Acclaimed artist KAWS pays $17M to expand Williamsburg studio

Thor Equities–led JV doubled money on 93 North 9th Street in four years

New York /
Nov.November 18, 2019 01:42 PM
93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

93 North 9th Street in Williamsburg, Thor Equities’ Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Art world sensation KAWS is having a moment, as the auction house Christies declared last month.

The Williamsburg-based artist, whose real name is Brian Donnelly, has been compared with the likes of Jean-Michel Basquiat and Keith Haring for transforming his undeniably New York aesthetic into commercial success. Last year, his work pulled in nearly $34 million at auction, according to Christies.

Now he’s putting some of that into real estate.

KAWS paid $17 million to Thor Equities to purchase the 10,000-square-foot building next to his North 9th Street studio to allow for an expansion, Thor told The Real Deal. The deal works out to $1,700 per square foot.

Along with Colt Equities — the investment firm run by Jack Sitt, son of Thor CEO Joe Sitt — Thor paid $8.35 million in 2015 to buy the property at 93 North 9th Street. KAWS moved into the building next door at 101 North 9th Street in 2017 when he opened his studio there.

Jack Sitt brokered the sale to Donnelly, whose work is admired by such real estate owners as Edward Minskoff.

Minskoff, an avid art collector, installed a giant KAWS statue in the lobby of his building at 1166 Sixth Avenue as part of a renovation in 2017.

Elsewhere, Jeff Sutton’s Wharton Properties recently paid what’s believed to be a Williamsburg record–high $3,226 per square foot to buy a commercial building at 166 Berry Street, just a few blocks from KAWS’ studio.


Related Articles

arrow_forward_ios
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)

Thor’s $150M loan on 597 Fifth heads to special servicing

Thor’s $150M loan on 597 Fifth heads to special servicing
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...