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.

- 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.

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.

The Nederlanders.

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.

- Michael Calderone

In 2002, billionaire widow Lily Safra was trying to sell a couple of her tony properties: an 18-room co-op at 820 Fifth Avenue and the full-floor condo at 838 Fifth Avenue.

Ms. Safra successfully unloaded the co-op, a sprawling penthouse, to Ara K. Hovnanian, the president and chief executive of Hovnanian Enterprises Inc., for a reported $20 million in August 2003.

But the Fifth Avenue condo—then listed for $15 million with Sharon Baum and Victoria Terri-Cote of the Corcoran Group—refused to budge.

In late October 2004, it was reportedly taken off the market. Rumors circulated that Ms. Safra was going to bestow the lavish apartment upon her son; however, no reports surfaced about the apartment changing hands. But it did.

A contract was signed with investor Thomas Sandell on Nov. 17, 2004, for $13.6 million. The deal finally closed two months later.

Now Mr. Sandell, a real-estate investor and portfolio manager at Sandell Asset Management, is flipping the apartment, and he’s put it on the market for some $6 million more than it cost him less than a year ago. Mr. Sandell declined to comment.

Also, the listing has returned to the Corcoran family and is currently with brokers Deborah Grubman and Carol Cohen. Ms. Grubman declined to comment.

Hovering over Central Park, between 64th and 65th streets, the apartment offers six park-facing windows with exceptional views. If that’s not good enough, you can also take in the city skyline from an 822-square-foot terrace.

Inside the 4,165-square-foot apartment are three bedrooms and two and a half bathrooms. In addition to a sprawling living room, the apartment offers a library with wood-burning fireplace, a media room and a private entry foyer that leads to the gallery.

The master-bedroom suite includes a second wood-burning fireplace, large dressing room and marble bath.

The apartment is currently being renovated with a custom finish, according to a source close to the deal.

Other high-profile residents at 838 Fifth Avenue include Alfred Taubman, investor Michael Price and Seagram co-chair Charles Bronfman, who paid $18 million for his penthouse duplex.

Ms. Safra is the widow of the late banking magnate Edmond Safra, who died in a fire in his Monte Carlo penthouse in December 1999. She currently resides in London, where she is frequently seen with her close friends Prince Charles and Camilla Parker Bowles.

Plastic surgeon Daniel C. Baker recently purchased a five-story townhouse in Murray Hill for $6.8 million, according to deed-transfer records. The Republic of Botswana had previously owned the 25-foot-wide dwelling, which the African nation purchased in 1988 for about $4.7 million. Since then, it has served as the country’s permanent mission to the United Nations. The townhouse had been on the market since May 2004, with a whopping $9.5 million asking price. Dr. Baker has reaped the benefits of several price reductions.

Now, the 8,700-square-foot townhouse can either become a spacious home or be utilized for professional use. Since it’s zoned as a commercial building, Dr. Baker may wish to set up his practice on the leafy street off Park Avenue, or he may opt to convert it for residential use. Either way, the townhouse is in need of extensive renovations, according to a broker familiar with the building.

What’s Dr. Baker doing with it? He didn’t return calls for comment, though he is already getting his new purchase in shape. He hired architect Richard H. Lewis to begin the interior renovations, according to a permit filed on June 27 with the city’s Department of Buildings.

Dr. Baker is the former husband of socialite Nina Griscom (her reported affair with sugar tycoon Pepe Fanjul grabbed headlines in August of 2002). A renowned plastic surgeon, his celebrity clients allegedly include Barbara Walters, Sophia Loren and Courtney Love, according to a 2000 Observer profile. Dr. Baker currently lives on the Upper East Side, where he nips and tucks many wealthy clients who may prefer the Murray Hill location for their discreet procedures.

The stunning duplex apartment owned by Sharyn and Stephen Mann is back on the market for $15.75 million. The palatial 12-room residence is located in one of Manhattan’s choicest co-ops.

This isn’t the first time the massive apartment has been available to deep-pocketed buyers. Currently listed with Kathleen Sloane of Brown Harris Stevens, the apartment’s price has been dropped by $2.75 million since September 2004. Didn’t The New York Times announce last weekend that the Upper East Side was becoming a bargain?

One year ago, the asking price was $18.5 million, and the apartment was listed with Sharon Baum of the Corcoran Group. But when the apartment continued to languish on the market, the price was dropped down to $16.5 million in March 2005 and subsequently taken off the market earlier this summer.

Designed by the acclaimed architectural firm McKim, Mead and White, the 12-story building was completed in 1912. This particular residence once housed financier Murry Guggenheim, who grabbed the building’s largest apartment. Originally a pricey rental, the limestone apartment bulding went co-op in 1953.

“It was a huge transitional building,” said Ms. Sloane. “It changed the way the very rich perceived their way of life in New York.”

The 6,000-square-foot spread includes three wood-burning fireplaces, high ceilings, extensive paneling, moldings and stained-glass windows. Upstairs, there’s a master bedroom with an en suite marble bath and large sitting room. On the same floor, there are three more large bedrooms and five and a half bathrooms. Downstairs—via a curving staircase that unites the two floors—the apartment boasts a windowed eat-in kitchen, two staff rooms, one staff bathroom, and a laundry or exercise room.

Ms. Mann is the co-founder and vice president of the Food Allergy Initiative, and the couple has opened the apartment up for charity functions and Democratic fund-raisers. Investor Mr. Mann previously worked as finance chairman for the late Senator Daniel Patrick Moynihan.

A spokesperson for Ms. Mann—who is currently in Italy—told The Observer that the family is looking to downsize to a smaller residence.

Upper East Side

333 East 79th Street

Two-bedroom, two-bathroom co-op.

Asking: $850,000. Selling: $800,000.

Charges: $1,400; 62 percent tax-deductible.

Time on the market: eight weeks.

OFFICE ROMANCE These newlyweds, who both work in the financial markets, have proved that you can mix business with pleasure. A few years back, she was a recent transplant from England who fell for the Yank in her office. After marrying and renting in Manhattan, the couple purchased this 1,000-square-foot apartment to settle down in. The full-service building includes a 24-hour doorman, fitness room, parking garage and party room. Unlike some co-op boards that frown upon children, this postwar building is known for being family-friendly and even includes a children’s playground. And just in case the happy couple plans to expand their family, the apartment includes an extra bedroom. “The apartment is on a high floor,” said Farrah Mogh of Manhattan Apartments Inc. “It has a nice city view from the terrace.” Yet, it was not quite nice enough for the sellers, a couple who had their heart set on eyeing the East River upon rolling out of bed in the morning. Ms. Mogh represented them, too; they downsized into a one-bedroom apartment on East End Avenue, a little closer to the water.

Tribeca

200 Chambers Street

Two-bedroom, two-bathroom condo.

Asking: $1.24 million. Selling: $1.24 million.

Time on the market: one day.

THE HIPPER FLIPPER Long before all those sleek amenities are installed in the city’s newest buildings, anxious investors are already lined up looking at spec sheets. Given that only a portion of the available apartments are offered initially, would-be buyers have to be quick to grab one (or two, in this case). “The most important thing is to get in first,” said broker Michael Arcos of Nest Seekers International, who, with his colleague, David Tobon, brought in this buyer. The owner of a medical company, this buyer dabbles in real estate in Manhattan and the sizzling if speculative Florida market. Mr. Arcos has assisted him on previous investments, as well as the sale of another unit in this building. (That one cost a little more, at $1.395 million.) More financial district than Tribeca, the neighborhood’s hipster credentials are looking up, making the speculation hot. “Its location is the most important thing,” said Mr. Arcos of 200 Chambers. “It is on Chambers—there is nothing else like it right now.” The apartments themselves are pretty posh: Basaltina lava stone countertops, Calacatta marble backsplashes, and appliances by Sub Zero, G.E. and Bosch; an oversize Zuma soaking tub, wall-to-wall mirror and high-gloss white cabinets in the bathroom. The Tribeca building includes a fitness center, sky-lit swimming pool and indoor parking garage.

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.