Thomas Sandell

The asking price for billionaire widow Lily Safra's old apartment at 838 Fifth Avenue has just been reduced by $1 million. It can now be had for $18.75 million.

In January, 2005, Ms. Safra sold the full-floor condo for $13.8 million to investor (and Versace mansion buyer) Thomas Sandell, as reported in The Observer.  read more »

- Michael Calderone

Speaking of 838 Fifth Avenue, another ritzy apartment in that building--one floor above Thomas Sandell's--is now changing hands.

Investor Michael Price recently sold his 4,500-square-foot apartment to Broadway producer James Nederlander (senior!) for $13.47 million, according to deed-transfer records.

It's a nice chunk of change for Price, who already owns another shwa-shwa property in the Upper East Side: the 78th Street mansion that formerly belonged to socialite Pia Getty.

But it's a lot less than he had once hoped to receive (and also $230,000 less than he paid for the apartment in 2001).

In late 2003, after Price had already bought the six-story townhouse, he first put the apartment at 838 on the market for $17.9 million. But the quick, profitable flip didn't pan out.

Earlier this year, the three-bedroom apartment came back on the market asking just $13.5 million, listed with Mercedes Menocal-Gregoire and Sydney Waud, of Stribling & Associates.  read more »

That price drop certainly did the trick: A contract was signed on Jan. 20 for slightly below asking, and the deal closed earlier this month.

Nederlander, and his wife Charlene, are no strangers to high-end real estate. In 2000, the couple bought into 515 Park Avenue, which has housed a number of celebrities and top executives over the past five years including, New Jersey Governor Jon Corzine, music producer Antonio (L.A.) Reid, Christie's owner Francois Pinault, and ousted Vivendi chief Jean-Marie Messier. - Michael Calderone

In 2005, six Manhattan townhouses sold for over $20 million, with one of the most notable being the former home of the late Gianni Versace, at 5 East 64th Street.

Last September, The Observer reported that investor Thomas Sandell had purchased the five-story mansion for $30 million, through a corporate entity.

At the time, Mr. Sandell wasn't saying whether the five-story landmarked townhouse would serve as a private residence, or was purchased as an investment.

Considering that Mr. Sandell bought billionaire widow Lily Safra's full-floor condo at 838 Fifth Avenue for $13.6 million in January, 2005, and then tried flipping it the same month as the Versace mansion was purchased, a quick turnover seemed a definite possibility. (Currently, the 4,165-square-foot apartment remains on the market, listed for $19.75 million.)

But over at the Versace mansion, work is now being done on the house, and the Landmarks Preservation Commission on March 14 approved an alteration of the facade. The change is not too substantial: A large window will replace a garage door.

Aside from the palatial, East 64th Street spread, Mr. Sandell's got other deals going on the Upper East Side.

His other apartment at 610 Park Avenue--which was listed for just under $5 million--recently went to contract.

The three-bedroom, three-bath corner apartment features pocket doors and herringbone floors. The 2,208-square-foot apartment also includes a dining room, laundry room, and walk-in closet.

It first came on the market in July 2005, listed with broker Penny Toepfer, of the Trump Organization. After a price reduction, a contract was signed in early March.

Both Mr. Sandell and Ms. Toepfer declined to comment.  read more »

- Michael Calderone

For a luxury residence that is still being “delivered new,” the ninth-floor condo apartm  read more »

For a luxury residence that is still being “delivered new,” the ninth-floor condo apartment at 8  read more »

Matthew Schuerman finds that Goldman Sachs is close to getting an agreement to receive a penalty fee if they're not satisfied with security measures at the new World Trade Center site: "According to two officials involved in the negotiations with the investment bank Goldman Sachs to build a new $2 billion headquarters adjacent to Ground Zero, C.E.O. Henry Paulson has secured a financial guarantee from the city and state, exacting penalties if authorities fail to enact a comprehensive security plan for the World Trade Center neighborhood." Michael Calderone reports on widow Lily Safra's 838 Fifth Avenue apartment, which was quietly sold in an inside deal to financier Thomas Sandell in the fall, is now back on the market; Sandell hopes to flip the place for a $6 million profit. Also: Nina Griscom's socialite-plastic-surgeon ex-husband has bought the Botswanan Embassy building; no word yet on whether it's a mega-surgery-house or a mega-residence for the nip-and-tuck expert.  read more »