After a series of behind-the-scenes investments in property development in New York City, Arthur Becker now wants to dip his feet fully into the industry. According to a recent report, the technology and finance guru is planning to develop a $52.5 million condominium project along 465 Washington Street in Tribeca. The condo will be the first project bearing Becker’s name and is expected to have about ten stories and eight units. When talking to The Real Deal recently, Becker said that Paris Forino would take charge of condo’s interior design.
The History of 465 Washington
465 Washington was initially a five-story building owned by Peter Moore, an Architect who had unsuccessfully tried his luck in the industry. After failing to raise funds to offset his $4.7 million loan from VFC Partners, Moore sold the building to Arthur Becker in 2012 at an estimated price of $6.1 million. Upon the purchase, Becker also acquired development rights for an undisclosed fee from the owner of a neighboring condo. Another payment that was in excess of one million dollars was paid to the Ponte family for an easement that reinforces the building.
465 Washington is projected to be complete by 2019. Upon completion, the building is expected to house seven single unit apartments with each unit going for $5 million. On top of the building, about 2,000 sq. ft. to 4000 sq. ft. will be reserved for a penthouse that will give a panoramic view of the New York City. The asking price of the penthouse is expected to be not less than $14 million.
According to Arthur Becker, he will be seeking for a construction loan to the tune of $25 million for the project. About the low demand for luxury apartments in the recent past, Becker is hopeful that 465 Washington will receive a better market reception, more details can be found on Bloomberg.
About Arthur Becker
According to Page Six, Arthur Becker makes his real estate investments through Madison Partners LLC where he is a managing member. Through Madison, he recently acquired three townhouses in New York.
Since graduating from Tuck School of Business and Bennington College, Becker has been involved with several techs and financial firms, including NaviSite, Atlantic Investors LLC, and Zinio. Becker has spent the better part of his 43-year career holding executive positions.