Richard LeFrak plans big Miami push

1 Hotel & Homes South Beach pool area (inset: Richard LeFrak)
1 Hotel & Homes South Beach pool area (inset: Richard LeFrak)

New York real estate titan Richard LeFrak plans to make a big push in Miami.

While promoting his 1 Hotel & Homes South Beach, LeFrak told the Daily Business Review his LeFrak Organization is on the hunt for major Miami acquisitions. The 2399 Collins Avenue project is LeFrak’s first in the market. He feels strongly enough about 1 Hotel & Homes – and Miami Beach in general – to keep one of the penthouse units for either himself or his children.

Sign Up for the undefined Newsletter

“I’m going to continue to expand here,” LeFrak told the Review. “Love the market. Love it.”

Like LeFrak, developer Jorge Perez had enough belief in one of his Related Group projects to buy a condo there. Perez paid $2.1 million for an Apogee Beach penthouse in January.

Hard contracts at 1 Hotel & Homes currently total more than $120 million, with 30 percent of buyers coming from New York, New Jersey and Connecticut. [Daily Business Review]Eric Kalis