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Pinault Isnt The Only One With A Palazzo

Figure Painting

by Callen Bair and Felix Salmon
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Oct 19 2007 12:00am EDT

Pinault Isn't the Only One With a Palazzo

What do you do if you're an art star whose brightness has been eclipsed by a major market fallout and the subsequent rise of new generation? Look for a new career? In real estate? Jackpot!

Julian Schnabel, the '80s it-artist behind celebrity/socialite rat trap the Gramercy Park Hotel, is raking in tenants for the building he's been developing on top of a one-time horse stable in the West Village: Richard Gere ponied up for an apartment in the pink (red?) palazzo, according to a story in today's issue of the Wall Street Journal. He'll be sharing the elevator with Bono, according to the Villager, and William J.B. Brady, Credit Suisse's co-chairman for global technology, who bought the first unit for no less than $15.5 million. Schnabel's current auction record appears to be $822,400.

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