The real estate industry is set to witness another mega-divorce.
Harrison LeFrak, the billionaire scion of the LeFrak Organization, is reportedly set to split from his wife, Katherine Embiricos LeFrak, Page Six reported.
The couple had a son in 2019 and married within the last five years. One insider told the publication the decision to part ways was Harrison’s, while another said the decision was mutual.
Harrison is the co-managing director of the LeFrak Organization, which is run by his father, Richard. Katherine, meanwhile, is an heir to the Embiricos Greek shipping company.
“This is a family matter that should be resolved privately and amicably in the best interests of a young child, and Mr. LeFrak will do everything possible to reach that resolution,” a spokesperson for the family told the publication.
Three years ago, Harrison paid $10.1 million for a penthouse in the south tower of the Four Seasons Residences at the Surf Club in Surfside, Florida. Harrison’s father and brother also have Miami-area homes, including a Surf Club penthouse residence for Richard.
The LeFraks are one of the biggest real estate dynasties in the U.S., estimated to be worth $6.6 billion by Forbes in 2015. The family’s major holdings include LeFrak City in Queens, which covers 40 acres and contains 20 apartment buildings with 5,000 units.
Last year, LeFrak bought the Marina Del Rey apartments in Miami Beach’s Normandy Isle for $24.5 million. The company is also co-developing the SoLé Mia project in North Miami with Turnberry Associates. Last year, the developers secured a $32 million construction loan for the project.
[Page Six] — Holden Walter-Warner