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CHUPI IN CRISIS: Schnabel's Palazzo Sinks to Lowest Point

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In her Gimme Shelter column today, the Post's Jennifer Gould Keil reports that Matt Damon has been shopping for a Gold Coast trophy home, but brokers are already adjusting their pocket squares and sniffing that he'll never get approved by a co-op board. Hey, here's an idea: Why doesn't Jason Bourne just buy the top five floors of Palazzo Chupi, now asking a staggeringly low $27.9 million? Yep, Keil notes (and the info sheet available for download on the Chupster's website confirms) that the duplex and triplex penthouse at Julian Schnabel's West Village pink palace have been PriceChopped yet again, less than two months after their last set of reductions. Of course, in that time Schnabel has had to sell off one of his Picassos to pay down his Chupi debt, meaning things are getting awfully serious at 360 West 11th Street.

The $27.9 million price tag on the combo?which would give a buyer six bedrooms and 7,676 square feet of interior space?is lower than what both apartments were originally asking on their own. Both were priced at $32 million at one time, and now the triplex is going for $14.95 million while the duplex has plummeted to $12.95 million. That's down from, most recently, $20 million and $18 million, respectively. The price-per-square-foot mark on the penthouse (not including its 2,000+ square feet of outdoor space) is now just over $4,000, while the duplex is an awfully normal-sounding (for new luxury Manhattan real estate) $3,267/sf. The market for Gesamkunstwerk just ain't what it used to be. Or what it hoped to be.
· Pink Slip [NYP/Gimme Shelter]
· Palazzo Chupi coverage [Curbed]
· Palazzo Chupi [Official Site]

Palazzo Chupi

360 W 11th St, New York, NY 10014