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Andrew Farkas notches $18M profit on UES townhouse
Resource Capital chief sold 12 East 73rd for $41M
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 [TRDataCustom], 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.