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Toys "R" Us Founder Sells $21M Co-op to Peruvian Billionaire

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Peruvian billionaire Carlos Rodriguez Pastor is suing to get out of the contract he signed for a $27.5 million Fifth Avenue penthouse. But in the meantime, he went ahead and bought a different Fifth Avenue apartment for $21 million. And why not? He's a billionaire. Every day that you're a billionaire who is not living in a $20+ million Fifth Avenue apartment is a day wasted, as the old saying goes.

The seller of the new apartment is Toys "R" Us founder Charles Lazarus, who originally listed his 11-room (4BR/5.5BA) pad for $29 million in 2011. The price was chopped four times, most recently to $24.5 million, before Rodriguez Pastor snatched it up for a mere 68 percent of the original ask. 960 Fifth Avenue has a reputation as one of the city's snootiest co-ops. (In 960 Fifth, power broker A. Laurance Kaiser IV once said, "If you have less than $100 million, you'd be considered poor.") So that means that Rodriguez Pastor will probably fit right in—the reason he's backing out of his contract at the other place is because he wouldn't deign to let the building's other residents set foot on his balcony.

· Toys "R" Us founder sells UES co-op for $21M [The Real Deal]
· 960 Fifth Avenue coverage [Curbed]
· If Spurned Co-op President Can't Have Penthouse, No One Can [Curbed]

960 Fifth Avenue

960 Fifth Avenue, New York, NY