LeFrak owns LeFrak Organization, a New York City-based real estate company with more than 400 buildings. The business manages residential and commercial developments, including more than 4 million square feet of retail floor space. It also has an energy division with interests in about 800 oil and gas wells.
Richard LeFrak's net worth of $6.41B can buy ...
... and is equivalent to ...
The majority of LeFrak’s fortune is derived from LeFrak Organization, a New York-based real estate developer. LeFrak organization has more than 400 buildings, more than 4 million square feet of retail floor space, and stakes in about 800 oil and gas wells, according to its website.
Each property is valued individually based on average annual occupancy rates, rent per square foot and capitalization rates according to data from Bloomberg Intelligence, Real Capital Analytics, STR, Cushman & Wakefield and REIS. Known mortgage debt has been subtracted from the real estate value. The valuation was updated on March 3, 2019 to reflect the latest property values and this led to a decrease in the calculation of about $1.6 billion.
Through LeFrak Organization, the billionaire also owns interests in approximately 860 on-shore producing oil and gas wells, and mineral interests across 10 states. The value of these oil, gas, and mineral interests was given by a person with knowledge of the company in January 2016. Their value has been adjusted based on an S&P oil and gas index since then.
Stu Loeser, a spokesman for Richard LeFrak, declined to comment on the billionaire's net worth.
Born into one of New York City's most prominent real estate families, Richard LeFrak began working for the LeFrak Organization after graduating from Amherst College in 1967. He became president in 1975 and took over as chairman and chief executive officer after his father, Sam LeFrak, died in 2003. His grandfather, Harry LeFrak, immigrated to the U.S. from Palestine in 1900, and began developing real estate in Brooklyn. The family grew to prominence after Harry's son, Sam, developed LeFrak City in the 1960s, a 42-acre housing complex in the borough of Queens, New York.
Richard LeFrak's main contribution to the family business is developing the Newport community in Jersey City, New Jersey, across the river from Manhattan. Construction began on the development in 1986, and when completed, it is expected to house more than 30,000 residents situated along 1.5 miles on the Hudson River. LeFrak's sons, Harrison and James, work as executives at the company, and represent the fourth generation of LeFraks in the real estate business.