Last May, the palatial downtown pad came on the market at $11 million, but the price dropped down to $10 million about a month later, as The Observer reported.

Could the drop in price be a sign of a cooling luxury market? Or, maybe the development squabbles across the street at Ground Zero have scared off high-end buyers.

Shortly before the terrorist attacks, Mr. Simmons had a signed contract with fellow music impresario, Diddy. Not surprisingly, the building sustained ample damage and the deal was broken. However, the apartment has since been completely renovated.

-Michael Calderone