Andrew L. Farkas is a billionaire real estate investor and founder of Island Capital Group, a merchant banking firm specializing in real estate investments. According to Wikipedia, Farkas founded Insignia Financial Group in 1990, took it public in 1993, and merged it with CB Richard Ellis in 2003 to create what became the world's largest commercial real estate services company. He founded Island Capital Group in May 2003 and serves as its chairman and CEO. Farkas is the son of Robin Farkas, chairman of Alexander's department store chain, and served as president of the Hasty Pudding Club at Harvard University.
The archive documents an extensive business and personal relationship between Farkas and Jeffrey Epstein spanning more than a decade. The two men exchanged 8,976 emails between 1990 and 2023. They co-owned American Yacht Harbor, a 127-slip marina in St. Thomas, U.S. Virgin Islands, as part of Farkas's Island Global Yachting business. In a December 2010 email, Farkas wrote to Epstein: "You are one of the blessings in my life and I cherish our friendship". According to reporting in the New York Times and other outlets, Farkas also called Epstein "one of the bravest men I've ever known" and visited him in prison. Farkas has publicly stated through a spokesperson that his relationship with Epstein was "always entirely a business one" and that he regrets the association.
Background#
According to Wikipedia, Andrew L. Farkas became a prominent figure in New York City commercial real estate in the 1990s. He founded Insignia Financial Group in 1990, took it public in 1993, purchased the brokerage firm Edward S. Gordon and Company in 1996, and sold his portfolio of residential properties to AIMCO in 1998. After merging Insignia with CB Richard Ellis in July 2003, he founded Island Capital Group, an international merchant banking firm specializing in real estate investing, real estate operating businesses, and real estate securities. Island Capital manages assets worth more than $180 billion and controls a portfolio of real estate services companies around the world.
Farkas also serves as CEO of C-III Capital Partners, a fully diversified commercial real estate services and investment management company, and as chairman of Island Global Yachting. According to the New York Times, Farkas is estimated to be worth around $2.34 billion. He is a generous donor to Harvard University, where he endowed Farkas Hall in honor of his father and serves as chairman of the Hasty Pudding Institute of 1770.
In 2005, Farkas founded Island Global Yachting as a luxury marina business, which eventually grew to include marinas around the world. In 2007, he acquired American Yacht Harbor in St. Thomas, bringing Epstein in as a 50% partner. According to multiple news reports, the two men were business partners in this Virgin Islands marina venture near Epstein's private island.
Correspondence with Epstein#
The archive contains evidence of frequent and sustained communication between Farkas and Epstein. Their correspondence spans from at least 2009 through 2019, with scheduling exchanges continuing as late as April 2019, just months before Epstein's arrest.
The relationship was marked by expressions of close personal friendship. On December 31, 2010, Farkas sent Epstein a New Year's message stating: "I hope that this year marks great health, new chapters, peace and prosperity for you. You are one of the blessings in my life and I cherish our friendship". In February 2013, Farkas inquired whether Epstein was angry with him "around something having to do with american yacht harbor".
The two men communicated regularly about business matters and personal topics. In January 2009, Farkas forwarded Epstein information about Turner Construction closing its Dubai operations, discussing it as evidence of the financial crisis. In that same exchange, Farkas described shopping for a 170-foot sailboat, writing that he had offered $17.5 million for a vessel "built by what is arguably the finest yard in the world" with an original build price of $62 million. Epstein responded "holy s" to the Dubai news.
In November 2014, Farkas wrote to Epstein seeking introductions and business opportunities, including a request to be introduced to Michael Ovitz to discuss a naming opportunity for a new degree in performing arts at Harvard, and to discuss a "new tax free 18%-20% return" investment product. He also mentioned that "Mort completely evaporated on me" and inquired about interest from someone named Leon.
In November 2015, the two exchanged messages about Farkas's back surgery and purchase of a new 165-foot Perini Navi sailboat, with Epstein inquiring about Farkas's surgeon and Farkas describing his medical care in detail.
Farkas sought Epstein's advice and connections on various matters. In January 2013, he forwarded an opportunity to Epstein for someone to work "in the Caribbean working for a very important man running his island and, potentially, other facilities", asking if Epstein wanted to set up an interview. In April 2019, Farkas asked his assistant to schedule a call with Epstein to discuss his "Pudding list" and ensuring people filled their tables for a Hasty Pudding event.
The exchanges reveal a casual familiarity. In June 2010, discussing attendance at the Montreal Grand Prix, Epstein wrote to Farkas about "the intersting pussy in the pits, combined with the whining of women and engines". In April 2009, when Farkas asked to use Epstein's helicopter for a trip between St. Thomas and St. Croix, Epstein replied "my heli is here with me", to which Farkas responded "How presumptuous of you! Did it not occur to you that I might need it?"
Connections#
Farkas's primary connection in the archive is Jeffrey Epstein, with whom he exchanged 7,171 emails. Lesley Groff, Epstein's longtime assistant, appears in 425 shared emails, frequently coordinating meetings and calls between the two men. In April 2019, Groff reached out to Farkas to arrange a call, writing "Jeffrey has time for a call between 2-5pm tomorrow".
Thomas Mukamal (117 shared emails) served as CEO and later President of Island Global Yachting and communicated with both Farkas and Epstein about the American Yacht Harbor property. Frank Garrison (55 shared emails) also appears in correspondence related to IGY business matters.
Brock Pierce, a cryptocurrency entrepreneur (78 shared emails), was scheduled to meet with both Farkas and Epstein in September 2014, though the meeting was canceled. When told Epstein couldn't make the appointment, Farkas replied "That's ok. I didn't really want to see him anyway".
Rich Kahn (59 shared emails) appears in correspondence related to American Yacht Harbor operations. Other frequent correspondents include David Dowling (76 emails), who appears to have been a Farkas assistant, and various IGY employees involved in marina management.
Document References#
The archive contains multiple legal and business documents detailing the Farkas-Epstein partnership in American Yacht Harbor. A settlement agreement dated February 2014 resolves a dispute between Jeffrey Epstein, Andrew Farkas, Island Global Yachting Facilities Ltd., and IGY-AYH St. Thomas Holdings, LLC regarding the purchase price Epstein paid for his 50% interest in AYH and matters concerning the marina's operation and management. The agreement required IGYF to pay Epstein $292,655, reduced management fees from 7.5% to 5% of gross receipts, eliminated performance bonuses without Epstein's consent, and provided Epstein with favorable terms on fuel purchases, dockage, parking, and office space. The settlement specified that Epstein would receive dockage at a fixed rate of $0.96 per day per foot and that certain fees would be waived for Epstein and his affiliates.
A July 2015 memorandum from Thomas Mukamal to Andrew Farkas and Jeffrey Epstein outlined the asset management strategy for American Yacht Harbor, detailing capital infrastructure spending, working capital surplus of $1.8 million, and challenges including a loan refinance with Banco Popular maturing in 2017 and the need for long-term marina refurbishment estimated to cost between $4 million and $5.5 million. The memo noted that capital spending had increased from $123,746 in 2013 to a projected $400,000 in 2015.
An April 2013 memorandum from Andrew Farkas to Governor John de Jongh, Richard Carrion, Jeffrey Epstein, and Joe Bolschulte proposed a potential joint venture between the West Indian Company Ltd., Island Capital Group LLC, and the Virgin Islands Port Authority to operate cruise ship terminals in the USVI. The memo analyzed economic challenges facing the Virgin Islands and competitive threats from St. Maarten, proposing a public-private partnership to enhance the Territory's position in the cruise ship industry.
According to reporting in Politico and other outlets, both Farkas and Epstein benefited from tax incentives granted by the US Virgin Islands Economic Development Authority, which significantly reduced their personal and corporate tax liabilities. JPMorgan Chase estimated in earlier litigation that Epstein saved hundreds of millions of dollars through Virgin Islands tax arrangements.
Solicitation letters from Farkas to Epstein in December 2012 and 2017 sought support for the Hasty Pudding Institute of 1770. In the 2012 letter, Farkas described his gift to Harvard that financed renovation of the building now called Farkas Hall and asked Epstein to contribute $25,000 to become a member of the Fraternal Order of The Friendly Alligator. A 2014 gala program listed the Jeffrey Epstein VI Foundation as a "Guardian of the Sphinx" donor at the $50,000 level, alongside the Andrew L. Farkas Family.
A 2011 Daily Beast article about Epstein's social circle mentioned that "Jonathan Farkas, a New York real-estate heir, has known Epstein for 35 years and visited him while he was in prison". The article quoted Farkas saying "The side I've been reading about is a side I don't know" and "Unless I've seen it, I don't focus on it". The article appears to conflate Andrew Farkas with his brother Jonathan, though the content clearly refers to Andrew Farkas's relationship with Epstein.
Visits to Epstein Properties#
The archive documents efforts to arrange meetings between Farkas and Epstein at various locations, though the exact number of completed visits is difficult to determine from the correspondence:
Manhattan townhouse: Multiple scheduling attempts are documented. In April 2019, Epstein's assistant offered meeting times for Thursday April 4 (8:30am breakfast, 12:00pm lunch, or after 5:30pm) and Friday April 5 (8:30am breakfast, 12:30pm lunch, or after 6pm). Farkas initially could not accommodate those times, but later asked about an 8am breakfast Friday or Saturday. On April 5, Groff reached out again offering a call window between 2-5pm on Saturday, April 6. By April 8, Farkas's assistant noted they "didn't get connected this weekend" and requested a 3pm call. Additional references appear to in-person meetings in New York in November 2014, when Farkas wrote "I am here all week. Just let me know" in response to Epstein asking about getting together. In July 2010, they scheduled a 6:30pm meeting at "your place".
U.S. Virgin Islands: Farkas and Epstein's business partnership centered on American Yacht Harbor in St. Thomas, which they co-owned. In January 2013, Farkas invited Epstein to join him for dinner at the fine dining restaurant at Yacht Haven, noting "There is no place to land the chopper that I have been able to identify" and suggesting Epstein could fly into the airport where "we have escalades that routinely pick up yacht owners". In April 2009, Farkas requested use of Epstein's helicopter for a "quick stt/stc/stt trip to meet with officials", referencing St. Thomas and St. Croix.
Palm Beach: The New York Times reported and Boing Boing noted that Farkas made "regular pilgrimages to Palm Beach" to visit Epstein, though specific dates are not documented in the email threads reviewed.
Prison visit: According to the 2011 Daily Beast article and subsequent reporting, Farkas visited Epstein while he was incarcerated in Florida following his 2008 conviction.
Other locations: No visits to Little St. James island, the New Mexico ranch, or the Paris apartment are documented in the archive.