Face-Lift for Versace! (Not Donatella …)

5 East 64th Street.

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

Face-Lift for Versace! (Not Donatella …)