New York, NY – A residential portfolio in Brooklyn and Queens owned by the LeFrak family is in contract to sell for $250 million, two sources said. The portfolio, dubbed the Kings and Queens portfolio, consists of about 2,000 apartments.
The sources did not identify the buyer. Richard LeFrak, the C.E.O. of the LeFrak Organization, was reached by phone and would not comment on the deal; he cited confidentially agreements.
The LeFraks have been a city landlord since 1901, and have built more than 250,000 apartments, including LeFrak City, the Queens complex with more than 5,000 units.[nyobserver]
The Lefrak Organization is one of the US’s largest private landlords, owning and managing some 71,000 apartments, Le Frak Family is Also listed in Forbes 400 billionaires in America, they are also considered top Jewish billionaires In America. [vin]