Not to be confused with the retired professional basketball player, Arthur Becker is the executive director at the Massachusetts-based company Navisite, Inc. He is an investor who made his fortune in the tech industry and has an interest real estate. He owns a trio of townhouses in Soho in New York City and is involved in a condominium development.
Specifically, he has investments in 10 Sullivan Street. He owns 30, 40 and 50 Sullivan Street. The properties were among homes developed by Kevin Maloney’s Property Markets Group and Robert Gladstone’s Madison Equities. While he would not comment on how much he invested, information from Real Capital Analytics reveals that he put out $15 million worth of preferred equity and secured a $5 million mortgage for this property project. The current value of the property, however, is significantly higher.
Becker estimates that he put an additional $4 million into one of the townhouses because he was planning on moving into it. He considered the other two properties as investment opportunities and planned to sell or lease them. He noted that the other two presented exceptional opportunities because they both have larger backyards than the 20 Sullivan townhouse he did not take.
According to NY Times, Becker, who has put $500 million into New York real estate via his Atlantic Investors LLC. He has praised the entire project, including the condominium, telling the press that PMG and ME created something “beautiful” on an unusual lot. He praised the work done in order to maximize the height of the condominium and added that the four previously mentioned townhouse were erected on “one of the most charming streets” in the area which is why he confessed he was “excited to own them.” Becker has also made real estate investments with AmBase Corp, the JDS Development Group, and Property Markets Group.