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Andrew Farkas (businessman)

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Andrew Farkas
Born (1960-06-17) June 17, 1960 (age 66)
United States
Alma materHarvard University
OccupationBusinessman

Andrew Farkas is an American businessman primarily involved in real estate and banking.

Early life and education

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Farkas was raised in Jamaica, Queens, and attended Trinity School in Manhattan.[1] His father, Robin L. Farkas, was chairman and chief executive officer of the department store chain Alexander's from 1984 to 1993.[2] Farkas' mother died when he was eleven years old.[1]

Farkas studied economics at Harvard College, graduating in 1982.[3][4] During his time at Harvard, he served as president of the Hasty Pudding Club.[5]

Career

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Lexington Hotel (New York City)

Farkas became a prominent figure in New York City commercial real estate in the 1990s.[6] In 1990 he founded Insignia Financial Group, which he took public in 1993. In 1996, he acquired the brokerage firm Edward S. Gordon and Company. In 1998, he sold his portfolio of residential properties to Aimco.[5]

Farkas' primary investment vehicle is Island Capital Group, a merchant bank. The company had a subsidiary, Island Global Yachting (IGY), which developed and managed marinas.[7] IGY's first project was Yacht Haven Grande on Saint Thomas, U.S. Virgin Islands, which began in 2001 and opened in 2007.[8]

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.[9]

In 2010, Farkas acquired Centerline Holding Company, a major commercial real estate mortgage servicer.[10][11] Following the Black Monday crash in 2011 and the broader financial downturn, Farkas was an aggressive buyer of distressed commercial assets.[12] In 2014, he listed for sale a townhouse on the Upper East Side which he had acquired in 2007;[13] it sold for US$41 million.[14]

In 2017, Farkas attempted to enter into a partnership with Marty Burger, CEO of Infinite Global Real Estate Partners, but the deal collapsed.[15] In 2019, following Jeffrey Epstein's second arrest, it was revealed that Epstein owned a 50% stake in the American Yacht Harbour at Red Hook;[16] the other half was owned by Farkas. The partnership began in 2007, when Epstein was having financial, regulatory, and legal problems.[17][18]

In 2021, Island Global Yachting was sold to MarineMax.[19] The same year, a joint venture headed by Farkas purchased the Lexington Hotel in New York City.[20] The property was refinanced in 2024 through a loan from the Hudson's Bay Company.[21] Also in 2024, Island Capital and JW Capital Management acquired a large multifamily housing portfolio formerly owned by Blackstone Inc..[22] In 2025, Farkas sold a house in Palm Beach, Florida for US$51 million.[23]

Politics

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Farkas was one of the primary fundraisers for New York politician Andrew Cuomo, who he briefly employed.[24][25] During the 2025 New York City mayoral campaign, Zohran Mamdani used Farkas' links to Epstein to criticize Cuomo.[26]

Personal life

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Farkas enjoys yachting.[7] In 2016, he and his second wife divorced.[27]

Association with Jeffrey Epstein

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Farkas was a friend and business partner of financier and child sex offender Jeffrey Epstein.[28] In 2026, Farkas downplayed his relationship with Epstein despite the release of more than 2,000 emails between them in the Epstein files.[29]

See also

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References

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  1. 1 2 Rogers, Teri Karush (December 4, 2005). "A headline deal maker stays off the beaten path". The New York Times. ISSN 0362-4331. Retrieved July 28, 2026.
  2. ↑ Moin, David (July 13, 2018). "Robin Farkas, Alexander's CEO, 84". WWD. Retrieved July 28, 2026.
  3. ↑ Gibson, Lydialyle (February 12, 2026). "Harvard's Epstein probe widened". Harvard Magazine.
  4. ↑ "About". Andrew Farkas. Retrieved July 28, 2026.
  5. 1 2 "Dubai's man in Manhattan". Observer. December 16, 2009. Retrieved December 4, 2025.
  6. ↑ Wei, Lingling; Karmin, Craig (February 17, 2010). "Farkas Looks to Write a New Chapter". The Wall Street Journal. Retrieved December 4, 2025.
  7. 1 2 Kalosh, Anne (October 4, 2006). "For the biggest yachts, more than a dock". The New York Times. Retrieved December 4, 2025.
  8. ↑ Wilson, Stephanie (March 25, 2008). "Kings of the Caribbean: Sol Kerzner, Gordon "Butch" Stewart, Andrew Farkas". Haute Living. Retrieved December 4, 2025.
  9. ↑ Bimson, Jane (May 16, 2008). "Gurney's owners buy Montauk Yacht Club". The East Hampton Star. Retrieved December 4, 2025.
  10. ↑ Pillifant, Reid (March 8, 2010). "Farkas re-takes Manhattan". Observer. Retrieved December 4, 2025.
  11. ↑ Wei, Lingling (March 8, 2010). "Farkas closes deal to buy Centerline". The Wall Street Journal. Retrieved December 4, 2025.
  12. ↑ Agovino, Thersea (October 23, 2011). "Property mogul Andrew Farkas aims for coup No. 2". Crain's New York Business. Retrieved December 4, 2025.
  13. ↑ Taylor, Candace (June 23, 2016). "Real Estate's Andrew Farkas seeks $42.5 Million for New York townhouse". The Wall Street Journal. Retrieved December 4, 2025.
  14. ↑ Rosenberg, Zoe (February 6, 2017). "Financier Andrew Farkas's glorious Upper East Side townhouse sells for $41M". Curbed. Archived from the original on February 6, 2017. Retrieved December 4, 2025.
  15. ↑ Trombola, Nick; Hallum, Mark (April 17, 2014). "Partnership between Marty Burger and Andrew Farkas falls apart". Commercial Observer. Retrieved December 4, 2025.
  16. ↑ Carlson, Suzanne (July 12, 2019). "Jeffrey Epstein owns half of American Yacht Harbor". The Virgin Islands Daily News.
  17. ↑ Kocieniewski, David; Levin, Jonathan (July 23, 2019). "Jeffrey Epstein, in hour of need, did port deal with New York property tycoon". Bloomberg.
  18. ↑ Kamin, Debra (December 3, 2025). "Who is Andrew Farkas, who owned a marina with Jeffrey Epstein?". The New York Times. Retrieved December 4, 2025.
  19. ↑ Feasey, Conor (July 10, 2024). "Island Capital moves to buy back IGY". Superyacht News. Retrieved December 4, 2025.
  20. ↑ Cryan, Elizabeth (November 11, 2025). "Andrew Farkas eyes $275M for Lexington Hotel". The Real Deal. Retrieved December 4, 2025.
  21. ↑ "Andrew Farkas lands $155M refi for Lexington Hotel". The Real Deal. May 3, 2024. Retrieved December 4, 2025.
  22. ↑ Cavanaugh, Suzannah (September 20, 2024). "Andrew Farkas wrests control of discarded Blackstone portfolio". The Real Deal. Retrieved December 4, 2025.
  23. ↑ Hinsche, Kate (April 30, 2025). "Island Capital's Andrew Farkas sells Palm Beach mansion for $51M". The Real Deal. Retrieved December 4, 2025.
  24. ↑ Rosenthal, Tracy (June 13, 2025). "How Andrew Cuomo made homelessness worse". The Nation. Retrieved December 4, 2025.
  25. ↑ Skelding, Conor; Nahmias, Laura; Mahoney, Bill (April 16, 2015). "Hacked Sony emails reveal Cuomo fund-raising details". Politico. Retrieved December 4, 2025.
  26. ↑ Coen, Susie (August 13, 2025). "Zohran Mamdani goads Andrew Cuomo with Epstein jibe in attack ad". The Telegraph. Retrieved December 4, 2025.
  27. ↑ "Andrew Farkas splits with second wife". The Real Deal. August 12, 2016. Retrieved December 4, 2025.
  28. ↑ Arsenault, Mark; Kamin, Debra (April 20, 2026). "Epstein craved Harvard connections. Many there were eager to help". The New York Times. ISSN 0362-4331. Retrieved June 21, 2026.
  29. ↑ Kamin, Debra (February 9, 2026). "Billionaire called Epstein a 'blessing' as they made deals". The New York Times. ISSN 0362-4331. Retrieved February 9, 2026.
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