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eFrak, a prominent New York City rental landlord, has made a historic move by appointing Adam Silfen, a 20-year veteran of the firm and non-family member, as president and chief operating officer. This marks a significant departure for the real estate dynasty, which has been family-led since its inception 120 years ago. Silfen's appointment is seen as a strategic move to bolster leadership ahead of LeFrak's expansion into new markets, including the Southeast.

    Richard LeFrak, nearing 80 and still executive chairman, had previously hinted at passing the torch to his sons, Jamie and Harrison, who are vice chairmen. However, he has since stayed on, citing the need for more senior leadership as the company prepares to increase its residential holdings. "We've grown significantly over the past twenty years and need more senior hands on deck," LeFrak said in a statement.

    The appointment of Silfen does not signal a shift in LeFrak's succession plans, according to a spokesperson. Instead, it is seen as a necessary step to support the company's growth ambitions, which include developing 1,500 residential apartments and acquiring land for an additional 16,000 rental units in New Jersey and Florida.