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Billionaire Art Buff Pays $27M for East Village Substation House

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The former cavernous substation-turned-house that belonged to the late artist Walter De Maria is safe from any character-stripping residential development. As expected, billionaire art collector/publisher Peter Brant (husband to supermodel Stephanie Seymour, dad to "the princes of the city") bought the building at 421 East 6th Street for $27 million. The Real Deal spotted the public records, which list the buyer as an LLC connected to Brant's businesses in Connecticut. The sale also includes the empty adjacent lot at no. 419. De Maria purchase the building in 1980 and converted into a wildly impressive live-work space with ceilings as high as 32 feet. Most of the industrial features were kept, and de Maria used it to display large-scale installations. The Brant Foundation will likely use the space in a similar way; after all it is a contemporary art center.

· Billionaire Peter Brant pays $27M for Walter De Maria's East Village home-studio [TRD]
· 421 East 6th Street coverage [Curbed]