July 12 (Bloomberg) -- Boaz Weinstein, who runs hedge fund Saba Capital Management LP, bought an apartment on Manhattan’s Fifth Avenue for $25.5 million, about 6 percent more than the asking price.
The purchase of the four-bedroom co-op at 907 Fifth Ave. was completed June 29, according to public records filed today which listed the buyer as an attorney acting as a trustee. The buyer was Weinstein, said a person with knowledge of the deal, who asked not to be named because the details were private.
The unit is one of three residences in the Upper East Side building that belonged to Huguette Clark, the copper heiress who died in May 2011 at age 104, according to a brokerage listing posted on property-data website StreetEasy.com. The apartment, which overlooks Central Park, was listed for sale on March 9 for $24 million.
“From the corner master bedroom, one enjoys views over the model sailboat pond all the way north to the George Washington Bridge,” reads the listing by Mary Rutherfurd and Leslie Coleman, brokers at Brown Harris Stevens. “While one needs to envision the apartment brought up to date for today’s lifestyle, the bones are here for a unique and fabulous residence.”
The co-op includes three staff rooms and a gallery with 11-foot ceilings, according to the listing. The building, at the corner of 72nd Street, was constructed in 1915.
Weinstein, 39, declined to comment through a spokesman, Jonathan Gasthalter. Rutherfurd didn’t immediately return a telephone call.
Weinstein’s Saba Capital is a so-called long/short credit fund that avoids large bets on the direction of the economy, instead seeking to profit from gaps in prices between derivatives, bonds and loans. Weinstein, former co-head of global credit trading at Deutsche Bank AG in New York, started Saba in 2009.
In May, the firm profited by betting JPMorgan Chase & Co. trader Bruno Iksil was distorting prices in a credit-derivative index. JPMorgan Chief Executive Officer Jamie Dimon said on May 10 that the bank’s loss could reach $3 billion or more. The bank hasn’t disclosed how much of the money-losing trades it’s still holding.
Saba’s main $5 billion fund has returned 2.3 percent this year through June 22.
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