Former Andy Warhol nightclub sold to UBS for $35M

Company purchased 19-23 St. Mark’s Place in East Village from Cape Advisors

TRD New York /
Apr.April 28, 2020 11:23 AM
19-23 St. Mark’s Place with Andy Warhol (Credit: Google Maps; Warhol by Mark Sink / Corbis via Getty Images)

19-23 St. Mark’s Place with Andy Warhol (Credit: Google Maps; Warhol by Mark Sink / Corbis via Getty Images)

UBS Realty Investors has purchased the former home of Andy Warhol’s Electric Circus nightclub in the East Village for about $35 million.

The firm bought 19-23 St. Mark’s Place from Cape Advisors, according to property records. In 2003 Cape Advisors had finished developing the property, which is eight stories tall and has 41 apartments, according to the company’s website.

Recent units have rented for between $2,700 for a studio and $18,000 for a three-bedroom penthouse, according to StreetEasy.

“Cape sold the building at an aggressive sub-four cap rate, and we feel fortunate to have closed despite difficult circumstances in the market right now,” said company President David Kronman.

Representatives for UBS declined to comment.

A JLL team of Jeff Julien, Rob Hinckley, Steven Rutman and Guthrie Garvin brokered the deal for both sides.

The shift to luxury rental units was quite a change for a building that Warhol turned into “the high citadel of hippiedom” during the 1960s, according to the Village Alliance.

“As the high-flying, high-decibel Electric Circus, it combined theater, rock music, dance, lighting — and even had its own merry-go-round,” the organization wrote.

New York’s mid-market investment sales were already off to a slow start in 2020 and have taken a beating during the pandemic. The past two weeks have each just seen one deal between $10 million and $30 million: Jeffrey Lam’s $28.6 million purchase of 55-59 Chrystie Street in Chinatown and an LLC’s $18 million purchase of 177 Franklin Street in Tribeca. The week before that had no sales.


Related Articles

arrow_forward_ios
Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

Judge grants Kushner tenants free rent at East Village complex
42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

LA real estate firm buys shuttered church site for $40M
From left: Raphael Toledano and Madison Realty Capital managing principals Adam Tantleff, Josh Zegen and Brian Shatz (Illustration by Kevin Rebong for The Real Deal)

Raphael Toledano’s “ghostly” East Village portfolio

Raphael Toledano’s “ghostly” East Village portfolio
A rendering of 1 St. Marks Place

New boutique office building headed for East Village’s St. Mark’s

New boutique office building headed for East Village’s St. Mark’s
Nicolai Ouroussoff and Cecily Brown with 125 East 10th Street (Credit: Columbia GSAPP via Flickr, Wikipedia, and StreetEasy)

No criticism here: Nicolai Ouroussoff, Cecily Brown buy E. Village house for $7.75M

No criticism here: Nicolai Ouroussoff, Cecily Brown buy E. Village house for $7.75M
77 East Third Street (Credit: Wikipedia)

Fallen angels: Biker gang clubhouse to be converted to rental apartments

Fallen angels: Biker gang clubhouse to be converted to rental apartments
Opal Holdings hit with $10M suit over construction damage

Opal Holdings hit with $10M suit over construction damage

Opal Holdings hit with $10M suit over construction damage
Investor Jay Schwimmer inks full-building lease for Moishe’s bakery site

Investor Jay Schwimmer inks full-building lease for Moishe’s bakery site

Investor Jay Schwimmer inks full-building lease for Moishe’s bakery site
arrow_forward_ios

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

Loading...