Topline
The New York apartment where Jean-Michel Basquiat lived and worked for the last five years of his life has hit the rental market for $60,000 a month, as demand for the late artist’s work continues to rise as well.
Michel Basquiat at a surprise birthday party for Susanne Bartsch at the Rainbow Roof, at Steven … [+]
Key Facts
Basquiat’s apartment at 57 Great Jones Street, New York, has long been a destination for fans of the artist, who died in 1988, and for years the exterior has been tagged with graffiti as a memorial to Basquiat, who got his start in street art.
Brokers John Roesch and Garret Kelly told Forbes the building is for commercial use only, and the asking price is $51,000 per month in base rent plus $9,000 per month in taxes.
The two-story, 6,600 square-foot space has a “massive” skylight in the ground floor dining room, while the second floor has an open loft space with high ceilings and multiple skylights, according to Meridian Capital Group, which is listing the space.
The building most recently housed Bohemian, a referral-only sushi restaurant, and the space is fully equipped for a restaurant, according to Meridian.
The two-story building in the Bowery neighborhood was once owned by Basquiat’s friend and mentor Andy Warhol, who purchased the building in 1970 and rented it to Basquiat starting in 1983.
Basquiat–who kept a notoriously cluttered studio–worked and lived in the space for five years before dying of an accidental heroin overdose in the apartment at age 27.
The building, located at 57 Great Jones Street, is on the market for $60,000 a month.
Tangent
The building’s ties with New York history go back further than even Basquiat and Warhol. Believed to be converted stables from the Civil War era, in the early 1900s the building (then connected to 59 Great Jones Street) housed the New Brighton Athletic Club, a dance hall, saloon and bare-knuckle boxing venue that is rumored to have served as the headquarters for the Five Points Gang, which counted mobsters like Lucky Luciano and Al Capone among its members. In 2016, the Greenwich Village Society for Historic Preservation installed a plaque commemorating Basquiat on the face of the building that describes how the artist “challenged established notions of high and low art, race and class, while forging a visionary language that defied characterization.”
The space most recently housed a sushi restaurant as is fully outfitted with a kitchen.
Basquiat spent the last five years of his life living and working the space, and died there suddenly … [+]
Key Background
Basquiat was among the top-selling artists at auction last year, with his works fetching hundreds of millions of dollars. In May, Japanese billionaire Yusaku Maezawa sold an untitled painting by Basquiat for $85 million. Though Basquiat died decades ago, attention on his work has surged in recent years, thanks to a new emphasis in the art world on Black artists. His estate, which is controlled by his two sisters, has also introduced Basquiat’s work to a younger generation through frequent collaborations with popular brands like Dr. Martens and Coach. Last year, one of his paintings was prominently featured in a Tiffany’s advertisement starring Beyoncé and Jay-Z, who has collected his work for years and even dropped his name in songs. Some of Basquiat’s friends and collaborators have spoken out against the deals, saying his work is being exploited for profit.
Before Warhol purchased the building in 1970, the space was home to the rumored headquarters of a … [+]
Today, Basquiat’s fans continue to tag the building with street art, a nod to the artist’s earliest … [+]
Further Reading
Here’s Why 2021 Was Jean-Michel Basquiat’s Year, Decades After His Death (Photos) (Forbes)
Rare Jean-Michel Basquiat Painting Sells For $40 Million At Auction (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/11/09/jean-michel-basquiats-last-new-york-apartment-is-on-the-market-for-60000-a-month/