Arlene Farkas asks lenders to halt sale of her River House unit

Creditors are looking to recoup the $6M Farkas owes on the duplex
August 22, 2014 03:30PM

The drama surrounding a 14-room River House co-op continued to unfold as the owner and estranged wife of department store heir Bruce Farkas plead with creditors to delay putting the duplex on the auction block.

The lenders to whom Arlene Farkas owes about $6 million planned to sell her apartment at the tony co-op building on September 5, the New York Daily News reported. However, Farkas said that a sale at auction would likely bring in less than the $8.5 million she believes the unit should fetch, according to the newspaper.

Farkas is asking for another 60 days to find a buyer. Should the auction go through and a buyer emerge, he or she would still have to face the building’s notoriously fussy co-op board, which rejected the French government’s $7.8 million bid to buy Farkas’s unit and house its ambassador there. [NYDN]