Valentino’s partner puts Pierre pad on market for $12.5M

By Yaffi Spodek | June 25, 2010 01:00PM

Giancarlo Giammetti, at right, has listed his two-bedroom co-op at 795 Fifth Avenue for $12.5 million

A two-bedroom co-op apartment in the Pierre Hotel, owned by fashion icon Valentino Garavani’s business partner, has just hit the market for $12.5 million.

Italian Giancarlo Giammetti, honorary president of the Valentino Fashion House, bought the unit in 2007 for $7.5 million from
Pierre Berge, the French co-founder of Yves Saint Laurent Couture House, according to property records. Steven Rabinowitz, a real estate attorney for Phillips Nizer, who represented Giammetti in the purchase, declined to comment on the apartment.

The co-op and hotel at 795 Fifth Avenue and 61st Street is a landmark, originally designed by the New York firm of Schultze and Weaver as a skyscraper rising from a limestone-fronted Louis XVI base. Last year, it underwent a $100 million renovation.

Listing broker Martha Kramer of Brown Harris Stevens declined to comment on the unit.

The apartment features a 30-foot long corner living room which has unobstructed views of Central Park, according to the listing. The master bedroom is upholstered in silk, while the second bedroom, currently used as a library, has hidden pocket doors with floor-to-ceiling bookcases on either side. Every room has a custom designed high-tech sound system which is CD and iPod compatible, and the lighting is activated by a one-touch control system. Apartment owners have access to the hotel amenities, which include a concierge service, maid service cleaning service, valet parking and 24 hour room service.