Richard LeFrak

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Richard LeFrak
BornRichard S. LeFrak
1945
BirthplaceNew York City, U.S.
NationalityAmerican
OccupationReal estate executive, businessman
Known forChairman and CEO of LeFrak
EducationColumbia University (JD)
Spouse(s)Karen Tucker
Children2

Richard S. LeFrak (born 1945) is an American billionaire businessman who serves as chairman and chief executive officer of LeFrak, a privately held, family-run real estate company based in New York City.[1] The company, which owns, develops, and manages real estate across the United States, ranks among the largest privately held real estate development firms in the country and has been in the LeFrak family for four generations.[2] Richard LeFrak is the third generation to lead the firm, having assumed the role of CEO in 2003 following the death of his father, Samuel J. LeFrak, who had built the company into one of the most prolific residential real estate enterprises in the New York metropolitan area.[1] Under Richard LeFrak's leadership, the company has expanded its geographic reach well beyond its traditional base in New York and New Jersey, developing properties in Los Angeles, Miami, and other markets.[3] The LeFrak family is one of the biggest landlords in the New York tri-state area, with a portfolio encompassing many thousands of apartments and substantial commercial holdings.[3]

Early Life

Richard S. LeFrak was born in 1945 in New York City into one of the city's most prominent real estate families.[1] His father, Samuel J. LeFrak, was a towering figure in New York real estate who led the family company for decades and became known as a master of mass housing construction.[4] The LeFrak family's involvement in real estate dates back to the early twentieth century, making Richard a member of the third generation in what has since become a four-generation real estate dynasty.[3][5] The firm has been described as one of the few fourth-generation real estate developers still operating as a family enterprise, with approximately 120 years of history as of 2025.[5]

Growing up in New York City, Richard LeFrak was immersed in the family business from an early age. His father Samuel had transformed the company from a modest building operation into a major force in residential construction, most notably through the development of LeFrak City, a massive residential complex in the Rego Park neighborhood of Queens, which at its completion in the 1960s was one of the largest privately built housing developments in the United States.[4] The elder LeFrak's approach to real estate — emphasizing scale, efficiency, and the provision of middle-class housing — would serve as a foundation for Richard's own career in the industry.

Education

Richard LeFrak attended Amherst College, a private liberal arts college in Amherst, Massachusetts, where he earned a Bachelor of Arts degree.[6] He subsequently pursued legal studies at Columbia Law School at Columbia University in New York City, where he obtained a Juris Doctor degree.[7] His legal education provided him with a background in contract law, corporate governance, and real estate law that would prove valuable in managing the complex operations of a large-scale real estate enterprise. Richard LeFrak later served on the Board of Trustees of Amherst College, maintaining a relationship with his undergraduate alma mater.[6]

Career

Working with Samuel J. LeFrak

After completing his education, Richard LeFrak joined the family business, working alongside his father Samuel J. LeFrak. The father-son team worked together to transform the business over the following decades, expanding beyond the company's traditional focus on large-scale residential construction in the New York City boroughs.[1] Samuel LeFrak, who had led the firm since the mid-twentieth century, was known for his ambitious development projects and his ability to deliver housing at scale. Under the joint leadership of father and son, the company began diversifying both its portfolio and its geographic footprint.

One of the most significant undertakings during this period was the development of Newport, a large-scale, mixed-use waterfront development on the Hudson River in Jersey City, New Jersey. The Newport project represented a major evolution in the LeFrak family's approach to real estate, moving beyond the purely residential mass-housing model that Samuel LeFrak had pioneered. The development ultimately grew to encompass residential towers, office space, retail, parks, and other amenities along the Jersey City waterfront. In May 2012, the last phase of the Newport development began, representing the culmination of decades of planning and construction.[8] That same month, Richard LeFrak and New Jersey Governor Chris Christie appeared together to open a waterfront park at the Newport development.[9]

Leadership as CEO

Samuel J. LeFrak died on April 16, 2003, at the age of 85.[4][10] Richard LeFrak became CEO of the LeFrak Organization (later known simply as LeFrak) in 2003, assuming full leadership of the company.[1] The transition from father to son marked a new era for the company, as Richard LeFrak pursued an aggressive strategy of geographic expansion and portfolio diversification while maintaining the firm's core holdings in the New York metropolitan area.

Under Richard LeFrak's leadership, the company built and acquired many thousands of apartments in New York, New Jersey, Los Angeles, and other markets.[3] The firm maintained its position as one of the largest landlords in the tri-state area while expanding into new geographies and asset classes.

Hospitality and Hotel Ventures

Richard LeFrak also oversaw the company's expansion into the hospitality sector. In Miami Beach, the company was involved in the transformation of the former Gansevoort South hotel property, which was relaunched under new branding.[11] The property subsequently became the 1 Hotel South Beach, part of the environmentally focused 1 Hotels brand.[12]

Miami Expansion

In the 2020s, Richard LeFrak significantly expanded the company's presence in South Florida, particularly in Miami. The Commercial Observer noted in 2025 that LeFrak had been "putting on a clinic in Miami," building a substantial portfolio of properties in the region.[3] This expansion reflected broader trends in the real estate industry, as developers and investors increasingly shifted attention to fast-growing Sun Belt markets. In March 2025, the One Park Tower by Turnberry — a luxury condominium project in which LeFrak was involved — held a topping-off event that drew approximately 500 industry attendees and marked the sale of 75 percent of the project's 299 luxury condominiums.[13]

New York Portfolio Management

While expanding nationally, LeFrak continued to manage and adjust its substantial New York City real estate holdings. In November 2025, LeFrak sold multifamily buildings in the Rego Park neighborhood of Queens for $33 million, which ranked among the top real estate deals in New York City for that period.[14] The sale of properties in Rego Park was notable given the area's historical significance to the LeFrak family, as it was the location of LeFrak City, the family's landmark housing complex.

In October 2025, the New York State tenant protection unit reached a settlement with the LeFrak organization over illegal water surcharges levied on tenants. The settlement, which totaled $3.1 million, was described as the largest fine yet imposed by the state's tenant protection unit.[15]

Corporate Governance and Succession

In February 2025, LeFrak made a significant organizational change by naming Adam Silfen as the first non-family member to join the company's executive team in its approximately 120-year history.[2][5] The move was seen as a notable departure for the firm, which had operated exclusively under family leadership since its founding. The appointment reflected the growing complexity of the company's operations and the challenges of managing a multi-billion-dollar real estate portfolio across multiple markets. With Richard LeFrak's children representing the fourth generation of the family in the business, the addition of a non-family executive signaled a potential evolution in the company's governance structure.[3]

Personal Life

Richard LeFrak is married to Karen Tucker LeFrak.[16] The couple has two children.[7] Karen LeFrak is an author and has been involved in various philanthropic and cultural endeavors.

Richard LeFrak maintains a residence in the Palm Beach, Florida, area, where he is among the billionaires in proximity to Donald Trump's Mar-a-Lago club.[17]

LeFrak has been involved in philanthropic activities through the LeFrak Charitable Foundation. The foundation has supported educational initiatives, including funding school visits to the American Museum of Natural History in New York City.[18] Richard LeFrak has served on the Board of Trustees of the American Museum of Natural History.[19] He has also served on the Board of Trustees of Amherst College, his undergraduate alma mater.[6]

The LeFrak name is also associated with healthcare philanthropy; NewYork-Presbyterian Hospital features the LeFrak name in connection with its robotic surgery center.[20]

Recognition

Richard LeFrak has been recognized as one of the most influential figures in New York real estate. He appeared repeatedly on the Commercial Observer's Power 100 list, an annual ranking of the most powerful people in New York real estate.[21][22] Similarly, the New York Observer (predecessor publication to the Commercial Observer) included LeFrak on its 100 Most Powerful People in New York Real Estate list in multiple years, including 2008, 2009, 2010, and 2011.[23][24][25][26]

Forbes has tracked the LeFrak family's wealth, listing Richard LeFrak and his family among the wealthiest individuals in the United States. The magazine has profiled LeFrak's leadership of the company and the transformation of the business under his guidance.[1]

Legacy

The LeFrak family's impact on the built environment of the New York metropolitan area spans more than a century. Under Richard LeFrak's leadership, the company has evolved from its origins as a New York City–focused residential builder into a diversified, national real estate enterprise with holdings spanning multiple property types and geographies.[3][2]

The Newport development on the Jersey City waterfront stands as one of the most significant real estate projects in the history of the New York metropolitan area. The transformation of the Jersey City waterfront from an industrial area into a thriving mixed-use community represented a model for large-scale urban waterfront redevelopment. The project took decades to complete and reshaped the character of the Hudson River waterfront.[8]

Richard LeFrak's decision in 2025 to bring the first non-family executive into the company's leadership structure marked a potential turning point in the firm's governance, as it adapted to the challenges of managing an increasingly complex and geographically dispersed portfolio while maintaining continuity with its family-owned heritage.[5][2] The company's expansion into Miami and other markets under his leadership reflected a strategic vision of growth beyond the firm's New York roots.

The family's philanthropic contributions — including support for the American Museum of Natural History, NewYork-Presbyterian Hospital, and educational programs — have also left a mark on New York City's cultural and healthcare institutions.[18][20]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Richard LeFrak & family".Forbes.April 1, 2025.https://www.forbes.com/profile/richard-lefrak/.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 2.2 2.3 "LeFrak Names First Non-Family Member to Executive Team".PR Newswire.February 27, 2025.https://www.prnewswire.com/news-releases/lefrak-names-first-non-family-member-to-executive-team-302387237.html.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 "New York's Richard LeFrak Has Been Putting On a Clinic in Miami".Commercial Observer.May 7, 2025.https://commercialobserver.com/2025/05/richard-lefrak-miami-sole/.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 "Samuel J. LeFrak, Master of Mass Housing, Dies at 85".The New York Times.April 17, 2003.https://www.nytimes.com/2003/04/17/nyregion/samuel-j-lefrak-master-of-mass-housing-dies-at-85.html?pagewanted=all&src=pm.Retrieved 2026-02-24.
  5. ↑ 5.0 5.1 5.2 5.3 "Real estate firm LeFrak names first nonfamily member to executive team".CoStar.March 3, 2025.https://www.costar.com/article/706572427/120-year-real-estate-firm-lefrak-names-first-non-family-member-to-executive-team.Retrieved 2026-02-24.
  6. ↑ 6.0 6.1 6.2 "Trustees".Amherst College.http://www3.amherst.edu/magazine/issues/05fall/college_row/trustees.html.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 "Richard S. LeFrak".Bloomberg Businessweek.http://investing.businessweek.com/research/stocks/private/person.asp?personId=44266998&privcapId=184021&previousCapId=184021&previousTitle=LeFrak%20Organization%20Inc..Retrieved 2026-02-24.
  8. ↑ 8.0 8.1 "For Newport in Jersey City, Last Phase of Development Begins".The New York Times.May 1, 2012.https://www.nytimes.com/2012/05/01/nyregion/for-newport-in-jersey-city-last-phase-of-development-begins.html?_r=4&.Retrieved 2026-02-24.
  9. ↑ "LeFrak, Christie Open NJ Waterfront Park".The Real Deal.May 3, 2012.http://therealdeal.com/blog/2012/05/03/lefrak-christie-open-nj-waterfront-park/.Retrieved 2026-02-24.
  10. ↑ "Paid Notice: Deaths — LeFrak, Samuel J.".The New York Times.April 18, 2003.https://www.nytimes.com/2003/04/18/classified/paid-notice-deaths-lefrak-samuel-j.html?pagewanted=all&src=pm.Retrieved 2026-02-24.
  11. ↑ "Former Gansevoort to Relaunch".Miami Herald.February 6, 2013.http://www.miamiherald.com/2013/02/06/3221163/former-gansevoort-to-relaunch.html.Retrieved 2026-02-24.
  12. ↑ "1 Hotel South Beach".1 Hotels.http://1hotels.com/southbeach/.Retrieved 2026-02-24.
  13. ↑ "500 industry players turn out for One Park Tower topping-off event".South Florida Agent Magazine.March 25, 2025.https://southfloridaagentmagazine.com/slideshows/500-industry-players-turn-out-for-one-park-tower-by-turnberry-topping-off-event/.Retrieved 2026-02-24.
  14. ↑ "NYC's top deals: LeFrak offloads Rego Park multifamily buildings for $33M".The Real Deal.November 11, 2025.https://therealdeal.com/new-york/2025/11/11/new-york-top-real-estate-deals-monday-nov-10-2025/.Retrieved 2026-02-24.
  15. ↑ "State hits real estate giant with $3.1M fine for charging illegal water fees".Crain's New York Business.October 3, 2025.https://www.crainsnewyork.com/real-estate/lefrak-settles-hochul-administration-over-water-surcharges.Retrieved 2026-02-24.
  16. ↑ "About Karen".KarenLeFrak.com.http://www.karenlefrak.com/about-karen/index.php.Retrieved 2026-02-24.
  17. ↑ "10 Billionaires Who Are Neighbors With Donald Trump".AOL.com.June 3, 2025.https://www.aol.com/10-billionaires-neighbors-donald-trump-133759284.html.Retrieved 2026-02-24.
  18. ↑ 18.0 18.1 "Gift from LeFrak Charitable Foundation Supports NYC School Visits".American Museum of Natural History.http://www.amnh.org/explore/news-blogs/news-posts/gift-from-lefrak-charitable-foundation-supports-nyc-school-visits.Retrieved 2026-02-24.
  19. ↑ "Board of Trustees".American Museum of Natural History.http://www.amnh.org/about-us/board-of-trustees.Retrieved 2026-02-24.
  20. ↑ 20.0 20.1 "LeFrak Robotic Surgery".NewYork-Presbyterian Hospital.http://nyp.org/news/hospital/lefrak-robotic-surgery.html.Retrieved 2026-02-24.
  21. ↑ "The Power 100".Commercial Observer.http://commercialobserver.com/power-100/the-power-100-slideshow/.Retrieved 2026-02-24.
  22. ↑ "Real Estate Power 100".Commercial Observer.2012.http://commercialobserver.com/2012/05/real-estate-power-100/#slide79.Retrieved 2026-02-24.
  23. ↑ "The 100 Most Powerful People in New York Real Estate (2011)".New York Observer.2011.http://observer.com/2011/05/the-100-most-powerful-people-in-new-york-real-estate-2/.Retrieved 2026-02-24.
  24. ↑ "Power 100: The Most Powerful People in New York Real Estate (2010)".New York Observer.2010.http://observer.com/2010/05/power-100-the-most-powerful-people-in-new-york-real-estate/.Retrieved 2026-02-24.
  25. ↑ "The Power 100: The Most Powerful People in New York Real Estate (2009)".New York Observer.2009.http://observer.com/2009/06/the-power-100-the-most-powerful-people-in-new-york-real-estate/#slide19.Retrieved 2026-02-24.
  26. ↑ "The 100 Most Powerful People in New York Real Estate (2008)".New York Observer.2008.http://observer.com/2008/05/the-100-most-powerful-people-in-new-york-real-estate/5/.Retrieved 2026-02-24.

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