Billionaire real estate bigwig Andrew Farkas is looking to cash out on an investment of a personal nature: his Upper East Side townhouse, which he bought in 2007 for $23 million.
The five-story limestone home, located at 12 East 73rd Street, hit the market for $42.5 million, or $3,971 per square foot, according to the Wall Street Journal.
Located between Fifth and Madison avenues, the 116-year-old house spans 10,700 square feet and has five bedrooms, 10 fireplaces, a south-facing garden and staff quarters. There are also three kitchens – a main kitchen, catering kitchen and a kitchen off the townhouse’s roof terrace.
Corcoran Group’s Deborah Grubman and Cathy Franklin have the listing.
Farkas, who founded Island Capital Group, bought the house in 2007 for $23 million, or $2,149 per square foot, according to public records. He spent three years renovating the property, according to the listing agents, who said he was selling for personal reasons. [WSJ] – E.B. Solomont