Arthur Becker is known for putting his money behind some of the biggest developers of the city. He has put in his money for Michael Stern, besides Kevin Maloney as well as Robert Gladstone. This time, he is planning to put his name as well as money on a condominium project.
He has already submitted his offering plan at the office of the New York State Attorney General. Hence this investor has turned into a developer now.
Arthur Becker is planning a building having eight units. The location will be 465 Washington Street. This is in Tribeca. The sellout being projected is $52.5 million. This will be an exclusive building. It will be a boutique building having interiors that have been designed by Paris Forino. In fact, it appears that Arthur Becker is just starting out in real estate this way. He has started with a smaller building with a lesser number of units as he believes that this is something that he can manage easily. It may also mean that he is preparing a base before he steps into something that is bigger and greater!
According to perezhilton.com, he started his career as a homebuilder. Then he moved to Hawaii where he was looking after a macadamia orchard. Post that; he moved into tech as well as finance. Once completed, this project will comprise of seven simplex apartments along with a penthouse duplex. The sizes will range from 2,000 to 4,000 square feet. The prices will range in accordance from $2,200 to $3,200 per square foot. Each unit will cost around $5 million while the penthouse will be in the range of $14 million.
Arthur Becker had bought 465 Washington in 2012. At that time, he had paid $6.1 million for it, reports Page Six. He had bought it from developer Peter Moore.
This is a five story building. Now it is to be expanded to 10 stories. For this, he has bought the development rights from those who own the adjacent building which is at 471 Washington. He has also paid over $1 million to the Ponte family whose building is on the back of Becker’s property. This is for a 30-feet easement.