Lefrak Organization President Richard LeFrak told CNBC Friday he is not as bothered by the current economic situation because he is a long-term investor with capital to spend.
"As long-term investors, now is a great time to start getting aggressive," said the head of the real estate company. "Actually, the last 12 months I’ve been getting aggressive. I know I cannot resist when interest rates are as low as they now are and when the long-term prospects for America and for the things I’m interest in doing are bound to be better."
Commercial real estate is one of those long-term businesses, but Lefrak is also investing in a wide range of areas that interest him, including drug development and drilling in western Nebraska.
"It's a potential huge shale play," he said of the drilling. "If I find something, the upside is tremendous. That’s what entrepreneurs do, they take risks."
He added that "when entrepreneurs take their capital and put it into long-term investments, that’s how jobs get created." To that end he is "very worried about Wall Street layoffs. When Wall Street shrinks, the real estate market shrinks."
Lefrak's long-term view extends to politics. Politicians, he said, are "transitory but these types of investments I make are going to bridge this group of politicians."