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. [more]

Olatz Schnabel, wife of artist and film director Julian Schnabel, paid $5.5 million for a three-story residential building at 38 King Street between Sixth Avenue and Varick Street in Soho. Olatz Schnabel went into contract in September and closed on the purchase Dec. 16, property records published today show. The contract signing came less than a week before rumors of a divorce surfaced in September.
The seller of the 4,256-square-foot unit was identified as Daniel Kellison, property records indicate. The asking price for the Federal-style property was $6.5 million, according to a listing on the Web site of brokerage Prudential Douglas Elliman. [more]

Artist Julian Schnabel’s Palazzo Chupi is seeing some more price cuts. The price of the combined triplex and duplex units has been slashed to $27.9 million, which is $10.1 million less than its last listing price of $38 million, and more than $31 million less than its original asking price of $59 million. The units can be bought separately, as well. The triplex alone is going for $14.95 million, and the duplex can be purchased for $12.95 million, which is an average of $3,634 per square foot. Residents at the five-unit Palazzo Chupi, at 360 West 11th Street, include Schnabel and actor Richard Gere, who listed his home for $15 million before taking it off the market in March.