Billion
Profession: Real estate developer and investor
Richard LeFrak and Family Biography
Richard LeFrak was born in New York City in 1945, one of four children that were born to Samuel LeFrak, a real estate developer. LeFrak attended Amherst College where he received a Bachelor’s degree and graduated cum laude. He also has a J.D. from Columbia University.
LeFrak joined the family real estate business in 1968. He was made president in 1975 and when his father passed away in 2003, he was elected CEO and chairman.
LeFrak and his father began building in Jersey City, New Jersey in 1986. At the time, the area was nothing more than abandoned rail road yards and decaying piers. This area is now known as Newport, a 600 acre neighborhood which boasts 13 apartment buildings, 2 hotels, 8 office buildings, an urban beach, a shopping mall, schools, and parks.
With LeFrak at the helm, the family business has steadily increased its holdings of hotel, retail, office, and residential developments. LeFrak and his family are now among the biggest landlords in the New York area. In the past 10 years, the LeFrak family has now expanded its holdings in San Francisco, Miami, Washington state, and Los Angeles. Although his grandfather, Harry, actually began buying real estate in 1901, Richard LeFrak will tell you that he paid for and worked for his stake in the company, that he did not merely inherit it. LeFrak’s sons, Harrison and James, are now involved in the family business. The LeFrak family now owns more than 16 million square feet of residential, retail, and commercial property as well as more than 5,000 apartments in LeFrak City in Queens, New York, as well as 4,000 apartments on the West coast, from Seattle to Los Angeles.
Richard LeFrak and his family have a net worth of $6.5 billion, which makes this family one of the biggest and richest real-estate dynasties in America.