Sean “Diddy” Combs has just knocked half a million bucks off his condo at the swanky Park Imperial on West 56th Street.

The 66th-floor three-bedroom, two-bathroom unit, currently configured as two bedrooms, is now asking $7.5 million. The grand apartment includes a marble entrance foyer, a corner living room with a flat-screen TV and a windowed eat-in chef’s kitchen.

The sound system is state-of-the-art, natch.

Diddy, we hear, is looking for a bigger place Downtown and hopes a price reduction will spark a bidding war to find a buyer by year’s end.

Dolly Lenz, of Dolly Lenz Real Estate, has the listing.