LeFrak Appoints First Non-Family Executive in Company History

For the first time, New York developer LeFrak will have a person without the LeFrak lineage on its executive team.

LeFrak has named Adam Silfen as its new president and chief operating officer, the first executive appointment to the office of the chairman from outside the LeFrak family in the company’s 120-year history, according to a Thursday announcement.

Silfen, 49, has worked since 2013 as the family-owned property company’s senior managing director, in which he handled acquisitions and capital markets for the company. He will begin in his newly created role effective immediately.

In his new position, Silfen will work closely with LeFrak CEO Richard LeFrak and his sons Harrison and Jamie, who act as vice chairmen, according to the announcement. Silfen will also support the company’s “day-to-day operations” and help guide LeFrak’s expansion into new markets, including the U.S. Southeast, the announcement said.

“I am honored by the trust that Richard, Harrison and Jamie have placed in me with the creation of this new position,” Silfen said in a statement. “I am excited to help them strengthen and grow the company.”

Founded in the early 1900s, LeFrak started as a developer of real estate for New York City’s working- and middle-class families, including building a 4,605-unit complex in Corona, Queens, dubbed LeFrak City. LeFrak eventually moved into luxury developments in New Jersey, Florida and along the West Coast.

The developer currently has nearly 1,500 residential units under development, as well as “an inventory of entitled undeveloped land” in New Jersey and Florida that qualify for another 16,000 units, according to the announcement.

Silfen began his career at Goldman Sachs and joined LeFrak in 2003, but later left in 2007 to start a “creditor distressed-debt workout firm,” the announcement said. He returned to LeFrak in 2013.

“Adam’s appointment is a significant milestone for our company and a recognition of his great talent,” Richard LeFrak said in a statement. “We’ve grown significantly over the past 20 years and need more senior hands on deck. I’ve watched Adam evolve into a top-notch executive, and I’m very pleased he is joining my sons and me.”

Isabelle Durso can be reached at idurso@commercialobserver.com.