Schnabel Chops the Price on Palazzo Pad

Julian Schnabel's foray into residential real estate in Manhattan has not been as smooth as the artist might have hoped. First, locals labeled Palazzo Chupi the "Pink Building." Immediately after Madonna bailed out of buying a unit in the decidedly unchild-friendly building, Mr. Schnabel lost his anchor celebrity tenant when Richard Gere put his custom-designed pad on the market for $18 million.

Now the Developments blog of the Wall Street Journal reports that Mr. Schnabel is finally adjusting the price tag on one of the five units. Listing brokerage Brown Harris Stevens said "the owner decided on his own" to cut the price of a Chupi duplex from $32 million to $29.5 million.