When I started building in Jersey City, people thought I was out of my mind. Thirty years later, those same people are paying $4,000 a month to live in my buildings.
The secret to surviving in real estate for 120 years is simple — do not borrow too much money. Every developer who went bankrupt did it the same way. They overleveraged.
My grandfather started building in Brooklyn in 1901. My father built LeFrak City. I built Newport. My son will build what comes next. That is how you think about real estate — in generations, not quarters.
Selling a building is like selling a child. You just do not do it. You hold it, you improve it, you pass it on.
My father built 5,000 apartments in Queens for working families. I build luxury apartments in Jersey City. The product changed but the principle did not — people always need somewhere to live.
I still drive to construction sites. I still look at floor plans. At 80 years old, I still care whether the kitchen layout makes sense. That is the difference between a developer and a financier.