Newport: Slow and Steady Wins the Race

The Lefrak family may have built working class digs in Queens, but the LeFraks, after restoring the upper case F are focusing on luxury markets like Newport, reports the NY Times.

But more interesting is LeFrak's aversion to debt; "There is little or no debt on the family’s holdings: 22 million square feet of residential property, the equivalent of about 25,000 apartments, and 12 million square feet of office space." All this means that the slow and steady pace of Newport will continue regardless of the credit available to other builders in the area.