LeFrak to convert Rego Park office tower to luxury rentals

TRD New York /
Oct.October 10, 2011 09:15 AM

Richard LeFrak

The LeFrak Organization will redevelop a 13-story office tower in Rego Park into 108 luxury rental apartments, according to the Wall Street Journal. The project marks a return for the developer to the city, where it said it would no longer build because of the rising costs of construction. In fact, it’s the company’s first project in the city in 28 years.

The office building was constructed 50 years ago by LeFrak Organization CEO Richard LeFrak’s father, Samuel LeFrak, during a time when the developer was building housing geared towards the middle-income residents of the borough, most notably nearby LeFrak City.
The office tower redevelopment aims to appeal to luxury renters.

However, in recent years, LeFrak has repeatedly said the cost of development is too high to build in New York City. The organization has focused its attention on New Jersey, including a massive development in Newport, New Jersey. The Journal noted that the sentiment has been passed on to Richard’s sons, Harry and James, who have begun to take executive roles within the company. Though they say they are committed to the city, James LeFrak vented his frustration to the Journal, saying local politicians “seem to abhor the private ownership of property.” [WSJ]


Related Articles

arrow_forward_ios
Gateway Plaza and Richard LeFrak (Credit: Getty Images)

LeFrak settlement over scorching and freezing apartments adds up to $42M

A new rent law is causing confusion (Credit: iStock)

Widespread confusion over preferential rents opens the door for rent hikes

New Jersey Cheat Sheet: Jersey City office tower sells for $170M, Mack-Cali buys Metropark building amid big portfolio sale… & more

New Jersey Cheat Sheet: Jersey City office tower sells for $170M, Mack-Cali buys Metropark building amid big portfolio sale… & more

Jamie LeFrak in contract to buy Pine Tree Drive spec mansion: sources

Jamie LeFrak in contract to buy Pine Tree Drive spec mansion: sources

Kenny Liu plans resi tower at former Catholic Church site in Queens

Kenny Liu plans resi tower at former Catholic Church site in Queens

Here’s what the $20M-$30M NYC investment sales market looked like last week

Here’s what the $20M-$30M NYC investment sales market looked like last week

These two real estate execs bailed on Gov. Cuomo’s Gateway tunnel tour

These two real estate execs bailed on
Gov. Cuomo’s Gateway tunnel tour

How loyal is LeFrak?

How loyal is LeFrak?

arrow_forward_ios
Loading...