An article in
Business Week detailed the westward expansion of the LeFrak family, who recently bought a reasonable slug of Hollywood office space. BW highlighted that despite the high prices (~USD800sq ft) they paid, and deteriorating market, these were "so-called long-term investments" The youngest, Jamie, Gen3 of LeFrak dynasty was optimistically (or pessimistically depending upon your view of sound money) quoted as saying:
I want my great-grandson to say, 'Wow, you only paid $800 a square foot for that? It's worth $80,000 today..."
'Long term' being the term applied to all short term investments that go pear-shaped. Had a few of them.
ReplyDeletePS/ For some reason I keep reading that surname as LeFreak and hearing music.
ReplyDeletesince the lefraks have been in business for over 100 years, i'm guessing the comment was actually in earnest.
ReplyDelete