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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...