Recently, the Kips Bay Boys & Girls Club announced that the 50-foot-wide mansion at 4 East 75th would be the location of the organization's next showhouse.

Currently on the market for $55 million, The Observer has been closely tracking this residence--still widely known as the Harkness House--since gossip filtered out last fall that it might hit the luxury market.

Yesterday, more than 20 designers (including Thom Filicia from Queer Eye for the Straight Guy) were let in to start the massive overhaul of the 18,000-square-foot townhouse. On April 25, the public will be permitted to stroll through, with the $30 admission fee going to charity.

Currently owned by banker Jaqui Safra, and his film producer girlfirend Jean Doumanian, the house is in need of extensive renovations, according to multiple sources.

Now, we've mentioned showhouse flipping before as a recent Upper East Side trend. But it will be impressive if the price climbs above $55 million,currently the highest price for a Manhattan townhouse.

- Michael Calderone