Richard LeFrak Net Worth

Richard LeFrak has an estimated net worth of $2.7 billion, according to Forbes Real-Time Billionaires, Richard LeFrak profile (figures as of October 20, 2026). That is down from a peak of $6 billion.

Richard LeFrak is an American real estate executive who leads LeFrak, a private family company based in New York City. He joined the business in 1968, became president in 1975, and took over as chairman and CEO in 2003 after his father Sam died. LeFrak owns, develops, and manages property, and it grew into one of the largest real estate developers in the New York area through projects focused on apartments and large mixed-use sites.

His wealth comes mainly from real estate. Major holdings include LeFrak City in Queens, a 20-building, 5,000-unit apartment complex, and large holdings in Newport, N.J., across from Manhattan. He also helped push the company beyond its core market, including purchases in California in 2008 and a South Beach, Miami stake in 2012. More recently, the company has been expanding into luxury projects and new markets, including the 184-acre SoLe Mia project in North Miami.

How Richard LeFrak built his fortune

LeFrak’s money is tied to a long-running real estate company that started in France in 1883 and later became a major force around New York City. Richard LeFrak and his father helped reshape the business into a huge regional developer and landlord. The company became known for apartments aimed at moderate-income tenants, especially in the areas around New York City, while also assembling large-scale mixed-use properties with offices, retail, hotels, parks, and schools.

One of the clearest examples is Newport in Jersey City. In 1986, LeFrak and his father started building on abandoned piers and rail yards there. The site grew into a 600-acre neighborhood with 8 office buildings, 13 apartment towers, 2 hotels, an urban beach, schools, a retail mall, and parks. The company also built a large investment portfolio with stakes in Affinity, Fig.1, and MakeSpace, adding venture-style investments alongside property income.

Forbes net worth and business changes

Forbes estimated Richard LeFrak’s net worth at $2.7 billion on its real-time billionaires tracker as of October 20, 2026. That places him in the real estate industry, with wealth tied mainly to his property holdings and related investments. His portfolio includes rent-stabilized apartments in New York, major land in Newport, N.J., and the SoLe Mia mixed-use development in North Miami, which Forbes describes as his biggest bet right now.

The Forbes estimate moved sharply over time. It was $6 billion in 2019, then $2.8 billion in 2020, later rose to $3.7 billion in 2022 and 2023, and was $3.5 billion in 2024 before easing again. Forbes notes that owners of rent-stabilized apartments were hit in June 2019 when New York lawmakers made it harder for landlords to raise rents. At the same time, LeFrak has kept expanding into luxury projects and new markets.