You will be redirected in 15 seconds, or continue now.

Close Stay up-to-date with
Observer.com Newsletters
Sign up for Observer Newsletters!
RSS Feed
The New York Observer

Schnabel Chops the Price on Palazzo Pad

View Story On One Page View Story On One Page Print This Story Print This Story Share This Story Share This Story
May 16, 2008 | 12:58 p.m
<br /> (Luxist.com)
Luxist.com

Julian Schnabel's foray into residential real estate in Manhattan has not been as smooth as the artist might have hoped. First, locals labeled Palazzo Chupi the "Pink Building." Immediately after Madonna bailed out of buying a unit in the decidedly unchild-friendly building, Mr. Schnabel lost his anchor celebrity tenant when Richard Gere put his custom-designed pad on the market for $18 million.

Now the Developments blog of the Wall Street Journal reports that Mr. Schnabel is finally adjusting the price tag on one of the five units. Listing brokerage Brown Harris Stevens said "the owner decided on his own" to cut the price of a Chupi duplex from $32 million to $29.5 million.

Post a Comment The Discussion