Movcap Acquires Former East Village Nightclub From UBS for $28M

Movcap founder Lawrence Movtady signed for the buyer, while Nolan Henry signed for UBS, which used the entity 19-23 Saint Marks Place Apartments Owner to complete the deal, records show.

“We were drawn to the asset for its dynamic location by Astor Place on the historic corridor of Saint Marks, as well as its diverse mixed-use component and combination of residential units, restaurants and retail stores,” Movtady told Commercial Observer.

Newmark (NMRK)’s Brett Siegel brokered the deal, according to Movcap. Siegel and spokespeople for Movcap and UBS did not immediately respond to requests for comment.

UBS bought the eight-story building between Second and Third avenues for about $35 million in 2020, records show.

The property was once a venue for musicians such as Tina Turner, the Velvet Underground, the Grateful Dead and the Allman Brothers, according to Crain’s New York Business, which first reported the deal.

The Electric Circus became the psychedelic dance hall it’s now remembered as in 1966, when artist Andy Warhol rented out the space and turned it into a nightclub, with the Velvet Underground serving as its house band, Crain’s reported. But in 1970, the club was forced to close down when a bomb exploded on the dance floor and injured 17 people, according to the outlet.

The property was then renovated and converted into four ground-floor retail stores and 41 residential units on the floors above, Crain’s reported. Movtady told Crain’s he intends to continue to operate the building as is.

The current retail tenants at the property are creperie T-swirl Crepe, dessert shop Mango Mango Artisan Lab and Japanese grocery store Teso Life.

Isabelle Durso can be reached at idurso@commercialobserver.com.