The Real Deal New York

Qatar is so filthy rich that even its servants have a $41M mansion

Nation bags former UES home of billionaire Andrew Farkas
July 03, 2017 11:19AM

12 East 73rd Street, Andrew Farkas and Tamim bin Hamad Al Thani

It’s Maid in Manhattan — Qatari style. The Middle Eastern nation reportedly bought billionaire Andrew Farkas’ mansion on the Upper East Side for $41 million, and plans to use it exclusively for the help.

The townhouse at 12 East 73rd Street backs up to a megamansion that the Qataris bought from Lycee Francais in 2002.

“Andrew spent no expense renovating the place, but apparently it will be used for maids’ quarters,” a source told the New York Post. “The Upper East Side townhouse market is slow. If he’d sold it on the open market, he’d have [gotten] $20 million for it.”

Farkas paid $23 million for the house in 2007, and listed it for $42.5 million, or $3,971 per square foot.

Qatar paid $26 million for 7-9 East 72nd Street after the French private school relocated. The nation combined the two properties into a single, royal abode that reportedly will be the New York home of Princess Sheikha Mayassa Bint Hamad Al Thani. In addition to multiple bedrooms and foyers to house the princess’ art collection, the mansion has an indoor swimming pool and an 8,500-square-foot Roof Terrace.

A few weeks ago, The Real Deal reported that an entity registered to Hessa Hamad KH H Al-Thani paid $20.5 million for a unit at Harry Macklowe’s 737 Park Avenue.

Earlier this month, five Arab countries formally cut off ties with the country. It could lead to the royal family to place bigger bets in New York, where its sovereign wealth fund is already the ninth-largest commercial property owner.

In March, TRD exclusively reported that Sheikh Hamad Bin Jassim Bin Jaber al-Thani, a former prime minister, is the main equity behind Macklowe’s One Wall Street condo conversion, as well as the retail element at 432 Park Avenue. [NYP]E.B. Solomont