Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#197 Richard LeFrak $7.61B

Random fact: Owns LeFrak City, a 42-acre housing complex in Queens, New York.

Overview

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.

As of June 20, 2018:
Last change -$9.66M (-0.1%)
YTD change -$54.5M (-0.7%)
Industry Real Estate
Biggest asset Real Estate
Citizenship United States
Age 72
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Richard LeFrak's net worth of $7.61B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

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 Real Capital Analytics, Marcus & Millichap, STR and Douglas Elliman Real Estate. Known mortgage debt as aggregated by Real Capital Analytics has been subtracted from the real estate value.

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.

LeFrak owns less than 1 percent of Dorchester Minerals, according to a 2017 proxy statement filed to the SEC.

Stu Loeser, a spokesman for Richard LeFrak, declined to comment on the billionaire's net worth calculation in December 2017.

Biography

Birthdate: 8/29/1945
Family: Married, 2 children
Education: 1998, Columbia Graduate School of Business 1967, Graduated, Amherst College

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.

Milestones
  • 1945 Richard LeFrak is born in New York.
  • 1948 Father, Sam, takes over as president of LeFrak Organization from Harry.
  • 1960 Sam starts development of LeFrak City in Queens, New York.
  • 1967 Graduates cum laude from Amherst College.
  • 1968 Joins the LeFrak Organization.
  • 1970 Receives law degree from Columbia Law School.
  • 1975 Becomes president of the LeFrak Organization.
  • 2003 Sam LeFrak dies; Richard replaces his father as chairman and CEO.