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THE SIZE, SCOPE-AND THE PRICE TAG, $10 billion to date-are enormous. By any yardstick, the 600-acre Newport has remade Jersey City, and its impact on the larger tri-state region is every bit as significant. Behind it all, of course, is the Lefrak Organization of New York, which forever put its stamp on tri-state real estate with Lefrak City in Queens, among many other projects. Harry LeFrak founded the company in 1901, and his son, the late, legendary Sam LeFrak ran it from 1948 until last year, launching the development of Newport in the early '80s. His son, Richard, runs the company now, but his sons Jamie and Harrison, are already in place to carry the banner forward. Real Estate New Jersey editor Eric Peterson and associate editor ju lie Leupold visited Jamie LeFrak, who carries the title of managing director, in Newport recently for an exclusive interview:
REKJ: We've heard the word "pioneer" being used to describe your family's development activity here in Newport...how did it all start, and how do you feel about that description?
LeFrak: Newport was begun in 1983, when we originally purchased the property from 200 different, mostly bankrupt railroad entities and began assembling this 600-acre site. It was begun, certainly, before anyone else had an inkling of such activity on the Jersey City waterfront.
Now they call this the "Gold Coast," because there has been so much development activity, and there have been so many brokerage commissions paid. It's the brokers who invented "The Gold Coast"-not the developers. The brokers invented it because they're so happy with all the gold they've brought in, leasing office space here.
We certainly were the catalyst for the rest of the development that has happened here, and we are still the most significant source of activity on the Jersey City waterfront. And I think Newport really has a name of its own now.
RENJ: In your opinion, how is Kewport different from other projects around the country?
LeFrak: Can you even think of a similar development in the rest of the country? Nobody else has size like this, nobody else is a private company. Nobody else is doing it without outside financial backing and partners. This is something that we've taken on and...