Arthur Becker recently became the proud owner of three townhouses on Sullivan Street. He was able to do this by giving away his stake in a condominium development.
Becker is Cagey about His Investment
Arthur Becker refused to disclose how much he had invested in the project. However, data shows that he provided the $5 million mortgage for the project plus $25 million as preferred equity. However, the data was not conclusive on the transfer prices of the townhouses. Some of the data shows the price to be $29.4 million while other data shows it to be $22 million. The discrepancy could be a result of Becker’s initial investment and the property’s current value.
He also added that he had not made any additional investment in the project in exchange for the houses. However, he did mention on his crunchbase that he spent around $4 million in making improvements to one of the townhouses where he will live.
What the Records Show
Madison Partners bought the site in 2012 for $30.5 million. They proceeded to divide the land into plots. The developer was given approval in 2014 to proceed with the building of four townhouses on the site. When Becker made the Swap, the townhouses had not yet been completed. Becker said he would live on one of the townhouses and lease the other.
What Becker Had to Say
He said on Angel.co that the companies behind the townhouses had made a beautiful thing from a weird property. They managed to create something beautiful and that was the reason that he decided to own them. Arthur’s other real estate investments are at 111 West 57th Street alongside Property Markets Group, JDS Development Group, and AmBase Corp.
Becker is a real estate investor who made his fortune in tech. Thus far, he has invested over $500 million into the NY real estate sector via Atlantic Investors LLC. He graduated from Bennington College where he had majored in ceramics and photography. He began his professional career in New England. In a relatively short time, he had advanced in his career and was at one time the CEO of a pair of technology companies.
Read More: http://arthurbeckerstudio.com/biography/