Price Cuts of a Princely Kind.

THE downtown market has the largest inventory of unsold luxury properties in Manhattan, but brokers say deals are being done on some of the most talked-about places in some of the most sought-after neighborhoods. Palazzo Chupi, five condominiums that the artist and filmmaker Julian Schnabel built atop a former stable at 360 West 11th Street, has been the scene of considerable activity lately. Mr. Schnabel, who also has a studio in the building, has suffered through a year of embarrassing accounts of unsuccessful price cuts in the real estate blogs. [ABSTRACT FROM PUBLISHER]