Foreclosure Auction for an Apartment After Co-op Board Conditions Kill Sale

Sept. 3, 2014 — Following the stringent conditions that the River House co-op board placed on the sale of Arlene Farkas' 14-room apartment, which wound up scotching a $7.8 million sale to the French government, the place will be sold at a public foreclosure auction today, reports the New York Daily News. Farkas, who owes $6 million in mortgage payments has lived at the old-money co-op in Turtle Bay since 1969 and, for the larger part of 24 years, was negotiating the legal waters of divorce and share-ownership. This followed her discovery that husband Bruce R. Farkas, an heir to the Alexander's department-store fortune, was simultaneously married to another woman for many years. Which is a whole story in itself.