Who

One of the city's largest real estate developers, LeFrak controls some 70,000-plus apartments in New York and New Jersey, most famously (and most eponymously) LeFrak City in Queens.

Backstory

The LeFrak family's ties to real estate date back to 19th century France, but it was Richard's grandfather, Harry, who established a U.S. presence in the early part of the 20th century when he started acquiring small walk-ups in Williamsburg and Bed-Stuy. Richard's father, Samuel, eventually took over the business and it was under him that the LeFrak Organization became a powerhouse: The company built more middle-income housing than any other private developer in post-WWII New York, constructing dozens of six-story brick apartment buildings throughout Brooklyn and Queens by recycling the same architectural plan and buying construction materials in bulk.

In 1960, Sam embarked on his biggest project yet when he built 20 18-story buildings on swampland in Queens; at $150 million, the depressing, drab development that came to be known as LeFrak City was the largest privately financed apartment development in the world at the time. In the '80s, Sam moved into the Jersey market (converting 600 acres of railroad yards into a $10 billion mixed-use development complex called Newport) and lower Manhattan (he built the Gateway Plaza complex) and branched out into other businesses, launching LeFrak Oil & Gas Organization and even a record label (where he signed Barbara Streisand and Dolly Parton). Sam's son, Richard, joined the business in the '70s, after earning degrees from Amherst and Columbia Law School. He inherited the title of chairman upon his father's death in 2003.

Of note

The mammoth LeFrak empire now consists of some 70,000 apartments and more than 12 million square feet of commercial space. The company is particularly active in Newport where it dominates the skyline and owns 11 residential buildings, eight office buildings, a marina, a 187-room hotel, and a 1.2-million-square-foot mall. (It will soon own more—an additional four apartment buildings and another hotel are being erected.) But in a big change for the Lefrak Organization, as of late Richard and his sons have been gravitating away from the cookie-cutter, low-priced properties that have been their bread-and-butter for years and focusing their energies on ritzier developments. Several years ago, Lefrak moved from its longtime headquarters in Queens to what was then its only true trophy property, 40 West 57th Street. The Lefraks have since bought a crop of buildings in the Golden Triangle section of Beverly Hills, started plotting a luxury condo on Hollywood Boulevard, and begun sniffing around for a primo large development site in London. In a further move to distance themselves from their low-rent past, in May 2007 they unloaded a collection of second-rate apartment buildings in Brooklyn and Queens for $250 million.

Keeping score

Forbes estimated the LeFrak family's net worth at $4.5 billion in 2008.

Board game

LeFrak previously held a seat on the board of Alan Stillman's recently-sold Smith & Wollensky Group. On the non-profit front, he remains on the boards of the Museum of Natural History and his alma mater, Amherst.

Personal

Richard and his socialite wife, Karen LeFrak, have two sons, Harrison and Jamie, both of whom are execs at the LeFrak Organization. (Harrison works on financial issues and Jamie focuses on the residential arm.) Two of his three sisters, Denise LeFrak Calicchio and Francine LeFrak, are also well-known socialites. Richard and his wife live in an East 73rd Street townhouse previously owned by Alex von Furstenberg; they purchased the home for $14.5 million in 2005. They also have a summer mansion in Southampton where Karen tends to her beloved collections of poodles. (The dogs have their own room in the manse.) For his part, Richard spends his leisure time at the nearby Atlantic Golf Club in Bridgehampton—he's the club's chairman and the sole member of the membership committee.

True story

It's pronounced Le-FRAK. But it didn't used to be: Richard's grandfather Harry spelled the named Lefrak and prounced it LEF-rack; Sam was responsible for capitalizing the "F" and switching which syllable is emphasized.