Andrew Farkas Featured in Crain’s New York Business

In 2011 and 2010, Andrew Farkas went on a buying spree in which he purchased two special servicers and landed a deal for NAI Global.  The special servicers manage $12.7 billion of distressed real estate loans.  NAI Global has 350 offices worldwide and is the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers.

“In chaos and complexity there is opportunity,” said Andrew Farkas, who once worked as a stock boy at discount chain Alexander’s, which was founded by his grandfather. “We want to recreate the business model of building a fully integrated real estate services company from the distress.”

Farkas split Centerline in two last year and bought its special servicing arm, which became the foundation of his new company, C-III Capital Partners.  In August, he bought the special servicing arm of JER Partners.  According to Trepp, the two companies now control 17.3% of the loan volume in special servicing.

“Where others saw toxic waste, Andrew saw opportunity,” said Bob Lieber, who is an executive managing director at Island Capital Group.