Tech and finance investor-turned-developer, Arthur Becker, is targeting a $53 million sellout of a condominium development, 465 Washington. This is according to the documents filed at the General office of the New York State Attorney. Becker has reportedly invested $550 million in different projects in the New York City. He has also worked with top developers such as Robert Gladstone, Michael Stern and Kevin Maloney. He bought 465 Washington in 2012 for $6.1 million from Peter Moore who faced a $4.7 million foreclosure suit. The project, which Arthur bought as a primer, will have seven simplex apartments and penthouse duplex whose price will start from $2,200 per square foot. Units will retail from $5 million and $14 million for the penthouse. In addition, Arthur acquired development rights from the owners of an adjacent building at 471 Washington with the objective of expanding the 5-story building to 10-stories.
Recently, The Real Deal reported Arthur Becker’s ownership of three adjacent townhouses on Sullivan Street, Soho in exchange for his Condominium development. According to Wikipedia, Robert’s Madison Equities and Maloney’s Property Markets Group developed the 30, 40 and 50 Sullivan Street homes. Becker refused to disclose the amount that he invested in the condominium development. He said that he did not make any additional investment to own the three townhouses. However, the data obtained from Real Capital Analytics indicated that he offered $15 million in preferred equity and an additional $5 million in mortgage for the project. Arthur has also invested in 111 West 57th Street. This information was originally mentioned on The Real Deal as outlined in this link https://therealdeal.com/2017/03/28/the-condos-beckon-arthur-becker-going-it-alone-on-tribeca-boutique-project/
Arthur Becker is the managing member of a successful investment group, Madison Partners, LLC. This corporation focuses on real estate development and Biotechnology. Arthur served as the CEO of Navisite. Later, he rendered his services as the Chairman and CEO of Zinio, which is regarded as the largest newsstand in the world. Navisite provided internet technology services to various companies in the US and UK. The company had opened offices in the US, UK, and India. It provided cloud-based application management solutions and center hosting services to the enterprise market before it was sold to Time Warner in 2011. In addition, Arthur worked as a senior advisor for the Vera Wang Fashion Company for seven years. http://perezhilton.com/tag/arthur_becker/
admin April 3, 2017
Posted In: Business Success