From the Real Deal:
New York hasn't heard much from the LeFraks -- one of the city's true real estate dynasties -- in a while, and there's a reason.
Unlike a lot of developers now hawking $1 million apartments or struggling to finance half-completed projects, the LeFraks got out of the condo business just in time, instead focusing on rentals and buying up commercial properties in Los Angeles, Richard LeFrak, chairman and chief executive of the LeFrak Organization, told The Real Deal in a discussion about the market, for a cover story in the February issue.
The LeFraks, who operate a family business stretching back five generations, will soon celebrate the grand opening of the new Westin Jersey City in their Newport development, which has some 880 condos and 3,480 rental apartments, on the waterfront in Jersey City. A new rental tower, the Aquablu, is slated for occupancy this spring. Their most recent condo project, the sold-out Shore Condominium Residences at Newport, went on the market in February 2008, months before New York began feeling the effects of the nationwide housing downturn.
But once the Aquablu is completed, LeFrak will have no new construction projects underway in the New York City area.