Chupi’s last unit gets a buyer

Palazzo Chupi

The final unit left at Palazzo Chupi, the condominium developed by artist Julian Schnabel, has sold, according to Curbed. The eighth- and ninth-floor, 4,000-square-foot duplex sold for $12 million in December, down $20 million from the original asking price of $32 million, to a buyer known as “Magellan 360 LLC.” The development, where Richard Gere owns a unit, has endured repeated price cuts, as it struggled to attract buyers for its few remaining units. The second to last unit to sell closed in September 2009, prior to which Schnabel sold off a late period Picasso to pay off Chupi-related debt.