Andrew Farkas notches $18M profit on UES townhouse

Resource Capital chief sold 12 East 73rd for $41M

TRD New York /
Feb.February 06, 2017 11:45 AM

12 East 73rd Street and Andrew Farkas (Credit: Corcoran and Getty Images)

Real estate bigwig Andrew Farkas just sold his Upper East Side townhouse for $41 million — a whopping $18 million more than he paid for it a decade ago.

The buyer — identified only as 12E73RD LLC — paid $3,831 per square foot, property records show.

Farkas TRData LogoTINY, the founder and chairman of Island Capital Group, paid $23 million, or $2,149 per square foot, for the house at 12 East 73rd Street in 2007 and then spent three years renovating the property. He listed the property last year for $42.5 million, or $3,971 per square foot. The Corcoran Group’s Deborah Grubman and Cathy Franklin had the listing.

Located between Fifth and Madison avenues, the five-story limestone home spans 10,700 square feet and has five bedrooms, 10 fireplaces and three kitchens – a main kitchen, catering kitchen and a kitchen off the townhouse’s Roof Terrace.

Before Farkas, the house was owned by a series of real estate investors. French high school Lycée Francais de New York sold it to Dominion Management in 2003, and a year later billionaire private equity giant and real estate speculator J. Christopher Flowers bought the house for $19 million.

Farkas listed the property last year for personal reasons (likely his divorce), but the timing also aligned with a strong townhouse market.

Over the past decade, the median sales price among Manhattan townhouses jumped 59 percent, according to a recent report from Douglas Elliman. For luxury townhouses, the median price was $19.3 million, a 29 percent increase from $14.9 million in 2007.

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Triplemint expands to New Jersey

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

Nicolai Ouroussoff and Cecily Brown with 125 East 10th Street (Credit: Columbia GSAPP via Flickr, Wikipedia, and StreetEasy)

No criticism here: Nicolai Ouroussoff, Cecily Brown buy E. Village house for $7.75M

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest