Andrew Farkas sold his property in Southampton

Beach beauty

Real estate mogul and mega-yacht lover Andrew Farkas, of Insignia and Island Capital, has put his stunning Southampton beach house on the market for $9.995 million. The 10-bedroom, 7½-bath mansion comes with a gated entrance, a pool, two spas overlooking the bay, waterside patios, a tennis court, a private beach, two cabanas and a two-bedroom apartment over the garage.

Farkas purchased the bayfront house on Mullen Hill Lane for $5.4 million in 2004. Listing broker Susan Breitenbach of the Corcoran Group declined to comment. Perhaps Farkas’ next beach manse will be in Montauk, where he already owns the splashy Montauk Yacht Club.

Click here if you like to read more about Andrew Farkas’ acquisition in the original article.

Farkas all set to buy Centerline Holding Co: report

(Reuters) – U.S. real estate investor Andrew Farkas is all set to buy Centerline Holding Co, a provider of real estate financial and asset management services, by investing $100 million in equity in the company, the Wall Street Journal said. Farkas will also assume $180 million of Centerline’s debt, the paper said.

The deal comes at a time when opportunistic investors are scouting for profitable deals to take advantage of the carnage in commercial real estate, according to the paper. Island Capital Group, founded by Farkas, bought the Centerline unit that specializes in restructuring ailing mortgages that were packaged into bonds, the paper said. The unit is the designated “special servicer” for about $110 billion of loans bundled into commercial mortgage backed securities, according to the paper. Read More…

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