Olatz Schnabel Buys $5.5 million Tri-Level SoHo Home

Olatz Schnabel has just purchased a $5.5 million three-story residential building located between Sixth Avenue and Varick Street in SoHo.

The wife of artist and film director Julian Schnabel, Olatz Schnabel, just closed on the property on December 16 after going into contract just a short week before rumors began to spread about the couple’s divorce in September.

The home features 4,256 square feet and the asking price was $1 million more than the $5.5 million selling price. Schnabel owns a four-year-old store called Olatz just four blocks west of where her new townhouse is located. She is a home textile and clothing designer.

Julian Schnabel is well known as being the owner of the Palazzo Chupi, which has recently seen numerous asking prices cut.

Julian Schnabel owns a building known as the Palazzo Chupi about 12 blocks away at 360 West 11th Street between Washington and West streets, where he recently cut his asking prices.