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One-on-One with Richard LeFrak Part 3

In the third part of this interview, LeFrak Organization Chairman and CEO Richard LeFrak shares his perspectives on the effect of Brexit on US foreign capital, where we are in the development cycle and the possibility of a correction in 2017, technology in real estate, and the amenities changing the CRE landscape with EisnerAmper Real Estate Services Group Partner Lisa Knee.


Transcript

Lisa Knee: Hi I'm Lisa Knee with EisnerAmper and I have the pleasure today of sitting with titan Richard LeFrak from LeFrak Industries. So you were quoted on the morning of the Brexit vote that you thought that was going to be good for the United States and good for capital coming into the U.S. Do you still feel confident that that's a good thing for the U.S.?

Richard LeFrak: Yeah. I don't believe that the full weight of that decision has really been felt in the U.K. Yet I think that there are serious implications. There’s a complex negotiation that has to take place and then there's a chance that a significant portion of the financial service business will have to relocate from London. That’s going to have a significant effect on their economy. Now maybe they can wiggle through okay, and they do have the natural advantage of the English language, the history of having an infrastructure to support the financial service business over there; but if the feeling in Europe is that if you let one out without any- you know scars- a lot of them will be leaving. I don't think it's going to be that easy on all of them. Remember it's a little bit parallel in New York: the financial service business is one of many industries that we have, but it's the high paying one right?


About Lisa Knee

Lisa Knee is a Tax Partner with expertise in the hotel, real estate, financial services, aviation and restaurant sectors and is a member of AICPA, New York State Society of Certified Public Accountants and the New York State Bar Association.

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One-on-One with Richard LeFrak Part 2

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One-on-One with Richard LeFrak Part 1

EisnerAmper Real Estate Services Group Partner Lisa Knee interviews LeFrak Organization Chairman and CEO Richard LeFrak on his start in commercial real estate and the importance of family legacy. Richard shares his perspectives on the development of the Ellipse residential project, the history of 40 West 57th Street on Billionaires Row, the return of millennials to forgotten neighborhoods, and the state of affordable housing and construction costs in New York City.