Andrew Farkas Looks to Write a New Chapter - WSJ.com
Andrew Farkas rose to the heights of New York real estate in the mid-1990s, as an investor with a penchant for picking through the wreckage of commercial real estate.
Mr. Farkas, 49 years old, has returned to his old stomping ground as another crisis besieges commercial-property owners. His company, Island Capital Group, is negotiating to take over a unit of Centerline Holding Co., one of the largest companies specializing in restructuring troubled mortgages that were securitized into bonds.
The deal marks the latest chapter in the career of Mr. Farkas, who also owns the Montauk Yacht Club in East Hampton, N.Y., and is called "Farkie" by his friends. In 1997, Mr. Farkas's company was accused by the Department of Housing and Urban Development of making $7.6 million in kickbacks. That suit, which ultimately was settled, was authorized by HUD's then-director, Andrew Cuomo, now New York's attorney general.
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