Michael Price

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

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