More than two years after putting the historic Loews State Palace Theater on Canal Street up for sale, the owners of the nearly century-old building are now seeking to sell the property for $4.9 million, dropping the original asking price by a third in hopes of finally finding a buyer.
It’s the latest attempt to jumpstart interest in an iconic local landmark that has been vacant since Hurricane Katrina. The price had previously been reduced to $5.9 million from $7.2 million.
In the weeks since the latest price cut, which happened in July, the brokers marketing the property have fielded several fresh inquiries and received a letter of intent from a potential buyer, which signals interest but is not an offer or a legally binding document…