After quietly boosting his real estate holdings in New York City with other investors, real estate developer Arthur Becker is taking on a condominium project on his own.
His plans involve an eight-unit building located at 465 Washington Street in Tribeca, a section of lower Manhattan Becker takes pleasure in and a size he finds manageable.
According to an interview with The Real Deal, Becker said the building, with a projected sellout of $52.5 million, will be a small scale boutique building and Paris Forino will furnish the interior designs.
When the work has been completed, which is expected to be within two years, the building will be made up of seven apartments and one penthouse duplex.
The square footage will vary from 2,000 square feet to 4,000 square feet with prices that span from $2,200 per square foot to $3,200 per square foot.
Arthur Becker reportedly purchased the property at 465 Washington for $6.1 million five years ago. His expansion strategy for the five-story building to 10 stories includes purchasing the development rights of an adjacent building at 471 Washington and a 30-foot easement from the owners of 502-506 Canal Street, which stands behind his property.
According to records from Real Capital Analytics (RCA) Becker has invested in the past in a property at 10 Sullivan Street, a condominium development at 124 Sixth Avenue and with two other investors, JDS Development and Property Markets Group at 111 West 57 Street.
Becker achieved his wealth in the tech industry and is the current Chairman and Chief Executive Officer at Zinio, a multi-platform distribution service for digital magazines, that can be found on Wikipedia.com. He is also a co-founder of Atlantic Investors and a Managing Director of Madison Technologies.
He previously served as chief executive and president of NaviSite and as a director of ClearBlue Technologies.
A graduate of Bennington College and the Amos Tuck School of Business at Dartmouth, Becker invests in residential developments in New York and Miami.
Check out: http://arthurbeckerstudio.com/biography/