Andrew Farkas’ UES townhouse is in contract

Island Capital founder listed the 10K sf house in June for $42.5M

TRD NEW YORK /
Dec.December 06, 2016 09:30 AM

Billionaire real estate investor Andrew Farkas has found a buyer for his Upper East Side townhouse, six months after listing the five-story limestone home for $42.5 million.

The house at 12 East 73rd Street — located between Fifth and Madison avenues — spans more than 10,400 square feet and was asking $4,082 per foot. Farkas, who is chairman of Resource Capital Corp., bought the house in 2007 for $23 million, or $2,209 per foot. He spent three years renovating the manse, which has five bedrooms, 10 fireplaces and staff quarters. There are also three kitchens, including a kitchen off the townhouse’s roof terrace.

Corcoran Group’s TRData LogoTINY Cathy Franklin, Deborah Grubman and Alexis Bodenheimer had the listing. The brokers did not immediately comment.

Farkas founded Island Capital in 2003, and today the merchant bank owns controlling interests in companies that manage $180 billion in assets, according to the company’s website.

The real estate bigwig divorced his second wife, Sandi, this summer shortly after listing the 73rd Street townhouse. Farkas also owns the Montauk Yacht Club and a mansion in North Haven.

So far, it’s been a banner month for the luxury sales market; Last week saw 37 contracts signed for pads $4 million and up, according to Olshan Realty. The total weekly asking price sales volume was $371.6 million, a high for 2016. (There were 24 contracts with asking prices totaling $244.8 million for the same period last year.)


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