Saba Chief Buys Clark Penthouse On Central Park

Jun 4 2012 | 12:45pm ET

Saba Capital Management founder Boaz Weinstein has some fancy new digs in which to celebrate his lucrative victory against JPMorgan Chase in the latter's $3 billion (and growing) trading disaster.

The former Deutsche Bank trader has agreed to pay $25.5 million for the Fifth Avenue apartment formerly owned by the late copper heiress Huguette Clark. And unlike previous parties interested in the 14-room penthouse—namely, the prime minister of Qatar, who offered $31.5 million—Weinstein and his wife, Rhodes Scholar and assistant U.S. Attorney Tali, won the approbation of 907 Fifth Avenue's notoriously tough co-op board. The couple have been negotiating for the digs since they went on the market in March.

The oak-paneled apartment is in need of some serious renovation, the New York Post reports. The reclusive, eccentric Clark, who died last year at the age of 104, had not lived in the apartment—or at two others she owned in the building—in decades. But her doll collection did, and she paid a cleaning staff to pay weekly visits to the apartment to keep both cleaned and maintained. First on the list of upgrades include the electrical system and plumbing.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note