Technology investor and entrepreneur Arthur Becker has boosted his portfolio by adding in real estate holdings in New York City. Known on NY Mag for quite some time as a quiet backer of New York City real estate.
In a report by therealdeal.com, he recently invested in the purchase of three townhouses in Manhattan’s sought after neighborhood, the SoHo district.
South of Houston Street (SoHo) is bounded by Houston Street on the north side and Canal Street on the south, Crosby Street on the east and 6th Avenue to the west, according to the Encyclopedia of New York City.
The district in lower Manhattan is well known for its artists and art galleries as well as trendy boutiques and restaurants.
Information reported by Real Capital Analytics (RCA) revealed Becker provided $15 million in preferred equity and a $5 million mortgage for the properties located at 30, 40 and 50 Sullivan Street. According to reports the purchase price ranged between $22 to $27 million. http://www.nydailynews.com/life-style/real-estate/vera-wang-wealthy-nabs-30k-month-union-sq-rental-article-1.2244221
Becker reportedly plans to live in one of the townhouses as his personal residence and rent or sell the other two.
RCA also gave details on how Becker quietly invested alongside JDS Development, Ambase Corporation and Property Markets Group at 111 West 57th Street as well as investing in a property at 10 Sullivan Street and a condominium development at 124 Sixth Avenue with two other investors.
What’s more, Becker is reported to have invested $500 million in New York real estate through his research and investment company, Investors LLC, that he co-founded.
Having attained his wealth in the tech industry, Becker is the current Chairman and Chief Executive Officer at Zinio, a multi-platform distribution service for digital magazines. The company provides digital publishing services worldwide with more than 5,500 magazines from a wide range of publishers.
Becker also was chief executive and president of NaviSite, vice chairman and a Director of ClearBlue Technologies as well as a Managing Member at Madison Technologies.
His education includes a degree from Bennington College and the Tuck School of Business at Dartmouth. To read more, visit the US Magazine’s website.