Farkas Renews NYC Focus, on Centerline

NEW YORK CITY-Andrew Farkas, once chairman of real estate services firm Insignia Financial Group, who sold that entity for $415 million in 2003 to CB Richard Ellis, and helped bolster the latter’s strong local presence, is back doing business in New York. Farkas’ current firm, Island Capital Group, is now targeting Centerline Holding Co., which restructures suffering mortgages that were securitized into bonds, according to a Wall Street Journal article.

The report says Centerline Chief Executive Marc Schnitzer confirms that a deal could be struck as early as this quarter. Centerline’s special-servicing unit has $6.2 billion of assets under management, the Journal says.

Farkas and Island were most recently noted for doing business with Dubai World, partnering with that entity to acquire US property through its Istithmar World Capital investment arm. He has reportedly since parted with that entity after the financial collapse in Dubai.

Click here for the full Journal article.