Thursday, October 9, 2008

Another Price Chop at the Chupi

Listen children, y'all should high tail it over to Braden Keil's Gimme Shelter column in the NY Post because he's got all sorts of updates and juicy tidbits including the latest 411 on the most recent price chop at artist/filmmaker Julian Schnabel's self-designed West Village finger flipping architectural fantasy known as the Palazzo Chupi.

Surely everyone recalls when all the real estate gossips went wild chit chatting about Mister Schnabel's strangely articulated, unusually fenestrated and pinky-red condo building on West 11th Street. Early reports declared that Mister Schnabel was going to market 4 of the 5 multi-million dollar units on his own. (The pajama clad one reportedly occupies the fifth himself). He did manage to get some filthy rich financier to buy one unit and dee-lishusly grey haired actor Richard Gere scooped up one of the units for $12,000,000 but quickly flipped it back on the market where it remains available for $17,995,000.

When the remaining units weren't scooped up lickety split by his big name and big bucks buddies, he brought in the real estate agents who first listed the 3,700 square foot triplex penthouse in February of 2008 with a blistering $27,000,000 asking price. There were no takers. In April the price was raised, yes, raised to and even more scorching $32,000,000. Again no takers. Then in July, the asking price of three bedroom and 3.5 bathroom aerie was hacked to $29,500,000. But alas, no buyers stepped up to the table. The asking price for the four terrace and three balcony building topper has now been sliced and diced to a still considerably expensive $24,000,000, representing an eye-popping and most unusual $5,500,000 markdown.

Is this a sign of the economic times or was this pricey penthouse over priced to begin with? You decide.


Anonymous said...

I think the emperor has no clothes (just pajamas). We shouldn't pick on Julian Schnabel, I think the whole, "How High Can It Go?", pricing of high end residential properties in Manhattan is crashing down to earth. Trophy properties in access of $10 million (or in this case $20 million) are somewhat tricky to price because the comparables are few and far between. It sounds like the fancy inventory is starting to pile up at 15 Central Park West, prime Park Avenue, The Plaza, etc.

The developer behind the Four Seasons condo and hotel in Toronto is trying to sell the 9,000+ square foot penthouse for $50 million (about $45 million USD). And this is Toronto darling, not NYC or London. Can you say white elephant?

Anonymous said...

well I can say this

some friends who organize million dollar parties for the super rich including myself have had 100 cancellations this week alone

this is a huge blow to the services industry and a real indicator that high end real estate is going to come crashing down in the next week or two as the super rich are no longer rich they have lost 70% of their wealth in the market and they are going to unload in droves just to keep their overheads paid

that is my guess

I myself I am ready to jump off of my penthouse balcony here in NY

I lost 20 MM this week alone and this is no longer a joke and all of my so called friends have told me good luck

everyone is now out for themselves

Anonymous said...

Kelsey Krammer is on Fox News

he just lost a fortune in the market

this is very scary indeed

I guess it is better to own a piece of dirt than a piece of paper

Anonymous said...

Has anyone seen Average Joe?

CBS news just showed an old transient near skid row scooping up clods of dirt from a vacant lot and screaming "I'm rich! I'm rich! I'm finally really rich!"

Anonymous said...

General Motors is going down within 6 months without a bailout.Dow now 8500. Down 42% from a year ago. Probably a bidding war next week for those Beverly Park properties. Lol

Anonymous said...

More like dumbass ray...or should we just call you average joe? You aren't fooling anyone.

Anonymous said...

check this out

then check out the comments


Anonymous said...

what kills me is that

our govt passed a 700 billion bailout

immediately after that AIG borrowed 75 billion from them

and then AIG throws a party at a resort

the price ?

440k for the weekend

it does not bother me that they are spending our tax dollars for a resort retreat

what bothers me is that the rooms are 400 a day

just like rooms in ny are 5000 a day

and they are that high because of corporations

corporations are the reason why we are in this mess

and they need to die

Anonymous said...

maybe after the corporations die all prices on hotels, resorts, real estate will come way way down to where most of us "mini millionaires" can afford them

as of now you have to have "50MM to be considered a starter millionaire" and I do not think I could ever get close to that dollar mark in this life

what do you think ?

Anonymous said...
This comment has been removed by the author.
Anonymous said...

and your obsession with me is unhealthy

Anonymous said...


Anonymous said...

Average Joe's obsession with hijacking Mama's blog is unhealthy.

Anonymous said...

I think Bentley had it right when he pronounced this building "contrived and ridiculous". I'm not at all suprised that these appartments have failed to sell, even with the price chops.

chris said...

Where is ground zero for the present financial collapse? Wall Street. Where do Wall Streeters live? Manhattan. Simple, very.

Anonymous said...

"We shouldn't pick on Julian Schnabel,"

I beg to differ. We should ALWAYS pick on Schnabel.

I didn't mind his pink building, but the asking price: insane.

Anonymous said...

I think 32 mill bucks was way too overpriced to begin with and for the money they're asking now you can get the penthouse duplex with 2000 SF more over at 166 Perry street. But still, this building has grown on me and I would choose the Palazzo over any glass tower any given day. That is, if I would have the peanuts to splash out on an apartment like this.