Early Life
Richard LeFrak was born in New York City in 1945 to Samuel J. LeFrak, a pioneering real estate developer, and Ethel Stone LeFrak. He grew up in a Jewish family deeply involved in the building industry. LeFrak's early life was shaped by the family business, which was founded by his great-grandfather Aaron LeFrak in 1901, and then expanded by his father, Samuel. He attended Amherst College, graduating cum laude, and later earned a Juris Doctor from Columbia University.
Rise to Success
LeFrak joined the family's real estate firm in 1968, ascending to the role of president in 1975. In 2003, he became the Chairman and CEO following his father's death. Under his leadership, the LeFrak Organization expanded its portfolio, undertaking projects like the development of Newport in Jersey City. LeFrak is known for his innovative approach to development. LeFrak's company is one of the largest real estate developers in the New York area, with holdings that include LeFrak City, a 20-building apartment complex in Queens.
Key Business Strategies
LeFrak's leadership style emphasizes empowering employees and fostering collaboration to achieve shared goals. He focuses on innovation, encouraging his team to think creatively. The LeFrak Organization has adapted to changing market demands, investing in sustainable structures and expanding its presence, with an emphasis on community development.
Philanthropy
Richard LeFrak presides over the Richard S. and Karen LeFrak Charitable Foundation. The foundation supports various causes, including arts, education, health services, and Jewish causes. In 2023, the foundation awarded $3.6 million in grants. LeFrak's philanthropic efforts reflect a family tradition of community-focused giving.
