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Richard Gere Taking a Million-Dollar Loss at Palazzo Chupi

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Artist Julian Schnabel's Palazzo Chupi was supposed to be a glamorous dormitory for his celebrity friends, but in the end Richard Gere was the only name with juice to buy a unit?actually just one of two buyers overall. But Gere never moved into his full-floor, 4BR, 4BA spread at 360 West 11th Street, which he paid $12 million for and later tried to flip for $17.995 million, then $15 million, then nothing (the listing was pulled last February). Now, Josh Barbanel reported over the weekend, Gere has found his buyer, "for about $1 million less" than the Zen master plunked down for his Chupi chup. Meanwhile, up in the lingering duplex, where the asking price is currently $12.95 million (down from $32 million), Barbanel reports a buyer is in contract negotiations on the space. Has William J.B. Brady struck again, or is new blood coming to the increasingly pale-looking Palazzo?
· Price Cuts of a Princely Kind [NYT]
· Palazzo Chupi coverage [Curbed]

Palazzo Chupi

360 W 11th St, New York, NY 10014