The big developments in the city have been supported by Arthur Becker and none so far has been the wiser. Lately, however, he has decided to put his own name on a certain condominium project that is in the offing. The tech module plans to put up an eight- unit structure whose sellout will be $52.5 million. The 465 Washington building will be a boutique building whose interior will be Paris Forino designed. This is according to an interview he had with The Real Deal.
Arthur Becker, who started off as a home-builder and later operated a macadamia orchard before moving into finance and the tech world, says the building will have seven apartments and a pent house. The prices will be between $2,200 per square foot and $3,200 per square foot. The units will go between $5 million and $14 million.
465 Washington was acquired by Becker from Peter Moore in 2012 at $6.1 million. In order to expand the five story to 10 stories, Becker had to buy development rights from owners of the next building. Research firm Real Capital Analytics confirms that Becker has invested $550 million in projects all over New York. The capital he has deployed is still not known.
Arthur’s highest bet is currently on JDS Development Group coupled with Row Condo Super tower. Although there appears to be a slow down as far as luxury products goes, Becker is positive that 465 Washington will go.
PMG and Madison Equities
Becker was PMG and Madison Equities financial backer in their condominium development in 10 Sullivan Street. He assumed ownership of some three houses in the same street as a trade for his stake in that project. He is also part of the team of investors who acquired and later disposed of property to the tune of $70 million.
Arthur is a managing partner in a real estate investment firm: Madison Partners LLC, http://madisonpartners.nyc/about-arthur/. ThisHe is the chairman and chief executive officer of Zinio. Before Zinio, Becker had worked as NaviSite’s CEO, more details can be found on LinkedIn.
NaviSite, a company quoted in NASDAQ, provided application management assistance to customers based in US and the United Kingdom. Arthur has an MBA from Dartmouth’s Turk School of Business. Reference sourced: Angel.co