NEW YORK, Nov. 27, 2013 /PRNewswire/ -- New York developer and landlord Richard LeFrak leads the top 20 list of New York real estate moguls with an estimated personal fortune of US$4.9 billion, according to data released today by Wealth-X, the world's leading ultra high net worth (UHNW) intelligence provider.
LeFrak Organization – of which he is chairman, president and CEO – owns the 5,000-unit apartment complex LeFrak City in Queens and more than 16 million square feet of commercial, residential, and retail properties in Newport, New Jersey. The LeFrak family has been investing in New York's real estate market for more than a century, but started diversifying outside the tri-state area only a year ago, buying stakes in properties in Washington, Oregon and California.
In second spot on the list is Leonard Stern, chairman and CEO of privately-owned Hartz Group, with an estimated net worth of US$4.1 billion. The company currently owns more than 38 million square feet of commercial and residential property in New York, New Jersey and Chicago.
Below are the top 5 wealthiest real estate kings of New York:
| Rank |
Name |
Company |
Personal Net Worth (in US$ billion) |
| 1 |
Richard LeFrak |
LeFrak Organization |
4.9 |
| 2 |
Leonard Stern |
Hartz Group |
4.1
|
| 3 |
Stephen Ross |
The Related Companies |
3.6
|
| 4 |
Sheldon Solow |
Solow Realty |
3.5
|
| 4 |
Donald Trump |
Trump Organization |
3.5
|
Wealth-X President David S. Friedman commented: "Successful real estate investments have always been a major driver in generating significant wealth. More and more, we are seeing the trend of single family offices investing directly into hard assets like real estate, combined with the larger macro trend that these families are continuing to retreat to fixed asset classes that they can understand or have experience with versus complex structured products."
For the top 20 list, visit http://www.wealthx.com/?p=22850
[Editor's note: The list represents individuals who are primarily involved in New York's real estate business. As UHNW individuals typically have more than one home, Wealth-X valuates individuals based on their primary business address, not their residential address.]
Download the Wealth-X and UBS Billionaire Census 2013 at www.billionairecensus.com
About Wealth-X
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 12 offices in five continents. (www.wealthx.com)
SOURCE Wealth-X
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