 | This article needs biographical images .(May 2025) |
Andrew Farkas | |
|---|---|
| Born | June 17, 1960 |
| Alma mater | Harvard University |
| Occupation | Businessman |
| Known for | Prominent in New York City commercial real estate and supporting politicians |
Andrew Farkas is an American businessman primarily involved in real estate and banking.
His father is Robin Farkas, chairman of Alexander's. At Harvard Farkas was the President of the Hasty Pudding Club. [1]
Andrew Farkas become a prominent figure in New York City commercial real estate in the 1990s. [2] In 1990 Farkas founded Insignia Financial Group which he took public in 1993. In 1996 he purchased the brokerage firm Edward S. Gordon and Company. In 1998 he sold his portfolio of residential properties to AIMCO. [1]
Farkas' primary investment vehicle is Island Capital Group, set up as a merchant bank. The company had a subsidiary, Island Global Yachting (IGY), which developed and managed marinas. [3] IGY's first project was Yacht Haven Grande on Saint Thomas, U.S. Virgin Islands which began in 2001 and opened in 2007. [4]
In 2007 Island Capital acquired the Montauk Yacht Club Resort and Marina in Montauk, New York. The property was sold in 2017 to George Filopolous. [5]
In 2010 he acquired Centerline Holding Company, a major commercial real estate mortgage servicer. [6] [7]
Following Black Monday (2011) and the wider financial downturn Farkas was an aggressive buyer of distressed commercial assets. [8]
In 2014 Farkas listed a townhouse on the Upper East Side which he had acquired in 2007 for sale. [9] It sold for US$41 million. [10]
In 2017 Farkas attempted to enter into a partnership with Marty Burger but the deal collapsed. [11]
It came to light after Jeffrey Epstein's second arrest that Epstein owned 50% of the American Yacht Harbour at Red Hook; [12] the other half was owned by Farkas. The partnership came about in 2007 when Epstein was having financial, regulatory and legal problems. [13] [14]
In 2021 a joint venture headed by Farkas purchased the Lexington Hotel (New York City). [15] The property was refinanced through a loan from the Hudson Bay Company in 2024. [16]
In 2021 Island Global Yachting was sold to MarineMax. [17]
In 2024 Island Capital and JW Capital Management acquired a large multifamily housing portfolio formerly owned by Blackstone Inc.. [18]
In 2025 he sold a house in Palm Beach, Florida for $51 million. [19]
Farkas was one of the primary fundraisers for New York politician Andrew Cuomo, Farkas also briefly employed Cuomo. [20] [21] In 2025 Zohran Mamdani used Farkas' links to Epstein against Cuomo. [22]
In 2016 Farkas and his second wife divorced. [23]