According to the Commercial Observer, Andrew Farkas ranks 13th on the list of the 50 Most Important People in Commercial Real Estate Finance. Farkas, who had an outstanding year, is the CEO of the versatile financial real estate firm C-III Capital Partners. C-III is based in Irving, Texas and is an affiliate of Island Capital Group, also run by Farkas. C-III nearly doubled its invested capital in 2012, upping the total to $3.6 billion through recent expansion efforts.
C-III Capital Partners has a full-service, multifamily management company called U.S. Residential Group LLC. Its management services area expanded into four new states this year, while its portfolio increased by more than 25 percent in the same period. C-III also boasts a fully invested Recovery Fund I, an oversubscribed $310M investment fund specializing in distressed assets. Lastly, according to surveys run by the Mortgage Bankers Association, C-III ranks near the top of several commercial and multifamily servicing lists.
Andrew Farkas founded Island Capital in May 2003 and continues to serve as both CEO and Chairman. He also currently serves as CEO at Anubis Advisors and Chairman at Island Global Yachting. Before founding Island Capital, Farkas served as Chairman and CEO of Insignia Financial Group, Inc., a global real estate services company that was merged with CB Richard Ellis in 2003. The merger resulted in the world’s largest commercial real estate services company at the time.
The Hasty Pudding Institute of 1770 is a social club for Harvard students, originally established to bring together undergraduates in friendship, conversation and camaraderie. The institute – comprised of The Hasty Pudding Club, Hasty Pudding Theatricals, and Harvard Krokodiloes – cut the ribbon on its new headquarters at the historic Hyde-Taylor House at 96 Winthrop St. The dedication ceremony was presided over by Hasty Pudding chairman and “Grand Sphinx” Andrew Farkas, who spoke to a crowd of undergraduates and alumni, including Cambridge Mayor David P. Maher.
“This is the culmination of four years of work to reconstitute the Hasty Puddings Institute of 1770, and it is gratifying in the extreme to see it come together,” said Andrew Farkas. Dean of Freshmen Thomas A. Dingman, Dean of Student Life Stephen Lassonde, Dean of the Faculty of Arts and Sciences Michael D. Smith, and Dean of the Humanities Division Diana Sorensen were all also in attendance at the club’s opening.
The Hasty Pudding Club is known as the oldest collegiate social club in the country and has, over the years, spawned offshoots in the Theatricals and the Kroks a capella group. The three recently merged into a single entity who will share this new home, the sixth in the institution’s more than two centuries of existence.
“It is going to be a space for study, a space for socializing, a space for camaraderie, rehearsal, performance, and fun,” Farkas said. Michael D. Smith noted his “admiration for everything Andrew [Farkas] does” in his own remarks at the opening and encouraged students to enjoy the facility. The student leaders of the institute expressed their enthusiasm for the new clubhouse as well. Club President Matt G. Wardrop ’15 referred to the new headquarters as “an exciting catalyst,” and said that he appreciated that it will bring “all of the different parts of the Institute together under one roof.”
The Pudding is currently the only social club on campus that has members from all four years and is coed. Membership to the social club is gained through a series of lunches, cocktail parties, and other gatherings, which are referred to as the “punch process.” The club counts five U.S. Presidents (John Adams, John Quincy Adams, Theodore Roosevelt, Franklin Delano Roosevelt, and John F. Kennedy) among its noteworthy members.
The New York Observer released its Power 100 list and Andrew Farkas was named #17. There were 167 on this year’s list and 40% of those people work in the ownership and development sectors. This clearly indicates that real estate professionals are on a buying spree and the value of land is bouncing back. The other professionals listed are architects, attorneys, financiers and politicos.
Andrew Farkas is chairman and CEO of Island Capital Group (ICG) and C-III Capital Partners, a controlled affiliate of ICG. C-III controls 40% of Centerline Capital Group. These three firms offer a broad range of real estate investment services, including special servicing, affordable and conventional multi-family lending services, management of $2 billion of invested capital across four debt funds, and loan origination. Last January, C-III acquired NAI Global, which gave C-III access to 5,000 more real estate professionals.