In the wake of Hurricanes Irma and Maria, Andrew Farkas has joined the Virgin Islands Hurricane and Resiliency Advisory Group, which will help guide reconstruction and resiliency efforts in the territory.
The advisory group is composed of local officials and community members, in addition to business and environmental experts, as well as thought leaders from the United States.
The committee has at its disposal $1.4 million to aid relief efforts, which was collected through United States Virgin Islands recovery.
Under the guidance of Virgin Islands Governor Kenneth Mapp, the expert committee will perform hurricane damage assessments, and outline potential risks the VI could face within the next 30 years. The committee will also focus on developing long-term security and economic recovery in the VI, with attention to making the area’s infrastructure, homes, and businesses more resistant to future storms and natural disasters.
More in-depth areas of focus for the committee include the ongoing development and implementation of USVI response and recovery efforts, the streamlining of coordination and leverage of funding and volunteer efforts, a coordinated economic recovery plan, keeping track of federal disaster assistance funding and private donations, and policy recommendations and guidelines to increase the USVI’s resilience in the face of natural hazards.
Andrew Farkas has considerable interest the United States Virgin Islands, most importantly its recovery and growth after the recent string of hurricanes that have hit the territory. Farkas is the chairman and CEO of Island Capital Group, an industry-leading real estate merchant bank headquartered in New York City.
Andrew Farkas’s IGY Marinas is partnering with P&O Marinas, a subsidiary of Dubai port operator DP World, on a superyacht project in the south of France.
Under the partnership, IGY will provide a global network of commercial and tourist services while P&O Marinas will provide the technical and crew support.
The project will be located in Sète. Upon completion, the marina will accommodate 12 superyacht berths for vessels of up to 328 feet in length with a maximum draft of 23 feet. Other features of the project include electrical facilities, fuel service arrangements, in-slip grey and black water pump-out, high level security, and Wi-Fi.
Those docking at the marina will also have access to the world’s largest vessel support network, the IGY Anchor Club Strategic Partners, which offers a range of services from provisioning, crew training, full range insurance to emergency health services, and more.
Sète is known as the “Little Venice” of France and is located near Montpellier, the Côte d’Azur, and the Balearic Islands. It is an official Port of Entry, and is fully compliant with the International Ship and Port Facility Security Code. The project will also provide yachters with easy access to surrounding restaurants and shops.
The project is set to start construction at the end of this year.
Founded by Andrew Farkas in 2005, IGY continues to be a global leader in the yachting industry. IGY is one of the largest marina companies in the world, with a network of 17 marinas operating in 8 countries. IGY’s 300 slips accommodating vessels over 80 feet in length service more than 1,000 superyachts per year.
This past month, Resource Capital Corp. announced that it will provide a quarterly cash dividend to its shareholders for Q3 of 2017. The company is managed externally by Resource Capital Manager Inc., a subsidiary of C-III Capital Partners, where Andrew Farkas serves as Chairman and CEO.
The board of directors made the announcement on September 19th, declaring that the stock would yield a $0.05 cash dividend per common share. The dividend will be paid on October 27, 2017 to all shareholders with record of the stock as of September 29, 2017. This marks the fourth consecutive quarter during which Resource Capital Corp paid shareholders this dividend.
Resource Capital Corp., which has offices based out of both New York and Philadelphia, is a real estate investment trust. It focuses primarily on providing and managing commercial mortgage loans, as well as other debt investments related to the real estate industry. It has been a publicly traded company since February of 2006, and was acquired by the Andrew Farkas subsidiary in late 2016.
Resource Capital is one of many real estate subsidiaries under the umbrella of Island Capital Group, of which Andrew Farkas serves as Chairman and CEO. There he has successfully guided deals in the commercial real estate industry, where he has over thirty years of corporate experience. Throughout his career, he has been instrumental in the development of many successful firms, all the while maintaining active philanthropic roles in other organizations.