Jersey City real estate icon announces he’s taking step back from billion-dollar business

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'That place which didn’t exist is going to be there in 20 years, 50 years, and 100 years, it is still going to be there.'

When Richard LeFrak and his father, Samuel, surveyed Jersey City, they thought the desolate train yards near the Holland Tunnel might be a good spot for a Kmart.

More than 40 years ago neither even dared to imagine that his company’s development of 600 acres of what is now Newport would help transform the city into “sixth borough of New York City” status and trigger the city’s economic revival. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

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