LeFrak, billed as one of the few fourth-generation real estate developers, is adding the first nonfamily member to its executive team in its 120-year history.
Adam Silfen, 49, who has spent more than two decades affiliated with LeFrak, has been named to the newly created role of president and chief operating officer, LeFrak said in a statement.
The move comes as the New York firm has expanded from its roots as a developer of real estate for the working and middle classes in New York to new markets including New Jersey, Florida and the West Coast.
Silfen will work closely with Executive Chairman Richard LeFrak along with his sons, Harrison and Jamie, who are vice chairmen, said LeFrak, describing itself as one of the largest privately held real estate development companies in the country.
"Adam's appointment is a significant milestone for our company and a recognition of his great talent,'' said Richard LeFrak, who took the helm in 2003, in the statement. "We've grown significantly over the past twenty 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."
Silfen was previously a senior managing director in charge of acquisitions and capital markets at LeFrak. In his new position, he will support day-to-day operations as LeFrak grows its residential portfolio, the firm said.
A spokesperson told CoStar News that Silfen’s new position doesn’t signal any change to LeFrak’s succession plan, adding Harrison and Jamie will still take over leadership of the firm eventually.
The company said on its website it has a portfolio of more than 400 buildings, most of them self-developed, across property types beyond residential to include office, hotel and retail. Its portfolio includes, on the residential front, the Gateway residential complex in Manhattan's Battery Park City and LeFrak City in Queens; on the office front, 9701 Wilshire Blvd. in Beverly Hills, California; and on the retail front, the Newport Centre Mall in Jersey City, New Jersey, according to its website.
Besides real estate, LeFrak said it also has “significant” investments in securities, private businesses and energy.
Silfen started his career at Goldman Sachs before joining LeFrak in 2003. He left in 2007 to start a creditor distressed-debt workout firm before returning in 2013 at Richard LeFrak's request, the company said.