Arthur Becker has acquired three adjacent townhouses on Suvillan Street, Soho. The transaction saw the tech investor trade his stake in a nearby condominium development for the townhouses. The properties have a staggering 6500-square foot of floor each. The project had four townhouses, developed through a partnership between Robert Gladstone’s Madison Equities and Kevin Maloney’s Property Markets Group. The project also included a 16-story condo building designed in the shape of a boat.
Although the investor had declined to say exactly how much he invested in the project, the amount is estimated at $20 million. Data from Real Capital indicated that the Becker initially spent $15 million through preferred equity before adding a mortgage of $5 million. Moreover, efforts to know the transfer prices of the townhouses have been thwarted by the contradictory information from the filed documents. According to various sources, the prices range between $22 million and $29.4 million. Fashionista.com experts believe that the difference in the values could have been caused by the difference between Becker’s investment into the property and the assets’ current value. This information was originally reported on therealdeal.com as highlighted in the following link https://therealdeal.com/2016/08/30/tech-mogul-arthur-becker-gets-trio-of-townhouses-for-stake-in-soho-project/
During the exchange, Becker did not make an additional investment. However, he paid $4 million for innovations in one of the houses. Becker plans to live in that townhouse while renting out the other two. It is also speculated that the tech investor turned real estate investor will sell the properties once their values have appreciated to profitable levels.
Two of the properties are yet to be completed. According to Becker, they are in the financial stages and will be finalized before 90 days. Recently, the fourth townhouse was put up for purchase. It had an asking price of $20.8 million. Although the property has been removed from the market, it can be used to estimate the price of the other three. Experts believe Arthur Becker’s properties will be priced higher than $20.8 due to their spacious backyards.
About Arthur Becker
Arthur Becker is a tech mogul with investments in many info-tech and biotech companies. Recently, the entrepreneur started investing in the real estate market. Some of the companies Becker has invested in include Zinio LLC, Atlantic Investors, Madison Technology Group LL, and NaviSite. NaviSite provides online management services. Zinio is a digital newsstand. Madison Technology Group is a Colorado-based consulting company. Becker has also worked in various executive positions for these tech firms.