Residential
New York

Andrew Farkas notches $18M profit on UES townhouse

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

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/12-East-73-Street-New-York-NY-10021/1013870065-0" target="_blank" data-address="12%20East%2073%20Street%2C%20New%20York" data-label="12%20East%2073rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F12-East-73-Street-New-York-NY-10021%2F1013870065-0" data-bbl="1013870065" data-blockValue="01387" data-lotValue="0065" data-zipcode="10021" data-bldgArea="6%2C230" data-bldgDepth="60" data-bldgFront="22.5" data-landUse="1%20%26%202%20family%20buildings" data-lotArea="2%2C299" data-lotFront="22.5" data-lotDepth="102.17" data-retailArea="0" data-resArea="6%2C230" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="A4" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="9%2C196" data-airRights="2%2C965" data-propertyNeighborhood="Upper%20East%20Side" data-latitude="40.7726231234567" data-longitude="-73.9659107220089" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F12-East-73-Street-New-York-NY-10021%5C%2F1013870065-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F12-East-73-Street-New-York-NY-10021%5C%2F1013870065-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">12 East 73rd Street</a> and Andrew Farkas (Credit: Corcoran and Getty Images)

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.

Tags
Residential
New York

Andrew Farkas notches $18M profit on UES townhouse

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

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/12-East-73-Street-New-York-NY-10021/1013870065-0" target="_blank" data-address="12%20East%2073%20Street%2C%20New%20York" data-label="12%20East%2073rd%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F12-East-73-Street-New-York-NY-10021%2F1013870065-0" data-bbl="1013870065" data-blockValue="01387" data-lotValue="0065" data-zipcode="10021" data-bldgArea="6%2C230" data-bldgDepth="60" data-bldgFront="22.5" data-landUse="1%20%26%202%20family%20buildings" data-lotArea="2%2C299" data-lotFront="22.5" data-lotDepth="102.17" data-retailArea="0" data-resArea="6%2C230" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="A4" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="9%2C196" data-airRights="2%2C965" data-propertyNeighborhood="Upper%20East%20Side" data-latitude="40.7726231234567" data-longitude="-73.9659107220089" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F12-East-73-Street-New-York-NY-10021%5C%2F1013870065-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F12-East-73-Street-New-York-NY-10021%5C%2F1013870065-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">12 East 73rd Street</a> and Andrew Farkas (Credit: Corcoran and Getty Images)

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.

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