Mr. Arthur Becker is a man of many talents. His favorite talents involve real estate and early stage biotech companies. Currently, he’s a managing partner of a company that specializes in both of those industries. While he isn’t qualified to work hands-on with biotech products, he does have a certain knack for a hands-on real estate.
One of his latest projects is set of townhouses on Sullivan Street in Soho, reports the NY Daily News. He acquired the three adjacent townhouses after exchanging his stake in a neighboring condo development. Like with many of his other properties, Becker is acting as a quiet backer.
He was already invested in a neighboring townhouse, 10 Sullivan Street, when he assumed ownership of the new townhouses. He now owns 10, 30, 40, and 50 Sullivan Street. Each of his new townhouse properties is about 6,500 square feet. He’s planning on using the same team of developers that developed a boat-shaped, 16-story condo building.
There’s also a lot of public confusion about how much Becker is investing in his new project. There are plenty of “expert estimates” being published. According to data from Real Capital Analytics, Becker has already invested $15 million in preferred equity, plus an additional $5 million for the project’s mortgage.
Most sources are basing their calculations on public records, but public records don’t show everything. Because there are multiple properties involved and no official disclosure of costs, some of the documents have different figures. One document claims he’s only invested $22 million while another claims he’s invested nearly $30 million.
According to Becker, continuing to be mysterious, the only additional investment he made in the investment was for improvements to one of the townhouses. He stated on perezhilton.com that the cost of those improvements added up to an additional $4 million. The townhouse in question is the townhouse where he plans to live.
It’s expected that the townhouses he’ll sell or lease will be higher than their neighboring townhouses. Not only have these townhouses undergone recent renovations, but they also have larger backyards.