For UBS it may be a mere real-estate investment in downtown New York. For the world of culture, it is a special heritage site.
UBS Realty Investors, a unit of the Swiss bank’s asset management division, was part of one of very few property deals that have gone through in New York during the corona pandemic. It has bought a building that carries special significance for the world of music, according to «The Real Deal».
19-23 St. Mark’s Place in East Village on Manhattan was the address of the Electric Circus. The Velvet Underground were the house band of the rock club for some time. It was the band managed by Andy Warhol and of lead singer Lou Reed.
A Decidedly More Prosaic Use
Under Warhol’s influence, the club was turned into a home for the hippies in the 1960s. The band’s legendary debut album «The Velvet Underground & Nico» wasn’t an instant success but eventually became to be seen as one of the most influential albums ever.
The contrast to today couldn’t be any bigger – UBS has invested in a property that houses luxury apartments. The rent for a studio is about $2,700 and reaches $18,000 for a penthouse with three bedrooms, according to the assessment by «The Real Deal».
