But even as the city’s annual summertime hibernation creeps closer, there are barely any signs the gloom will relent. In the past week alone, a baseball slugger, a mortgage-backed-securities whiz and a Williamsburg artist with dormant dreams of development have made million-dollar price cuts.

As for the artist, Cosimo Cavallaro, his 15,000-square-foot apartment/gallery at 20 South Fourth Street was asking $12.8 million when it came on the market a year ago. (Mr. Cavallaro, a filmmaker and sculptor, has hung a 6-foot chocolate Jesus in a Chelsea gallery and covered the model Twiggy in cheese, work that expresses the struggle, he says, between “the warm security of the womb and the chill uncertainty of the world.”)

By November, when things were already so sluggish that the broker who had set the New York City co-op record twice earlier in the year, Leighton Candler, was asking when brokers would be given shotguns, Mr. Cavallaro’s price came down to $9.85 million. That became $7.95 million in January, $6.75 million in February and $5.95 million last week. “I feel that it’s a good price, I think it’s a low price, actually. It’s a good price and it’s a low price,” the artist’s wife, Sarah, said this week.

According to their listing, the brick building has a two-car garage, two floors now used as gallery space, a third that’s a four-bedroom residential sprawl and a private garden. There are thousands of square feet of air rights, too: In 2004, Mr. Cavallaro told The Times that he wanted to build a 11-story luxury glass tower called the Punctilio. “He was going to do that, but then he decided not to, because he’s not a developer,” his wife said this week. “I thought it was great.”

But real luxury glass towers are having troubles, too. Bobby Abreu, the All-Star ex-Yankee who now plays for the Angels, just cut the price of his 4.5-room condo at One Beacon Court from $7.9 to $6.9 million. Couldn’t the price be lower, considering that he paid only $3.8 million four years ago? “A million dollars is a large amount of money,” listing broker Jeffrey Silverstein said.

Gargantuan price cuts haven’t helped elsewhere. Ramesh Singh, once the global head of mortgage-backed securities at UBS, which he left last year, cut the price of his 7,234-square-foot maisonette at 823 Park Avenue last week to $14.5 million, $10 million less than his price in August.

It’s also $5.5 million less than what he paid for the 15-room apartment last June. “The market is what the market is right now,” listing broker Carrie Chiang said. “It’s a huge readjustment.”

mabelson@observer.com

The choice potentially weakens New York in two ways. First, should Abreu and Pettitte now sign elsewhere, the Yankees do not receive the two draft picks apiece they’d have been entitled to had they offered arbitration to both players. But more immediately, it creates two holes on the team that will be difficult to fill absent a multiyear deal for a less-talented replacement.

The Pettitte decision is a puzzle. He returned from retirement talk to play for the Yankees in 2008, and showed superficial signs of decline, with an ERA increasing from 4.05 in 2007 to 4.54 in 2008. But a closer look indicates that Pettitte was right in line with where he’s been since 2005. His walk rate improved, his strikeout rate remained nearly the same, and so did his home run rate.

Had the Yankees offered Pettitte arbitration, the minimum return, had Pettitte refused the offer, would have been those two draft picks. For a team not afraid to offer far more than the recommended amount by Major League Baseball, that means losing two chances to get top-flight talents anywhere in the draft. But the bigger question is just how to replace Pettitte.

Of the free agents likely to pitch as well or better than Pettitte in 2009, not one of them is likely to accept a one-year contract. Take A.J. Burnett, for example—a pitcher who has pitched more than 200 innings once in the past three years, and posted just a 105 ERA+ in 2008—who has received multiple offers of a four-year contract with a fifth-year option. It appears the first team to go to a guaranteed fifth year for Burnett will win the dubious prize of counting on him for the next half-decade. And it isn’t clear he’s a better bet than Pettitte for 2009, let alone beyond next season.

Derek Lowe, who is only a year younger than Pettitte, appears headed for a four-year deal as well. The best pitchers who would likely get one-year deals in this market, meanwhile, include Brad Penny (2008 ERA: 6.27) and Pedro Martinez (2008 ERA: 5.61). Even Odalis Perez, a journeyman who isn’t close to Pettitte’s ability, is likely to get two years based upon a competent 2008.

Meanwhile, the Yankees have made a similar trade in short-term quality by jettisoning Bobby Abreu. The outfielder will be 35 on Opening Day 2009, and has settled into remarkable post-peak consistency, hitting between .283 and .297 each of the past four years, with on-base percentages of .369 and .371 in 2007-2008, and slugging between .445 and .474 between 2005-2008.

But it appears the Yankees want to clear right field for Xavier Nady, which in theory is a good idea—replacing one of New York’s numerous older players with a younger model. Still, for 2009, it isn’t clear Nady will be better than Abreu, and Nady will be 30 next year—far from a young player to build around.

Nady’s unwillingness to take many walks has led to a mediocre on-base percentage throughout his career. His lifetime OPS+ is 108, and only topped 107 last season. Even 2008 was largely influenced by a 144 mark with Pittsburgh—once he hit New York, he posted a 105, right in line with his career norms. Abreu, meanwhile, put up a 120, and hasn’t been below 114 since he began playing regularly in 1998.

The decision also leaves New York short-handed on the bench, a problem when likely DH Hideki Matsui is coming off of two knee surgeries in less than a year, Johnny Damon is 35, and the starting center fielder is still TBA. The Yankees relied on plenty of older offensive players in 2008, with diminishing returns, but managed in large part because they had not only Damon, Nady and Matsui, but also Abreu and Jason Giambi to play the outfield or DH. Recently acquired Nick Swisher can fill in, but it would appear he’ll be slated to start at first base.

Obviously, the Yankees are not finished shopping yet, and will add both a bat to replace Abreu and likely an arm to replace Pettitte. But to merely approach either in quality, New York will have to spring for multiyear deals, which will probably cost them draft picks they won’t recoup from the Pettitte/Abreu losses.

The Yankees may have saved themselves some money in arbitration. But they cost themselves more, both in 2009 and beyond.

Last year, Mr. Damon sold off his 39th-floor apartment at One Beacon Court, the celebrity-friendly glass condo on East 58th Street, for $8 million. Two floors down at One Beacon, Mr. Abreu might have felt lonely without the pinstriped company. He just listed his two-bedroom for $7.9 million.

That’s a much more ambitious price than the tag for Mr. Damon’s condo, which was 2,410 square feet instead of Mr. Abreu’s 1,762. And consider that Mr. Abreu paid just $3.8 million in April 2005, which means he’s hoping to more than double his money—whereas Mr. Damon paid $5.6 million in February 2006, not incredibly far off from what he sold it for.

Asked if Mr. Abreu, who turned 34 this week, had done any work on the apartment, listing broker Jeff Silverstein of Century21 NY Metro said, “Nothing.” But on the bright side, the place has a hugely windowed living/dining room, a marble bathroom with oversize tub (and separate shower) and two bedrooms with Central Park views. And the high-end market is still so good that models and athletes and bankers can get just about whatever they want for their high-floor condos.

“You can tell that a bachelor lives there. It’s just very minimal,” said Mr. Silverstein, who wouldn’t comment on his client but was willing to describe the condo: “a guy’s apartment kind of thing—a sofa, a big TV, a big TV in the bedroom, a bed, not much furnishing.”

Marketing photographs also show a bachelor’s mirror in the bedroom, tilted (of course) slightly toward the bed. And there’s a telescope in the dining room, too.

Why is Mr. Abreu selling? The right fielder bought the apartment as an investment property when he was still playing for Philadelphia. At the time, when he was making $13.1 million per year, his real estate holdings stretched to Miami and Venezuela. Considering his taste for real estate, and that he’ll make $16 million this season, it would seem that Mr. Abreu’s likely to upgrade to something massive.

In the meantime, he has another apartment five blocks south, a three-bedroom condo bought in November 2006 for just under $2.5 million—though that’s being rented out.

- Max Abelson

Today, the New York Post reports that both the Mets and Yankees are interested in acquiring Philies slugger Bobby Abreu. But would the all-star outfielder move to Manhattan full-time?

Well, in May 2005, The Observer broke the news that Mr. Abreu had purchased a $3.9 million pied-a-terre at One Beacon Court (where Yankee Johny Damon later moved in).

Here's what Mr. Abreu's agent told The Observer at the time:

Hmm...after he stops playing?

- Michael Calderone

City records show that he bought a 6,000-square-foot Tribeca loft for $5.8 million in late March through a corporate entity named after his cat and dog.

Mr. Stewart married Tracey McShane in 2000. Since then, his fortunes have only fattened, with the book America, written by his Daily Show staff, selling over 1.5 million copies since September 2004, two months after the birth of his son, Nathan.

The loft is famous in the neighborhood mostly because it recently was home to some 1,000 turtles owned by Richard Ogust, who is listed as the seller on the deed. Mr. Ogust declined to comment on the sale.

Publicist Matt Labov confirmed that Mr. Stewart is moving from his Greenwich Village apartment, but wouldn't elaborate on the details. Prudential Douglas Elliman had listed the loft at $6.2 million.

The spacious Tribeca duplex penthouse features 40 windows offering north, west and east exposures. The palatial loft also boasts a 600-square-foot terrace and 1,200-square-foot private roof.

Considering that the building used to house the Wetlands Preserve-an eco-friendly rock club and activist center-it's not surprising that turtles once roamed upstairs. Since the club officially closed its doors on Sept. 30, 2001, Tribeca has only become more of a prime destination for upscale buyers.

Architect and developer Peter Moore renovated the building into 27 units, luring an affluent (and non-reptilian) clientele. Mets catcher Mike Piazza closed on a 3,000-square-foot condo last November for around $4.1 million.

But with celebrities moving in, where could the 1,200 turtles go?

In early 2004, the shell-shocked former residents moved to Tewksbury, N.J.-a wealthy rural enclave across the Hudson River, where former Governor Christie Whitman resides. Mr. Ogust became executive co-director of the Tewksbury Institute of Herpetology, a turtle refuge. However, the state's Department of Environmental Protection didn't renew the institute's scientific-holding permit, forcing the peripatetic turtles to find another home.

Hedge-fund executive Daniel Loeb and his wife Margaret recently closed on a 44-foot-wide West Village townhouse for $11.2 million, according to a source close to the deal.

Since it came on the market, Diane von Furstenberg, Gwyneth Paltrow and Leonardo DiCaprio (who reportedly is buying into the nearby Hudson Blue condominium) each paid a visit to the townhouse, said a source close to the deal.

But the art lovers won out!

The couple purchased the home from fellow art collector John Stewart (no relation to the aforementioned fake news anchor).

The massive three-floor, 12,000-square-foot home is a downtown rarity, idyllically situated on a tree-lined, cobblestone street. The eight-bedroom, eight-bathroom townhouse features a garage, elevator and private atrium. Plenty of natural light enters through 60 windows.

Originally built as separate houses in 1857, the two structures were later combined. During the Civil War, the Bank Street property became the Northern Naval Officers Hospital-and it retains the official Navy plaques on its façade to prove it.

Both the buyers and seller are fervent art collectors, and the storied residence has plenty of art-historical significance. The building was owned by the renowned Parisian art publisher and printmaker Atelier Mourlot, whose roster included Picasso, Matisse and Dalí. The downtown fine-art facility also printed American luminaries Jasper Johns and Roy Lichtenstein.

Mr. Stewart kept an extensive art collection at home, which includes over 30 works by acclaimed Russian artist Ilya Kabakov. For private parties, he hired security guards decked out in trendy attire to mix with the chic art-world types, according to The Wall Street Journal. (But can a tight, black turtleneck really hide bulging biceps?)

The Loebs are noted patrons who are helping to support the Whitney Museum's upcoming exhibition, Remote Viewing: Invented Worlds in Recent Painting and Drawing, opening in early June.

Mr. Loeb is the founder and chief executive of Third Point Management, a New York investment firm. Ms. Loeb received her master's degree in social work from New York University in May 2004. They married in July in East Hampton, and less than a year later have a remarkable downtown dwelling to house their prized paintings and newlywed bliss.

Exclusive broker Michael Bolla, a specialist in luxury homes, declined to comment on the purchase.

Philadelphia Phillies slugger Bobby Abreu purchased a luxury condo at One Beacon Court for close to $3.9 million in early April, according to city records. After nine years in the big leagues, Mr. Abreu is one of the game's top players, appearing in the 2004 All-Star Game. The right fielder can easily afford the lavish apartment; this purchase barely makes a dent in this season's $13.1 million salary!

"Originally, it was for an investment," said agent Edward Greenberg. "He had some real estate that he'd purchased and rented out, and he wanted to buy something in New York."

Off the diamond, Mr. Abreu has become a budding real-estate mogul with a portfolio that extends to Venezuela, Philadelphia, New Jersey and Miami.

At One Beacon Court, residences begin on the 32nd floor, offering the slugger commanding city views.

"You feel like you're floating over the park," said broker Jeff Silverstein of Dwelling Quest, who tempted Mr. Abreu with floor plans for the sponsor units in the extravagant building.

The Cesar Pelli–designed, mixed-use tower houses Bloomberg L.P. headquarters and has attracted several high-end buyers: sultry singer Beyoncé Knowles, hedge-fund executive Steven Cohen, record mogul Alan Meltzer, and Renault Formula One managing director Flavio Briatore.

Although celebrity buyers often snatch up condos in trendy new developments only to flip them soon after, Mr. Abreu might be planning a long-term stay.

"He likes New York, and he always thought he'd like to have some place in New York after he stops playing," said Mr. Greenberg.

Since the Phillies have six more games against the Mets at Shea Stadium this season, Mr. Abreu will have the perfect place to crash while his teammates suffer in some ritzy hotel.

The lavishly decorated penthouse at Trump Park Avenue has just landed on the market for $35 million. The showcase apartment features the work of over a dozen prominent designers. However, for the buyer with a specific aesthetic vision for the duplex, the price drops to $30 million for the raw space alone.

Formerly the Hotel Delmonico, built in 1929 and designed by Goldner and Goldner, the building at Park Avenue and 59th Street underwent a condominium conversion. Former Delmonico residents include Ed Sullivan, Oliver Harriman and former Governor Charles Whitman.

Mr. Trump purchased the prewar building in 2001 for $115 million and hired architect Costas Kondylis, who gutted the interior. Now there are 120 luxury condos, including 12 full-floor apartments with a private elevator. The penthouse offers rarefied Park Avenue living without the co-op board hassles.

Since mid-April, New Yorkers have dropped $50 apiece for a tour through the lavish apartment, with proceeds donated to the Alzheimer's Association.

Several top brokers were given passes to bestow upon potential buyers, who then mixed it up with the paying rabble.

"I think the best person for this apartment is someone who entertains a lot," said director of sales Laura Cordovano, gazing up at the grand staircase leading to the second floor. "It really is a beautiful place."

The 5,200-square-foot penthouse boasts 17-foot ceilings and arched windows. It also includes a master-bedroom suite, kitchen, library, living room and dining room (with views from 32 stories up). The media room features a Sony flat-screen television-now playing Lawrence of Arabia-with a small kitchenette and mini-bar attached for the ultimate in rainy-day entertaining. There are also two guest bedrooms, five bathrooms and a powder room.

A west terrace and a north veranda comprise an additional 1,790 square feet of exterior space. The Zen-like veranda, complete with fountain and rock garden, offers serenity high above the city's streets.

To avoid harsh juxtapositions between the rooms, the designers all agreed to follow certain fundamental stylistic premises. As a result, there are no jarring aesthetic moments for sightseers moving between the rooms.

"We wanted to have one look throughout the whole house," said Miguel Flores-Vianna, editor-at-large of Veranda, the upscale shelter magazine that partnered with the Trump Organization on the project. "We tried to re-create a 21st-century version of the grand glamour of the mid-20th century."

Penthouse tours continue through June 5, so there's still time to see how the other half (or rather, 1 percent) truly lives.