More than two years after putting the historic Loew’s 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, 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.

“It’s too soon to say whether it will materialize into something,” sai

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