Boaz Weinstein buys Huguette Clark’s penthouse

Hedge funder who profited off of JPMorgan's big $2.3B loss takes heiress' co-op.
May 31, 2012 08:30AM

Boaz Weinstein has taken down a second New York institution this month. The head of hedge fund Saba Capital Management, who was the lead benefactor from JPMorgan Chase’s $2.3 billion trading loss earlier this month, is the buyer of one of heiress Huguette Clark’s apartments — a classic Fifth Avenue co-op that overlooks Central Park.

Weinstein paid $25.5 million for the 12th-floor apartment at 907 Fifth Avenue, near 72nd Street. The home was listed by Mary Rutherfurd and Leslie Coleman of Brown Harris Stevens for $24 million. The apartment is said to be structurally sound but is in desperate need of renovations, as it has electric wiring, plumbing and appliances that are nearing their 100th birthdays.

The apartment is the first of three units that Clark owns in the building to sell, according to the Post. The “notoriously stuffy” co-op board rejected the prime minister of Qatar’s $31.5 million offer for one of them, but “loved” Weinstein and his wife, Tali, Post sources said. [Post]