East Coast Real Estate Families Term Paper

Length: 6 pages Sources: 5 Subject: Urban Studies Type: Term Paper Paper: #45960295 Related Topics: Estate Planning, Real Estate, West Side Story, Estate Tax
Excerpt from Term Paper :



What's the family current worth?

Today, the Trump family business stands at a net worth of $2.6 billion. (#74, Trump, Donald John)

How much total square footage does the Trump family own?

The total square footage has been estimated at a 14.5 million. (#74, Trump, Donald John)

The LeFrak Family:

What family member started the LeFrak family business and when?

LeFrak family has been forming its mark on Queens, as it has been building both residential as well as commercial complexes in the area from the year 1905. What is different about the LeFrak family is that the family had been Europe's builders for the previous 2 generations, before setting up their business in the United States of America in 1905; Maurice LeFrak had started as a developer in France in the 1840's, and later, Aaron who was Maurice's son, and his grandson named Harry, arrived at New York City. They soon began a modest type of building firm with their family name, and they concentrated initially on developing apartments meant primarily for the immigrants who were living on the lower East Side of Manhattan. (the top of the heap)

Grandson of Maurice LeFrak, Harry LeFrak manufactured and designed customized type of glass for Louis Comfort Tiffany, and one of the initial major achievements of the family was the construction of Park Vendome in Queens, which attained fame as one of the world's initial 'high-rise residential-retail-commercial-judicial office building complex', and adding to the beauty of this complex was the fact that Frank Lloyd Wright worked as an assistant for the construction of the skyscraper. The family also constructed the famed LeFrak City in Queens in the year 1963. This City included sixty three high rise buildings. The LeFrak Family owns today, an estimated hundreds of apartment buildings located in various areas in America, and in New York City, including Brooklyn, Queens, and Jersey City. (the top of the heap)

What generation is currently running the family business?

Harry LeFrak, the grandson of Maurice LeFrak, passed on the family business, upon his death, to his son Sam, who held on to the reins of the business until his death at the age of eighty five,...

...

The LeFrak family business, like the other real estate businesses mentioned above, has remained in the family, and will, in all probability, continue to do so for the next several generations as well. (the top of the heap)

What's their most notable project to date?

There can be no doubt whatsoever that one of the most notable achievements of the LeFrak Family is the LeFrak City mentioned above, built across forty acres of land. The LeFrak City has been described as a 'gargantuan complex' of eighteen-story buildings, with five thousand apartments in harmony with each other, built close to the 'bustling Long Island Expressway in Queens'. (the top of the heap) it is said that expansion into London and Los Angeles are on the horizon. (the top of the heap)

What is the LeFrak family current worth?

The LeFrak family business is estimated at a net worth of 3.0 billion. (#117 Richard LeFrak & family)

How much total square footage does the LeFrak family own?

The total square owned by the LeFrak Family is estimated at footage 34 million.

References

Bagli, Charles. V. Lewis Rudin, head of real estate family and a Frequent City Fiscal Savior

Dies at 74. The New York Times, September, 2001. p. 5.

Franklin Co. Historical Society. Franklin County, Illinois, 1818-1997. Turner Publishing

Company. 1996.

Helfat, Constance E. The SMS Blackwell Handbook of Organizational Capabilities: Emergence.

Blackwell Publishing. 2003.

Margolick, David. The house that Fred built. December, 2003. http://www.nytimes.com/books/00/12/03/reviews/001203.03margolt.html

Montefinise, Angela. The top of the heap. http://www.queenstribune.com/guides/BusinessBook2004/Pages/BigBusinessinQueens.htm

N.A. Citizens Union Leadership Award to be presented to the Durst Family. Real Estate Weekly,

November, 1999. http://findarticles.com/p/articles/mi_m3601/is_17_46/ai_59521567

N.A. Real Estate Leader Lewis Rudin dead at 74. Real Estate Weekly. September, 2001. http://findarticles.com/p/articles/mi_m3601/is_8_48/ai_79008385

N.A. (2007) #117 Richard LeFrak & family. http://www.forbes.com/lists/2007/54/richlist07_Richard-LeFrak-family_NK89.html

N.A. Rudin family crest and family history. 2008. http://www.houseofnames.com/xq/asp.fc/qx/rudin-family-crest.htm

N.A. (2004) #74, Trump, Donald John. http://www.forbes.com/finance/lists/54/2004/LIR.jhtml?passListId=54&passYear=2004&passListType=Person&uniqueId=U5WX&datatype=Person

Powell, Kimberly. Ancestry of Donald Trump. 2008. http://genealogy.about.com/od/famous_family_trees/p/trump.htm

Sources Used in Documents:

References

Bagli, Charles. V. Lewis Rudin, head of real estate family and a Frequent City Fiscal Savior

Dies at 74. The New York Times, September, 2001. p. 5.

Franklin Co. Historical Society. Franklin County, Illinois, 1818-1997. Turner Publishing

Company. 1996.


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