The Real Deal New York

Valentino chief sells Pierre pad for $8M

Giancarlo Giammetti spread goes for $2M under ask

September 11, 2012 04:30PM
By Katherine Clarke

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Giancarlo Giammetti and the Pierre unit

Giancarlo Giammetti, the longtime business partner of Valentino fashion designer Valentino Garavani, has sold his apartment at the Pierre for nearly $2 million less than its asking price.

Giammetti, who holds the title of honorary president of the label, sold the two-bedroom, two-bathroom spread at 795 Fifth Avenue for $8 million, according to public records filed today with the city. It first came on the market in 2010 asking $12.5 million but was most recently listed for $9.7 million.

Martha Kramer of Brown Harris Stevens represented Giammetti in the deal. The buyer was an LLC with a registered address in Palm Beach, Fla. Kramer was not immediately available for comment.

Giammetti purchased the apartment in 2007, records show, paying $7.5 million. He bought the unit from another fashion VIP: Pierre Berge, co-founder of the Yves Saint Laurent Couture House.

The spread has Central Park views from all of its rooms, according to the listing, which also details some of the finer, more luxurious details of the residence. The master bathroom is upholstered in pale silk, while the library has hidden pocket doors with floor to ceiling custom bookcases on either side.

The Pierre Hotel underwent a $100 million renovation in 2009. The apartment comes with access to all of the hotel’s services, such as concierge and maid service.

Giammetti has reportedly been Valentino’s near constant companion for 47 years. The mogul also bought a penthouse at One Beacon Court in 2010 for $18.5 million.

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