For UBS it may be a mere real estate investment in downtown New York. In the music world, it is a special heritage site.
UBS Realty Investors, a unit of the Swiss bank’s asset management division, has completed one of few property deals that have gone through in New York during the corona pandemic. It has bought a building that carries special significance in the world of music, according to «The Real Deal».
The building on 19-23 St. Mark’s Place in Manhattan's East Village used to house the Electric Circus, a rock club where the main draw was its house band – The Velvet Underground. The Velvets were led by singer and rock luminary Lou Reed and managed by Andy Warhol.
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 in popular music history.
The contrast to today couldn’t be any greater – 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».
