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Richard Gere and Carey Lowell have sliced $1.6 million off the asking price of their seven-bedroom farmhouse in Water Mill. Priced at $8.8 million when it first went on the market in February, the 1.2-acre estate is now listed for $7.2 million. The pricecutting isn't restricted to the Hamptons, however. Gere slashed $3 million off the price of his spread at Palazzo Chupi in 2008 before taking it off the market entirely earlier this year. [Newsday, Stribling]
• David Sidwell, who retired as Morgan Stanley's CFO at the end of 2007, has sold his 26th-floor apartment at 25 CPW for $7.65 million. [Cityfile]
• An art world power couple is bidding goodbye to the Upper West Side. Brett Gorvy, co-head of post-war and contemporary art at Christie's and Amy Gold, who is Christie's director of business development, have sold their three-bedroom apartment at 470 West End Avenue for $2.175 million. [Cityfile]

• The West Village townhouse that famed urbanist Jane Jacobs once called home has gone on the market. The 2,080-square-foot house at 555 Hudson Street is on the market for $3.5 million. [NYO, PDE]
• Late philanthropist Cynthia Phipps' mansion in Old Westbury has sold for $9 million. The 12,000-square-foot house originally went on the market for $13 million after her death in 2008. [Newsday]