After a Long, Contentious Journey, a Penthouse Gets Bought for $30.9M

Sept. 25, 2014 — At the co-op 1107 Fifth Avenue, an apartment that was once the city's largest has been sold to hedge-fund honcho Mark Kingdon, founder of Kingdon Capital Management, for $30.9 million, reports the New York Daily News. And this marks the end of a circuitous journey for the 10-room penthouse with a wraparound terrace, which Peruvian billionaire Carlos Rodriguez Pastor had previously wanted to buy. So did the co-op board's president, Maureen Klinsky. She bid $21 million, Pastor bid $27.5 million, and the board naturally accepted Pastor's higher offer. Which then begs the question of who was behind the board suddenly deciding it was going to build a shared roof deck for all the shareholders — accessible only by the penthouse terrace? And then shifting gears and deciding it was going to do repairs that would limit an owner's access to the terrace? Pastor sued and withdrew his bid — though Klinksy still didn't get to guy it. As Curbed.com has written of all this: "Co-ops: They're just like high school except nobody graduates unless they die."