Arthur Becker is a technology mogul who has been the provider of quiet money behind some of New York City’s biggest developers, like Kevin Maloney, Robert Gladstone, and Michael Stern. Recently however, Becker has decided to stop being quiet and put his name on a brand new condominium project.
The offering plan was recently filed with the state’s Attorney General’s office, with plans to build an eight-unit building in Tribeca. This new building has a projected sellout of $52.5 million and will be a massive project for the investor-turned-developer. Becker dreams of this building being an artisanal boutique in a section of Tribeca that he believes can be easily managed.
For Arthur Becker, a homebuilder-turned-orchard operator-turned-investor, this project is only another stepping stone in his successful life. The building plans include seven apartments and one penthouse, ranging from 2,000 to 4,000 square feet. According to Becker, prices for the units will range from $2,200 per square foot to $3,200 per square foot. The penthouse will be expected to cost a cool $14 million for buyers, while the other apartments will cost around $5 million.
The building in Tribeca is five-stories, so Becker has also bought the development rights to the building next to it to turn the building into ten-stories. While the cost of that property is unknown, records show that the space he bought behind the property cost him $1 million. Arthur Becker has invested an estimated $550 million in projects in the city thus far, and that doesn’t include the amount of capital he has used. See, http://arthurbeckerstudio.com/biography/
Even though the luxury product market has slowed, Becker is optimistic about his new venture. He loves the micro neighborhood in Tribeca, where it will be easy for him to sell the eight future units. With the two years it should take for construction, he is confident he will be able to find buyers for his new development.
Arthur Becker is the Managing Member of Madison Partners, LLC and was formerly the Chairman and CEO of the world’s largest digital newsstand, Zinio, LLC. Becker was also the CEO of NaviSite, a company that provided internet technology to numerous businesses in the UK and the U.S. Arthur Becker was even a senior advisor for seven years at the Vera Wang fashion company.
Visit his website: arthurbeckerstudio.com